Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
The issue with a large increase is it creates a slippery slope. Raising the blocksizing is essentially subsidizing transactions. If we persist on doing that someone WILL take advantage of the free space. Now what happens if 8MB blocks get filled up way before the intended increase? It is not an improbable scenario that we could see bigger block get filled surprisingly quickly & the increase will have been more or less for nothing.
miners have an incentive to make smaller blocks as they are transmitted faster and reduce their orphan rate. so they wont include no-fee-transactions forever.
as blockreward gets reduced miners are forced to calculate their cost per transaction (cpu and bandwith wise) they wont allow freebies.
If we take the decision to continue subsidizing transactions right now because of pressure from certain groups we will inevitably create a precedent and reinforce the belief of users that they somehow have a RIGHT for block space and therefore make it forever more difficult to refuse it. Imagine the subsequent pressure if Bitcoin grows by a couple orders of magnitude and users start seeing their transaction fees go up when they were told it would forever be nearly free.
its the miners decision what can be in a block and what not.
they have the "right" to decide this; no one else.
so i say: let them also decide how big blocks can be (the 8mb block+increase above is just my personal opinion. i will follow miners decision and keep all fork coins to see what happens)
This here is an opportunity to put a check on these false expectations and discourage business plans that were planning to unnecessarily fill up the blocks w/ their own transactions. People need to understand that there is cost to having this system run securely and we should stop trying to externalize them.
again: its foremost the cost for miners.
anybody else can use a spv client or (if he wants to be more secure) has to pay.
it boils down to: i dont think miners are dumb.
i know that many people thinks that all miners will put all transactions (even with only one satoshi fee) in a block if there is the space. i dont...i think they are able to calculate their costs.
btw a while ago i made a proposal which would reduce blockreward in case a block gets bigger than 1mb. the reduced amount (per transaction) would get to node which relayed the transaction. gavin didnt like it
