Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
ATguy
on 28/12/2015, 20:38:32 UTC
So in other words miners make the ultimate decision? If this is the case, then Bitcoin Unlimited is even worse than I initially thought. Otherwise, elaborate what you mean exactly (since everyone can vote via software and miners create blocks).
I do not think that the miners having a lot of power in this decision making process is a bad thing, after all they are the only group that have a direct and lasting incentive mechanism acting upon them to do what is best for Bitcoin. Furthermore this would not just be up to the miners, they would still need to move with the economic majority, this is where the negotiation would take place.
So in other words, BU it is quite similar to BIP100 with the exception that with a combination of rogue nodes and miners the block size could be inflated so much that it would destroy Bitcoin? Don't deny this possibility with weird and not completely relevant to my statements.

As I understand BU, unless economical majority finds certain block size acceptable, it cannot succeed. If there are just 75% miners creating very big blocks, it doesnt really matter if economical majority (miners+exchanges+services+people) doesnt accept these big blocks. I know this looks like potentionally fuzy enviroment with a lot of uncertainity, but it could be said giving miners ability to choose what transactions add to blocks might mean they destroy Bitcoin by just creating empty blocks - and the orphan rate risk with today low fees would suggest such rogue behaviour! So dont expect there is interest for the worst to happen all the time.