Post
Topic
Board Development & Technical Discussion
Re: Increasing the block size is a good idea; 50%/year is probably too aggressive
by
Syke
on 15/10/2014, 05:51:07 UTC
The cost is not that significant.  Heck, the whole BTC market cap is not that significant.

If there were 6 GB block size bloat per hour?
A financial attack could do this independently.
Miners could do this free-ish.
Small miners would fail, as would all hobby miners.

Full nodes would become centralized, increased 51% risks, etc.
These are just the obvious.  No more decentralisation for Bitcoin.

From the wiki:

Quote
Note that a typical transaction is 500 bytes, so the typical transaction fee for low-priority transactions is 0.1 mBTC (0.0001 BTC), regardless of the number of bitcoins sent.

To spam the 1 MB blocksize takes roughly .2 BTC per block, or 1.2 BTC per hour. That's only $500 per hour.

To spam a 1 GB blocksize takes roughly 200 BTC per block, or 1200 BTC per hour. That's $500,000 per hour!

A 1 GB blocksize is far more costly to attack. We could increase the blocksize to 1 GB now and nothing would happen because there aren't that many transactions to fill such blocks.