Author: Scott Roberts 2017-10-12 15:42:02
Published on: 2017-10-12T15:42:02+00:00
The writer ZmnSCPxj stated that miners will prefer a chain that provides 1 token as fee per block even if an unwanted chain provides 2 tokens as fee per block. The reason being, the unwanted chain tokens are valued at 1/4 of the wanted chain tokens. However, this assumption doesn't consider the price for a coin that can do 2x more transactions. Roger Ver and other holders have an interest in low price and more transactions. They think that a coin with more transactions, lower price, and lower fees per coin transferred will attract more merchants, customers, and miners.Bitcoin's consensus truth works on the principle of "might is right". Buyers and sellers of goods and services can shift some might to miners via fees, to the chagrin of hodlers who have more interest in security and price increases. Some hodlers believe that meeting user needs is the source of long term value while others think mining infrastructure is. A faster measurement of hashrate for difficulty enables the economic determination to be more efficient and correct.Devs are a governing authority under the influence of users, hodlers, and miners. Miners are like banks lobbying government for higher total fees. Hodlers hold 90% of the coin, lobbying both devs and users for security, but equally interested in price increases. Users are "the people" that devs need to protect against both hodlers and miners. They do not want to pay unnecessary fees merely for their coin to be the biggest bully on the block. Devs should strive for an expansion of the coin quantity to keep value constant which is the foundation of the 5 characteristics of an ideal currency. Therefore devs should seek peaceful and sustainable forks of bitcoin. This will enable constant value, security, and low transaction fees per coin transfer. Forks with a faster difficulty will be more capable of retaining value.
Updated on: 2023-06-12T21:41:53.549176+00:00