Post
Topic
Board Bitcoin Discussion
Re: Why Peter Rs Fee Market Wont Work
by
jonald_fyookball
on 25/01/2016, 02:51:39 UTC



Right.  If miners all agreed to behave in this way (e.g., pre-consensus by mining a practice chain first), then the fee market based on orphaning risk would break down.  It would be equivalent to the propagation impedance in my fee-market paper falling to zero.  

Assuming negligible block subsidies, why would miners agree to behave this way if that would collapse the fee market?  How would security be funded?