3 ms·
> Bitcoin developers are at fault here for refusing to increase the block size This, of course, is nonsense; they increased it significantly beyond what some r
by midmagico 5y ago
> Bitcoin developers are at fault here for refusing to increase the block size
This, of course, is nonsense; they increased it significantly beyond what some reasonable research showed was safe. The current best-available research shows both that a fee market must exist for long-term Bitcoin security (it is unstable in a post-subsidy scenario without either an uncapped supply/subsidy or a strongly-limited block size.)
Neither is the PoW measurable on a per-transaction basis, since current PoW continues adding protection to all transactions that have ever gone before, Lightning exists, and offchain exchange volume (for Bitcoin) isn't totally faked.
- danuker 5y agoIndeed, a fee market exists and should exist. But I would not increase the block space indefinitely, only as long as there are no double-spend attempts that succeed. The current cost of a 51% attack is roughly $1M per hour [1], which I find an obscenely unnecessary and wasteful amount of security. [1] - https://www.crypto51.app/ https://www.crypto51.app/