Author: Tom Harding 2015-09-03 18:23:11
Published on: 2015-09-03T18:23:11+00:00
Jeff Garzik, a bitcoin developer, advises against schemes that propose to pay with difficulty or hashpower to change block size. He argues that miners have a straightforward incentive: to deploy new hashpower as soon as possible. Requiring out-of-band collusion or idle hashpower on hand to change block size is both unrealistic and potentially harmful to the block size and fee market. Instead, Garzik suggests researching neutral, forward-looking incentives like pay-to-future-miner. Another market dependency is the block size that can be bought with either difficulty or bitcoin, whose strength is subject to the exchange rate. Therefore, these incentives are subject to the whims of fiat holders who can push the exchange rate around.
Updated on: 2023-06-10T21:59:26.895979+00:00