Author: Tom Harding 2015-08-14 22:12:54
Published on: 2015-08-14T22:12:54+00:00
The discussion on the bitcoin-dev mailing list on August 14, 2015, centered around the proposal to adjust the difficulty of mining Bitcoin based on the relative size of individual blocks to the average block size of the previous period. The proposal aimed to increase the block size as usage grew, but this also meant an increase in confirmation times. The idea was met with concerns about possible attacks on the system and the impact on miners who invest in equipment to mine the blocks. One respondent suggested that it would be simpler to adjust the maximum block size dynamically rather than fluctuate the difficulty depending on transaction volume and fees paid. Another question raised was whether rich individuals and institutions like George Soros could manipulate the difficulty by buying or selling BTC, which would affect the exchange rate and thus the miners' profitability. Adam Back referred to the flexcap proposal by Greg Maxwell and Mark Friedenbach, which discussed the feasibility of adapting Bitcoin's proof-of-work algorithm to allow for a dynamic block size limit. The discussion continued on the bitcoin-dev mailing list, which is a platform for developers to debate technical issues concerning Bitcoin.
Updated on: 2023-06-10T19:28:40.234514+00:00