Author: oscar 2017-12-22 08:26:12
Published on: 2017-12-22T08:26:12+00:00
The author of an email is concerned about the current incentive system in Bitcoin. The author believes that the current incentive system doesn't align with the way miners are distributed, hence allowing big miners to spam the network with low-fee transactions and forcing regular users into paying extremely high fees to get their transactions confirmed. The author suggests that such an attack could be profitable even if a player controls just 5-10% of the hashing power. To support this claim, the author provides calculations based on 10 blocks mined yesterday, and they all have rewards exceeding the normal 12.5 mining output. The author suggests some solutions to this issue, including increasing block size every time there is sustained pressure, changing POW, or protocol level MAX transaction fee. However, each solution has its own downsides. The author recommends setting a maximum transaction fee to make the spam more expensive than the fees you would recover. The author hopes to hear other opinions on this matter.
Updated on: 2023-06-12T23:20:10.531475+00:00