Author: Isidor Zeuner 2014-06-17 15:58:45
Published on: 2014-06-17T15:58:45+00:00
The context of this communication revolves around the discussion of different mining policies in the Bitcoin community. Mike Hearn expresses his concern about centralization and the need for instant transactions to pay GreenAddress and its competitors if the policy changes to highest-fee-always-wins. However, the use of green addresses is not necessary with Replace-by-fee, as there are other solutions like "scorched earth." The writer argues that giving up the non-enforceable first-seen default mining policy does not mean giving up on the Bitcoin experiment. The assumption that a uniform mining policy is required could be detrimental to the decentralized nature of Bitcoin. Decentralized mining based on selfish motives of miners who choose an appropriate mining pool would be better than qualitatively interchangeable mining pools based on an abstract thought of centralization being bad.
Updated on: 2023-06-09T00:04:37.803710+00:00