3 ms·
>That's going to be changed fairly soon. No, it's not. We have already seen four individual proposals to the network to increase the block size. Each require
by bduerst 11y ago
>That's going to be changed fairly soon.
No, it's not. We have already seen four individual proposals to the network to increase the block size. Each requires a consensus by the miners and each was shot down.
The miners are incentivized not to increase the transaction rate, because they profit from the increased competition and fees from smaller blocks. By design, the decentralized control of bitcoin is actually what is preventing it from improving itself.
- CydeWeys 11y agoThe miners are incentivized to do whatever is best for the value of Bitcoin, because that's what their block rewards and transaction fees are paid off in. Maximizing the block fee in a way that hurts Bitcoin itself would be myopic and irrational, and they aren't doing that. Most pools are on board with increasing the block size.
- bduerst 11y ago>The miners are incentivized to do whatever is best for the value of Bitcoin No they aren't. The miners are rational actors and incentivized to do what's best for themselves, not Bitcoin. The entire network is built on the premise that the miners are rational, and it has been demonstrated four times already. Bitcoin is an example of how Tragedy of the Commons applies to digital networks.