Author: Matt Whitlock 2015-05-08 13:24:49
Published on: 2015-05-08T13:24:49+00:00
In a discussion about the maximum block size for Bitcoin, Joel Joonatan Kaartinen suggested using "bitcoin days destroyed" as a measure of demand for space in the blockchain. Matt Whitlock responded by stating that this method is flawed because it does not account for future changes in the velocity of bitcoins. He also pointed out that the cumulative total number of "bitcoin days destroyed" cannot exceed the cumulative total number of "bitcoin days created," which is limited to 21 million per day after all coins have been mined. Whitlock argued that even if "bitcoin days destroyed" were an accurate estimator of demand for block-chain space, it would not be relevant in cases where large amounts of bitcoins are moved to a new address.
Updated on: 2023-06-09T20:08:15.149514+00:00