A summary list of all concerns related to not rising the block size



Summary:

The author of the context expresses concern about security (hash rate) as a function of block size. They assume that hash rate is correlated with revenue from mining and total revenue from fees as a function of block size should be a curve. The curve should have a sweet spot where fee revenue is maximized, but it should change as demand for block space changes. If block size is not scaled as demand grows, there might be forfeiting potential miner revenue and hence security. However, decentralization should come first as a primary concern. Jorge Timon suggested that all concerns regarding block size can be classified into two groups. First, the potential indirect consequence of rising fees. This includes unreliable lowest fee transactions and migration to competing systems with lower fees. Second, software problems independent of a concrete block size that needs to be solved anyway, often specific to Bitcoin Core. These include Bitcoin Core's unbounded mempool size and no good way to increase the fee of a transaction that is taking too long to be mined without the "double spending" transaction being blocked by most nodes following Bitcoin Core's default policy for conflicting spends replacements. The author invites more concerns or categories to be suggested.


Updated on: 2023-06-10T19:14:58.490808+00:00