Published on: 2022-12-11T15:44:08+00:00
In an email exchange on the Bitcoin Core mailing list, John Carvalho questions the quality of current theory surrounding Bitcoin transactions and their incentive compatibility. He criticizes the idea that higher fees alone can make a transaction incentive-compatible, arguing that it is too narrow and subjective. Carvalho also raises concerns about the use of RBF as a fee-minimization tool, which conflicts with behaviors that increase the number of transactions per block and per lifetime.Carvalho suggests alternative designs that fill blocks without requiring strict protocol enforcement. He argues that bidding, which is already accepted as incentive-compatible, should be allowed to determine transaction incentives, and there should be no need for special code for replacement. Michael Folkson responds by explaining the role of P2P/mempool/policy protocol developers in setting defaults. Their goal is to ensure that consensus valid transactions can be effectively propagated across the network without harming network health. Folkson recommends further reading, including a discussion on the purpose of maintaining a mempool and a presentation on transaction relay policy.Carvalho counters by stating his extensive experience in Bitcoin, including managing a Bitcoin company with engineers. He questions the mempoolfullrbf debate and its potential conflict with the goal of mempool harmony, mining income, and the overall value and usefulness of Bitcoin. He raises concerns about biased decisions based on speculation about the future, even when they conflict with the present and past.In conclusion, Carvalho and Folkson have differing perspectives on the topic. Carvalho questions the quality of current theory and proposes alternative designs, while Folkson defends the job of P2P/mempool/policy protocol developers and suggests further reading for Carvalho. The email thread highlights the complexity of the topic and the importance of considering various factors when making decisions related to Bitcoin transactions and incentives.
Updated on: 2023-08-02T08:35:57.388095+00:00