Post
Topic
Board Development & Technical Discussion
Re: NFTs in the Bitcoin blockchain - Ordinal Theory
by
BlackHatCoiner
on 24/06/2023, 13:01:18 UTC
The discussion started about the reward being gone
The discussion started about you being genuinely curious as to why we can't just tinker with the block size limit.

what happens when that ain't no more, cause you mentioned thinking for longterm and not short-term solutions like the one I proposed
Suppose there is no block size limit for a moment. Miners can put as much data as they want in a block. All unconfirmed transactions get confirmed every 10 minutes. Miners' average reward is equal to the total fees being spent by the entire network every 10 minutes, block subsidy asides. Competition for transaction priority drops to 0. Fees are now 1 sat per tx (or 1 sat/vb).

Will that hold enough sustainability in your opinion? Would it make it globally?

Where a full block of fees paying 2-5 satoshi/b guarantees a level of protection that means you need 10% of the market cap to attack it.
Do you imply that the block size limit should be dynamical, and analogous with the total unconfirmed transactions and the bitcoin price?

Then with what? Binance or Coinbase credits? Bank of America IOU bitcoin?
Second layers.