Author: David Vorick 2017-03-30 11:19:19
Published on: 2017-03-30T11:19:19+00:00
The writer argues that a true fee-market is needed where miners can decide to make blocks smaller in order to increase fees. Going from 1MB to 16MB blocks all at once would be detrimental to miners' costs and rewards based on fees. A block so big that all transactions are always mined in the next block would cause people to no longer feel the need to pay fees. However, there have been attacks demonstrated where a malicious miner with sufficient hashrate can leverage large blocks to exacerbate selfish mining, so adversarial behaviors need to be considered. Bitcoin has the strongest development team and is the most decentralized cryptocurrency available. The writer believes that Ethereum may pass Bitcoin in market cap, but that's okay because Ethereum has different properties and cannot provide political sovereignty. Bitcoin's core value add should continue to be decentralization and trustlessness, which nobody is close to competing with.
Updated on: 2023-06-11T22:50:10.596134+00:00