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Date: Thu, 13 Aug 2015 09:36:49 -0700
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To: Ashley Holman <dscvlt@gmail.com>
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Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] A summary list of all concerns related to not
rising the block size
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> On Aug 13, 2015, at 2:52 AM, Ashley Holman via bitcoin-dev =
<bitcoin-dev@lists.linuxfoundation.org> wrote:
>=20
> A concern I have is about security (hash rate) as a function of block =
size.
>=20
> I am assuming that hash rate is correlated with revenue from mining.
>=20
> Total revenue from fees as a function of block size should be a curve. =
On one extreme of the curve, if blocks are too big, fee revenue tends =
towards 0 as there is no competition for block space.
This isn=E2=80=99t necessarily true. Every miner has its own mining =
policy. If they choose to delay including transactions proportional to =
their fee + first seen, then you create a time based fee market. Want =
quick confirmation? Pay a high fee. Don=E2=80=99t care that much? Pay a =
low fee (and anywhere in between). This market would work just fine even =
if block capacity was unbounded.
jp
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