Adjusted difficulty depending on relative blocksize [combined summary]

• Adjusted difficulty depending on relative blocksize Tom Harding 2015-09-09 19:53:10+00:00
• Adjusted difficulty depending on relative blocksize Warren Togami Jr. 2015-09-09 18:59:19+00:00
• Adjusted difficulty depending on relative blocksize Tom Harding 2015-09-09 03:27:22+00:00
• Adjusted difficulty depending on relative blocksize Tom Harding 2015-08-14 22:12:54+00:00
• Adjusted difficulty depending on relative blocksize Jakob Rönnbäck 2015-08-14 15:14:27+00:00
• Adjusted difficulty depending on relative blocksize Adam Back 2015-08-14 15:03:49+00:00
• Adjusted difficulty depending on relative blocksize Anthony Towns 2015-08-14 15:00:25+00:00
• Adjusted difficulty depending on relative blocksize Jakob Rönnbäck 2015-08-14 14:48:48+00:00
• Adjusted difficulty depending on relative blocksize Anthony Towns 2015-08-14 14:20:35+00:00
• Adjusted difficulty depending on relative blocksize Jakob Rönnbäck 2015-08-14 14:19:58+00:00
• Adjusted difficulty depending on relative blocksize Angel Leon 2015-08-14 13:32:33+00:00
• Adjusted difficulty depending on relative blocksize Jakob Rönnbäck 2015-08-14 09:59:32+00:00

Published on: 2015-09-09T19:53:10+00:00

Summary:

The discussion on the bitcoin-dev mailing list revolves around the "flexcap" proposal by Greg Maxwell and Mark Friedenbach, which suggests adjusting the difficulty of mining Bitcoin based on the relative size of individual blocks to the average block size of the previous period. The concern is that any change in difficulty that is not in response to observed block production rate will unavoidably change the money supply schedule. Changing the reward can reduce the time-frame of the effect, but there is still an impact. The proposal aims to increase the block size as usage grows, but this would also result in longer confirmation times.There are concerns about possible attacks on the system and the impact on miners who invest in equipment to mine the blocks. It is suggested that dynamically adjusting the maximum block size would be simpler than fluctuating the difficulty based on transaction volume and fees paid. There is also a question raised about whether rich individuals and institutions could manipulate the difficulty by buying or selling BTC, affecting the exchange rate and miners' profitability.In response to the proposal, Jakob Rönnbäck suggests adjusting the difficulty of individual blocks based on their relative size to the average block size of the previous difficulty period. This would allow for an increase in block size as usage grows, but it would also result in longer confirmation times. Anthony Towns argues against this suggestion, stating that dynamically adjusting the maximum block size would be simpler. He raises concerns about potential attacks on the system and double-spends.The conversation includes references to the flexcap proposal by Greg Maxwell and Mark Friedenbach, which was discussed on the Bitcoin Development mailing list in May 2015. Adam Back provides links to the discussion threads for further reference. Jakob Rönnbäck expresses gratitude for finding the information he was looking for.Overall, the discussion centers around the idea of adjusting the difficulty and block size in response to changes in usage and transaction volume. There are various concerns and suggestions raised regarding the feasibility and potential impacts of these proposals. The conversation takes place on the bitcoin-dev mailing list, which is a platform for developers to discuss technical issues concerning Bitcoin.

Updated on: 2023-08-01T15:13:59.755806+00:00