Author: Jeff Garzik 2015-12-16 21:36:18
Published on: 2015-12-16T21:36:18+00:00
In an email conversation between Jorge Timón and an unknown recipient, the topic of changing Bitcoin's economics by adopting bip102 was discussed. The question of when "let's not change the economics" ends was raised and answered in the original email. In the short term, a bump in block size reduces the risk of a Fee Event and lack of solid post-Fee-Event economic plan. However, it also creates the danger of long-term moral hazard, as noted in a referenced document. To mitigate this risk, a bump should be accompanied with at least a weak public commitment to flexcap or a similar long-term proposal. Clear communication of future conditions for change is necessary as well. Feedback should be taken into account for iteration.
Updated on: 2023-06-11T02:11:15.410520+00:00