[Bitcoin-ml] Block size credit and supporting "burst" block sizes

[Amaury Séchet]

/thread

Le 20 nov. 2017 05:34, "Peter Rizun via bitcoin-ml" <
bitcoin-ml at lists.linuxfoundation.org> a écrit :

Dear all —

If the last three years has taught us anything, it’s that the biggest
threat to fees and reliable blockchain access comes from the developers
themselves.  As far as I know, there is no evidence that miners act
maliciously either to drive up transaction fees by forming a cartel, or to
drive them down in order to spam the blockchain.  Miners appear genuinely
invested in the long-term success of the network.  However, we have three
years of evidence that private companies do indeed hire influential
developers to block the stream, as it were.

For me, the big take away is that things like the block size limit should
not be viewed as "policy levers" for us to tweak — imagining ourselves
nobly balancing “decentralization” with some “optimal fee target.”  This is
not the Fed, and we’re not its Board of Governors.  This sort of power
corrupts, as is now plainly evident.

The block size limit should continue to serve its historical role as a
sanity-check against extremely large blocks.  It should be placed
sufficiently far above the free-market equilibrium block size such that it
has little economic influence on the price levels for block space.

(That said, if miners or node operators want to create a sort of soft limit
within these constraints, through some decentralized signalling mechanism,
a la BU’s EC or something else, I would see that as a beautiful example of
emergence.  The point is that the block size limit should not be seen as a
policy tool, and certainly not as a tool to be wielded by the developers.)

Peter

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