Post
Topic
Board Bitcoin Discussion
Re: Permanently keeping the 1MB (anti-spam) restriction is a great idea ...
by
grau
on 05/02/2015, 14:23:07 UTC
you just assume all miners will allow a low fee, but that simply won't be the case.

because it's not sustainable.

Unfortunately behaviour that is wrong for the community as a whole can make sense individually and can wreck the entire ecosystem.
Economist call this the "Tragedy of the commons" http://en.wikipedia.org/wiki/Tragedy_of_the_commons

In absence of block size limit individual miner are rational to include every transaction with any greater than zero fee. This however
disables pricing power of miner to the extent that they become unprofitable and go out of business, in effect reducing utility and security for all.

Are you really this stupid or are you just trolling?

by the way if miners dont make the rules, who do?

I am not trolling.

You are not neccesarily stupid, but uninformed if you think miner set the rules.

A miner who violates a rule that is enforced by the majority of miner locks himself into an alternate reality (a fork) that no one else cares of.

The majority of miner can enforce new stricter rules than currently in existence, this is called a soft fork. Enforcing a minimal fee by a cartel would be in effect a soft fork.

Not even the majority of miner can introduce a rule that is not a subset of those already in existence, without getting most of ordinary user upgraded.
An increased block size is not subset but extension of the current rule, therefore it falls into this cathegory, also called hard fork.

Bitcoin's value rests on the consensus of its user of the rules. The rules are practically constant as it is very hard to convience all user to upgrade.

In case of block size interest of ordinary user and miner are not aligned. Ordinary user just want lower best zero fee. Miner have to protect pricing power.