Author: Jeff Garzik 2015-12-16 21:27:15
Published on: 2015-12-16T21:27:15+00:00
A discussion on the bitcoin-dev mailing list took place regarding the proposed miner selection algorithm for block size increases. Jeff Garzik mentioned that segregated witness complicates block economics by creating two separate, supply-limited resources. However, Pieter Wuille proposed defining the virtual block size as base_size + witness_size * 0.25 and limiting it to 1M, which creates a single variable to optimize for. This would incentivize miners to maximize fee per virtual block size instead of per size. Garzik expressed concern about the new game theory and bidding structure risks, as splitting blocks into two pieces creates two fee markets. Wuille clarified that there are two separate and distinct resource velocities and demand levels in reality, creating two markets regardless of miner selection algorithm in the block maker.
Updated on: 2023-06-11T02:13:53.333336+00:00