Author: Joel Joonatan Kaartinen 2015-05-08 22:36:56
Published on: 2015-05-08T22:36:56+00:00
In a discussion about the maximum block size for bitcoin, Joel suggests basing it on the bitcoin days destroyed in transactions that are included in the block. However, Peter Todd raises concerns about giving big mining pools an advantage by allowing them to contract with large bitcoin owners and buy dummy transactions with large numbers of bitcoin days destroyed on demand. He suggests that this idea ultimately just becomes a complex version of transaction fees, which is already known to not be effective in gating block size. Instead, Joel proposes an exclusive right for stakeholders to influence how large the fees are, which would keep the fees reasonable due to competition between stakeholders. This idea is preferable to the "let the miner decide" model according to Joel.
Updated on: 2023-06-09T20:05:03.654323+00:00