Post
Topic
Board Bitcoin Discussion
Re: Estranged Core Developer Gavin Andresen Finally Makes Sensible 2MB BIP Proposal!
by
Preclus
on 08/02/2016, 07:21:07 UTC
Just heard that there is a consensus among chinese miners: They will not favor a change that moves transaction off-chain, since that will reduce their mining fee income  

This is reasonable, since miners provide the value and security of the network, so they deserve to be rewarded for each transaction pass through the network. Any off-chain solution reduce miner's fee income and siphon value out of the service they provided

If true, it makes complete sense. Imagine what bitcoin owners would say if the maximum number of bitcoins was doubled by a hard fork. They bought their bitcoins with the expectation that there was a hard limit to the number of bitcoins and that's the "deal" they feel they signed up for.

The same goes for miners and transaction fees. If the bitcoin architecture starts moving transactions out of the blockchain or causes the miners to get lower and lower fees over time for more and more work, that's not the "deal" they feel they signed up for.