3 ms·
Miners can set their acceptable minimum fee levels and orphan the blocks of miners who accept transactions with fees that they think are too low. This is essent
by freeAgent 5y ago
Miners can set their acceptable minimum fee levels and orphan the blocks of miners who accept transactions with fees that they think are too low. This is essentially cartel behavior with an incredibly strong enforcement mechanism. There should never be a “high fee environment” due to an artificially low block size cap.
- doomroot 5y agoAnd why can't miners do this on BCH?
- freeAgent 5y agoThat’s the point. They can. Are you reading this as me thinking the collusion on minimum fee levels between miners being a bad outcome? I think it’s going to become necessary as the block reward goes to zero, and therefore it’s necessary and good for the system. It’s nice that Bitcoin (including BCH in “Bitcoin”) has a the block orphaning mechanism for enforcing cooperation in this manner. It’s much stronger than enforcement mechanisms available to cartels such as OPEC.