Author: Elliot Olds 2015-08-29 09:15:16
Published on: 2015-08-29T09:15:16+00:00
The discussion on whether to raise the block size in Bitcoin has led to some interesting observations. While it may be in everyone's collective interest to do so, it may not align with individual interests. Miners, however, have shown support for raising the block size collaboratively. The question remains, though, whether miners are willing to make sacrifices for the greater good of the entire industry when they've been in a "public good" situation. Miners collaborating to release statements about which BIPs they support is different from miners incurring costs only to themselves in order to help the group as a whole. The interests of miners are somewhat aligned with those of the broader community but not perfectly aligned. Maximizing miner revenue does not necessarily lead to an overall desirable block size level. More miner revenue is only beneficial if the extra security it buys is worth the cost. Additionally, trying to maximize revenue too soon can slow growth and result in less revenue when it's needed most.
Updated on: 2023-06-10T20:53:49.420532+00:00