Author: Jeff Garzik 2015-12-16 21:08:29
Published on: 2015-12-16T21:08:29+00:00
In a Bitcoin-dev discussion, Jeff Garzik suggested that if the block size remains at 1MB, then the Bitcoin Core development team should sign a collective note stating their intention to transition to a new economic policy of a "healthy fee market" and strongly urge users to examine their fee policies, wallet software, transaction volumes and other possible user impacting outcomes. Pieter Wuille responded by saying that presenting this as if the Bitcoin Core development team is solely responsible for deciding network consensus rules and making changes to it in order to satisfy economic demand will be a failure of Bitcoin. The discussion emphasizes the need for clear communication from the core dev team about their position on protocol changes changing MAX_BLOCK_SIZE via hard fork in the short term. It also highlights the risks of maintaining a short term economic policy of fixed 1M supply in the face of rising transaction volume as hitting a Fee Event could lead to significant market changes.
Updated on: 2023-06-11T02:08:42.692797+00:00