Author: Troy Benjegerdes 2015-02-15 21:25:12
Published on: 2015-02-15T21:25:12+00:00
In a mailing list discussion, Bitcoin core developer and open source evangelist Jeff Garzik acknowledges that Peter's scorched earth replace-by-fee proposal is aptly named and would be widely anti-social on the current network. He believes that instead of exchanges going bankrupt, there should be direct blockchain support for key revocation and 'burning' stolen coins, and an economic ecosystem that supports insurance underwriters that pay out when someone inevitably gets hacked. He sees bitcoin as a settlement system by design and states that proposals such as Oleg's are necessary to fully build out the bitcoin system. In contrast, Mike Hearn criticizes Peter's proposal and warns that miners are not incentivized to earn the most money in the next block possible. They are incentivized to maximize their return on investment. Making Bitcoin much less useful reduces demand for the bitcoins they are mining, reducing coinbase and fee income in future blocks.
Updated on: 2023-06-09T16:59:42.273992+00:00