Author: greg misiorek 2017-03-26 12:11:44
Published on: 2017-03-26T12:11:44+00:00
The idea of "miners" is becoming outdated as Bitcoin's mining business has become too concentrated, resembling financial institutions or banks. Martin Stolze suggests that misleading terms like "miner" be removed and replaced with more accurate terminology. The physical location of the miner no longer has legal implications for law applicable to the relationship between sender and receiver of a payment. As a participant in the economy, people desire the ability to choose where to transact. However, almost nobody cares who will mine a transaction because it makes no technical difference. A mechanism enabling users to select miners is not necessary since a user can detect this behavior and withdraw future business if they notice that their transaction is not included in a block despite there being transactions with lower fees included. Transaction Processors could source transactions from the public mempool as well their proprietary mempool(s). The outcome of transaction tiering could motivate transaction processors to behave in accordance with user interest.
Updated on: 2023-06-11T22:19:45.761795+00:00