Author: Peter Todd 2015-05-08 16:51:45
Published on: 2015-05-08T16:51:45+00:00
In an email exchange from May 2015, Joel Joonatan Kaartinen suggests to Matt to base the maximum block size on the bitcoin days destroyed in transactions included in the block. This suggestion can help with scaling as well as maintaining a constant fee pressure. However, gating block creation on Bitcoin days destroyed can provide large mining pools an advantage. They can contract with large Bitcoin owners and buy dummy transactions with large numbers of Bitcoin days destroyed on demand whenever they need more days-destroyed to create larger blocks. Similarly, contracting can be done by modifying existing transactions on demand. Ultimately, bitcoin days destroyed just becomes a complex version of transaction fees and it is already known that gating blocksize on total transaction fees doesn't work.
Updated on: 2023-06-09T20:04:55.660689+00:00