Author: Ivan Brightly 2015-09-08 12:28:56
Published on: 2015-09-08T12:28:56+00:00
The discussion revolves around the topic of reducing the maximum block size limit for Bitcoin. It is argued that miners already have control over block sizes through soft caps and can produce smaller blocks regardless of the max block limit. Therefore, there seems to be no need to reduce the max block size unless technology advances for some reason reverse course. However, reducing the max block limit could potentially produce the fee market, but this is an economic discussion rather than a technology scaling discussion.It is suggested that if the block size can only increase, it is unrealistic as transaction volume will significantly ebb and flow. Some people believe that transaction volume charts show an exponential curve that will go on forever, but it is not realistic as nothing goes up forever and it will go through significant trend cycles. Therefore, to avoid hurting the fee market, the block size has to be elastic and allow contraction as well as expansion.
Updated on: 2023-06-10T22:12:29.762084+00:00