Post
Topic
Board Bitcoin Discussion
Re: Small blocks, middle blocks or big blocks?
by
franky1
on 07/05/2019, 22:55:17 UTC
1. yes another miner will come along and include those low fee tx. but that other miner would need to have adequate hashpower to win the race too

The incentives are such that they will gain adequate hashpower because other miners are leaving money on the table thus giving an incentive for competition to take a portion of the marketshare.
i was simplyfying ur scenario, but in actual fact a second pool does not even know what tx's a first pool is collating while its collating/hashing. so the second pool can equally be working on the same high tx fees.. as all that matters is who wins the race.
again while rewards are $62k pools dont care about ~3000 tx of current 20cents $600. they wouldnt care much about $1 fees ($3k) as the $62k reward is more important. again pools would rather 'empty block' to gain a few second advatage to get the $62k. than risk collating a list of high fee's that not only is only a couple % bonus. but also risks them not even getting the main $62k prize.

theres no point in wasting sconds to hope for a $3k bonus if your not gonna win the race to claim the $62k+$3k.. you might aswell just hope to get the $62k and not care about being fee picky

2. again theres no need for a fee market this decade
What is the math on this? Bitcoin drops to 6.25 BTC inflation next year. This is a huge security drop off.

6.25btc does not mean security drop off. 6.25 is not even inflation. its deflation.
security is the same. if a pool was to make a block thats not acceptable to rules. nodes reject it. it does not matter what fee's/reward were involved
pools are under no rule to include 3000tx a block. they can empty block. they can only do segwit, only do legacy, only do tx of 250byte. only do tx of 1000byte+.. pools are not forced to add tx's to a block


3. making a block capacity scarce does not = causing a fee premium. pools as you already said could choose to include low fee's because they see othr pools include high fee's.. pools can pick anything they like.
they do NOT need to fill a block. they could happily make a block with just 10tx of $1 each until peopl cotton on to pay $1. again you dont need to fill a block to make a pool only accept $1 fee's..


The research paper I linked to goes into this specific assumption and directly addresses it and mathematically proves this to be untrue. Go ahead and read it, as your quickness of your response means you likely did not. Seems like you care more about propping up your altcoin than learning what the truth is if you are not willing to read the paper that directly addresses your incorrect assumptions



4. WHEN pools start caring more about fee's, THEY will adapt. but that is not any time soon

Pools don't care about fees? You are absurd.

ok imagine it this way. imagin ur at the olympics, its the 100m race. prize is $62k for winning. but if when the race trigger fires there is a side bonus that if you change your shoes to wear nikes new brand sneakers and then run. nike will pay you $3k extra,, but you gotta win the race too..
so ur at the start line.. you can just run and have good odds of getting the $62k by just running when you hear the starter pistol.. or risk it and wait for the starter pistol and try to quickly swap shoes in the hopes you still win the race to get $65k
which do you risk... $62k easier or $65k harder........

now to pre-empt your reply
"but what happens when the $62k reward is gone"
my reply
"ask your grand children, as its something their generation would be involved in"
did you know that when rewards were 50coin, the fiat was under $50
did you know that when rewards were 25coin, the fiat was under $15,000
did you know that when rewards were 12.5coin, the fiat was under $250,000
did you know that when rewards will be 6.25coin, the fiat can be much higher than now

the coin decrease does not mean fiat reward decrease.