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Both versions of BitCoin would exist concurrently if this change was made. One network would be using 1 MB block sizes (the people who didn't take the update fr
by gravypod 9y ago
Both versions of BitCoin would exist concurrently if this change was made. One network would be using 1 MB block sizes (the people who didn't take the update from the devs) and the other group using 4 MB block sizes (the people who updated their wallet/mining rigs).
Unfortunately "most" users want larger block sizes to decrease wait times while "most" miners want block sizes to stay at 1 MB so difficulty is doesn't increase, all their ASICs still work, and so they get more money (IIRC people can pay for fast-lane processing).
If the devs pushed the 4 MB change the miners wouldn't move and because of this no transactions on the 4 MB bitcoin would actually work. If the devs don't push 4 MB then all of the users leave to another coin and bitcoin drops in value.
Talk about rock and a hard place.
- jgord 9y agoI think miners acting in their self interest would realize that a much larger number of transactions with smaller fees would result in a larger total fees profit per block solve. Almost all of their resources would be the same - the vast majority of their electricity bill is spent solving the block hash compute problem, the resources to actually process the transactions and send them are small compared to that. The basic logic holds, that you cant make money if nobody uses Bitcoin.