[bitcoin-dev] Voting by locking coins

Peter Todd pete at petertodd.org
Sat Aug 8 15:10:54 UTC 2015


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On 8 August 2015 11:03:04 GMT-04:00, Hector Chu <hectorchu at gmail.com> wrote:
>Thanks for this Peter. It is quite long winded and complicated so I
>just
>wanted to clarify one particular point. In John's proposal, are the
>coins
>actually locked up, or are they still freely spendable post-vote?
>Otherwise
>there is no real cost to casting votes. Locking coins up is related to
>the
>time-value of money and has a cost the longer they are locked up for.

John Dillon's proposal is essentially to have the economic majority give miners *permission* to raise the blocksize; making the vote costly is against the design intent of accurately capturing the broadest possible economic consensus.

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