Author: Btc Drak 2015-08-28 23:46:43
Published on: 2015-08-28T23:46:43+00:00
In a Bitcoin-dev discussion, Chris Pacia raised concerns that the block size may never increase under a proposal due to a collective action problem. In this scenario, if a miner votes for an increase and no one else does, the block size would not increase, but the miner would still have to pay the difficulty penalty. However, recent events have shown that miners are willing to collaborate for the greater good of their industry, including publicly supporting raising the block size collaboratively. As transaction volume grows, miners want to collect as many transaction fees as possible, so they will likely vote for increases that align with their collective financial interests. The proposal encourages collaboration among miners and discourages antisocial behavior, while also allowing for the block size to be raised according to demand without weakening the fee market. By promoting collective interest over individual interest, the proposal aims to address the issue of the block size and ensure the continued success and growth of the Bitcoin industry.
Updated on: 2023-06-10T20:55:37.570211+00:00