Author: Hector Chu 2015-08-23 19:43:36
Published on: 2015-08-23T19:43:36+00:00
According to a post on Reddit, someone is going to spend 150BTC to create a backlog of 30-day in September. This person will create a transaction with an input of 150BTC and 10 outputs, with the first output filling up the size to 1MB. The transaction could not be confirmed by a pre-hardfork miner because the coinbase tx will consume some block space. The first big block miner will be able to collect 66BTC of fee. The block confirming the first big block will collect 42BTC of fee, etc. This will create a long enough chain to bootstrap the hardfork. The amount is chosen to make sure the difference is less incentive to create a fork instead of confirming other's block. However, a miner cartel may launch a 51% attack to collect all money. Such incentive may be reduced by adjusting the distribution of donation. Additionally, the money could be spent more wisely by encouraging mining of the first few big blocks. In response to this news, it has been suggested that the market will trend lower, probably below $180 by the time of the test.
Updated on: 2023-06-10T21:02:43.040291+00:00