Author: Daniel Edgecumbe 2022-12-11 15:30:14
Published on: 2022-12-11T15:30:14+00:00
The email thread discusses the concept of incentive compatibility in relation to Bitcoin and its underlying blockchain technology. The writer argues that the use of RBF, which is a fee-minimization tool, conflicts with miners' desire to maximize fees per block and lifetime. Furthermore, the writer suggests that a holistic definition of what is incentive-compatible would be something more like what is "market compatible" and enables the complementary goals and incentives of every user in the system to make it thrive. The writer proposes giving users the most ways to express their intent and the most flexibility. The most basic design would be to have no mempool policy at all and let market incentives emerge on their own. However, the writer acknowledges the status quo and that most users do not have the technical expertise to express their own policies with misc patches and hacks of their Bitcoin Core software. In conclusion, the writer suggests that active management, speculation, and misapplied game theory may permeate many Bitcoin Core decisions and designs beyond the mempoolrbf/zero-conf debate. The email thread ends with John Carvalho's CEO signature.
Updated on: 2023-06-16T03:21:48.677781+00:00