Author: David A. Harding 2016-03-28 16:18:39
Published on: 2016-03-28T16:18:39+00:00
In an email conversation between Jérôme Legoupil and Dave, it was discussed how miners are incentivized to wait for Alice's 25BTC offer instead of including Bob's worthless breach tx. However, Dave argued that miners should be treated as multiple independent actors competing against each other. He explained that while Bob's transaction can be included in a block immediately, the sequence lock on the 50 BTC Alice stole prevents her from spending it for perhaps hundreds of blocks. Therefore, each miner on the network has a choice - attempt to mine Bob's transaction immediately to claim its modest fee or hope no one else mines Bob's transaction for several hundred blocks and then compete with all other miners to attempt to mine Alice's high-fee transaction. Dave believes that if the network is functioning correctly and there is no miner or mining cartel with a majority of hash rate, then all miners should consider option #1 to be the more profitable option for them on average.
Updated on: 2023-05-23T23:21:08.319321+00:00