Author: Alex Mizrahi 2015-05-31 00:32:34
Published on: 2015-05-31T00:32:34+00:00
The author argues against dictating block growth limits and suggests that block size should be determined by competition between miners and availability of transactions. They criticize Mike Hearn's proposed solution of expecting business owners to donate large sums of money towards mining. The author believes that proof-of-stake coins are a better alternative. They propose that mining fees and block size limit is game-theoretically sound. The author sees the temporary 1MB limit as a mistake and suggests a dynamic limit that scales with average block size, which would mean that miners would control it. However, the author believes that miners are not benevolent and can be greedy, which could lead to Bitcoin being controlled by a few large mining operations, potentially leading to centralization issues.
Updated on: 2023-06-09T19:58:20.897909+00:00