So how exactly can miners manipulate the block size for their short term gain?
One scenario that I can think of are increasing the blocksize limit so that all transactions are accepted and confirmed and then they can collect all of the fees for higher profits.
Another is decreasing the blocksize limit and hope that a fee market exists so they can earn more from fees.
Topic: BIP100 gives miners too much power. Everyone should reconsider it - page 3. (Read 1875 times)
August 27, 2015, 11:22:31 PM
August 27, 2015, 10:47:37 PM
It's already out there. I doubt the community can do anything if the miners support it.
Wrong.... Miners can fork bitcoin to raise block rewards. Does not mean they will because users, exchanges and service providers wont adopt their fork.
Bitcoin economy system isnt about mining.
Ofcourse if a BIP gives power to one group, that group will support it.
Raising block rewards with a selfish lucrative goal would instantly crash Bitcoin.
How does BIP100 go against what you call "utility for the network"?
Blocksize limit should have says from all players of the game. Miners are known to be purely profit driven. They can only see short term gain (due to the nature of the industry )and thus give them power to do is a bad decision.
Mining right now is very centralized. Most hashrate is from ONE country.
August 27, 2015, 10:43:26 PM
Its less aggressive then gavincoin imo. Miners tend to love btc.. Although this wont always be the case so your concer is quite valid.
There is no guaranteed long term commitment from miners. Any of them can quit if they face technological challenge. This alone can lead to manipulation for short term gain while they still hold good percentage of network hashrate.
Just because you dont like one proposal (BIP101), you should not rush into another one.
August 27, 2015, 10:36:50 PM
Its less aggressive then gavincoin imo. Miners tend to love btc.. Although this wont always be the case so your concer is quite valid.
August 27, 2015, 10:35:50 PM
It's already out there. I doubt the community can do anything if the miners support it.
Wrong.... Miners can fork bitcoin to raise block rewards. Does not mean they will because users, exchanges and service providers wont adopt their fork.
Bitcoin economy system isnt about mining.
Ofcourse if a BIP gives power to one group, that group will support it.
Raising block rewards with a selfish lucrative goal would instantly crash Bitcoin.
How does BIP100 go against what you call "utility for the network"?
August 27, 2015, 10:31:16 PM
It's already out there. I doubt the community can do anything if the miners support it.
Wrong.... Miners can fork bitcoin to raise block rewards. Does not mean they will because users, exchanges and service providers wont adopt their fork.
Bitcoin economy system isnt about mining.
Ofcourse if a BIP gives power to one group, that group will support it.
August 27, 2015, 10:31:01 PM
It's already out there. I doubt the community can do anything if the miners support it.
Maket makers can still reject it. They are the ones ultimately giving value to the coins.
August 27, 2015, 10:27:42 PM
It's already out there. I doubt the community can do anything if the miners support it.
August 27, 2015, 10:17:12 PM
I urge the community to be extremely careful what they vote for. BIP 100 simply gives miners too much power.
We must remember bitcoin value isnt from mining cost but from the utility of the network: the merchants, services and users. Let miners decide the volume of the bitcoin network is a bad move. Our system has always been designed such that miners can be profit driven without affecting the protocol rules ( block rewards, avg block time....)
Now BIP100 will let them to manipulate the voting mechanism for a short term gain. Bandwidth should be one of the costs of their mining operation. Make them follow the rules ( blocksize) and have no ability to change it for their profits.
We must remember bitcoin value isnt from mining cost but from the utility of the network: the merchants, services and users. Let miners decide the volume of the bitcoin network is a bad move. Our system has always been designed such that miners can be profit driven without affecting the protocol rules ( block rewards, avg block time....)
Now BIP100 will let them to manipulate the voting mechanism for a short term gain. Bandwidth should be one of the costs of their mining operation. Make them follow the rules ( blocksize) and have no ability to change it for their profits.
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