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



Summary:

In a message posted on Bitcoin-dev mailing list, Ashley Holman expressed concerns about the security of Bitcoin blockchain as a function of block size. She assumed that hash rate is correlated with revenue generated from mining and total revenue from fees as a function of block size should be a curve. On one extreme of the curve, if blocks are too big, fee revenue tends towards 0 as there is no competition for block space. However, this might not necessarily be true since every miner has its own mining policy. If they choose to delay including transactions proportional to their fee + first seen, then it creates a time-based fee market. This way, users could pay high fees for quick confirmation or low fees for slower confirmation times. This fee market would work even if block capacity was unbounded.


Updated on: 2023-06-10T19:16:43.593586+00:00