Post
Topic
Board Bitcoin Discussion
Re: Fuck: SegWit, LN, Blockstream, Core, Adam Back, and GMazwell
by
AngryDwarf
on 23/04/2017, 19:30:13 UTC
You must be smoking too much of that killer pot leaf. If miners allow limitless space, then there will be no fee market. The fees in each block will be small. What incentive would miners have to mine blocks with no reward and low fees? Total hash power would drop preciptuously and network security would vanish.

Consider what happened before the 1MB cap was hit. Miners would make consensus moves on the size of the blocks that they created. From 250kB, to 500kB, to 750kB to 1MB to we cannot go any further now.

Quote from: bitcoinclassic
Miners have always been the ones to decide on the block size, and they have always done this in a coordinated fashion. This is a natural consequence of the rather elegant (economic) design of Bitcoin.

    Miners earn more fee-based income when they produce bigger blocks.
    Miners take more risk of their blocks being orphaned with bigger blocks.
    Miners want to avoid emptying the memory pool every block as that removes a total need for users to pay fees.
    Miners want to make sure the mempool does not become backlogged because users that do not see their transactions confirmed will get disappointed and find other means to do payments. Which hurts the price and in effect hurts the miners income.