Post
Topic
Board Mining speculation
Re: No block confirmed for more than 1 hour 30 minutes!
by
NorrisK
on 19/08/2016, 16:49:33 UTC
Bitcoin developers need to deploy lightning network. If things go according to plan and bitcoin goes mainstream, the congestion will multiply and people might start looking at some altcoin to replace bitcoin.

That'll never happen.
What about the block rewards? How frequent is a new block released.
Maybe a network with a new block every 60 seconds and an income to miners of 1.25BTC may be quite good. However, then there's more problems (such as: how is the hard fork done on the network, It's decentralised and cannot really be controlled by one device, every bitcoin core has to be edited in order or this to happen and that's easier said than done).

Faster blocks also increase the risk of forking the network. The only thing that needs to be changed somehow imo is to allow more transactions to go through at lower fees. The fees have grown quite fast the last year and the blocks are almost all full nowadays.

Hardforking the network is not very likely after ethereum/ethereum classic drama. It will only get people to want to have both coins and both coins tradable and there will always be some exchanges that will offer the original chain coins.

Exactly. It's not a good idea to do a hard fork as it also reduces stability.
Based on the maintenance fee idea. I understand that the transaction with the greatest BTC/KB gets priority in the block. The only way to do this is by getting the majority of the community to reduce the fee so then it is much cheaper to send bitcoins.

If I'm not mistaken, there are a few more parameters than just the fee/kB that is included to determine whether a transaction gets included in a block or not.

Coin age is one of those. I think it is possible to send the coins mined and not moved in the early days without a fee and still get high priority when sending them.