<p dir="ltr">I shouldn't have said unlimited, i should have said a greater blocksize limit such as 8mb. </p>
<p dir="ltr">Anyways, why is that the assumption? If a miner can do so, and do so profitably, isn't that just competition? Isn't that what we want? If a miner can mine low transaction fees at a profit then don't they deserve to have their spot? Surely if they do so unprofitably they quickly find themselves out of business? Besides, if a miner mines low fee transactions by breaking rank, how does this affect another miner EXCEPT for the additional blocksize load. I would maintain this is just competition amongst miners gentlemen. And it's a good thing.</p>
<p dir="ltr">Right now things are distorted because most income comes from the coinbase, but as transaction fees start to constitute the majority of income this idea seems to have more importance.</p>
<div class="gmail_quote">On Jul 29, 2015 11:00 PM, "Adam Back" <<a href="mailto:adam@cypherspace.org">adam@cypherspace.org</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">On 29 July 2015 at 20:41, Ryan Butler via bitcoin-dev<br>
<<a href="mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation.org</a>> wrote:<br>
> Does an unlimited blocksize imply the lack of a fee market? Isn't every<br>
> miner able to set their minimum accepted fee or transaction acceptance<br>
> algorithm?<br>
<br>
The assumption is that wont work because any miner can break ranks and<br>
do so profitably, so to expect otherwise is to expect oligopoly<br>
behaviour which is the sort of antithesis of a decentralised mining<br>
system. It's in fact a similar argument as to why decentralisation of<br>
mining provides policy neutrality: some miner somewhere with some<br>
hashrate will process your transaction even if some other miners are<br>
by policy deciding not to mine it. It is also similar reason why free<br>
transactions are processed today - policies vary and this is good for<br>
ensuring many types of transaction get processed.<br>
<br>
Adam<br>
</blockquote></div>