Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
Here is my constructive comment: unless a hard cap limiting the increase over a certain period of time is coupled to this proposal, any such scheme is utterly broken and can be trivially gamed by miners intent on controlling the blocksize.
Any such proposition is not viable given that it provides no consideration for the externalization of the cost to the nodes and our focus on keeping Bitcoin decentralized.
Any such proposition is not viable given that it provides no consideration for the externalization of the cost to the nodes and our focus on keeping Bitcoin decentralized.
The consideration given is that, unlike the original proposal, this one doesn't double the blocksize. It's a measured and more conservative increase, which will allow nodes to keep pace, which is what you want. I've even stated that the 12.5% part is open to negotiation, but it is a hard cap. It means precisely that the blocksize can't increase (or decrease) by more than that amount over a period of time. The period of time in question is also negotiable. This gives you everything you're asking for, we just need to decide what the limit should be and over how long a timeframe.
12.5% YOY sounds on par with Pieter Wuille proposal. I honestly wouldn't mind it
