Subject: Re: [Bitcoin-development] User vote in blocksize through fees

From: Peter Todd <[email-masked]>
Date: Fri, 12 Jun 2015 19:47:34 +0100

On Fri, Jun 12, 2015 at 08:39:21PM +0200, Benjamin wrote:
> This is a misguided idea, to say the least. If such a mechanism of of
> user input would be possible, one would use it for transaction
> verification in the first place. In proof-of-stake outcomes are
> determined by vote by stake (that vote has very different
> characteristics than vote by compute power). There is no such thing as
> making it possible to determine what "users want". That's what the
> proof-of-work mechanism does in the first place, only that it is now
> unfortunately skewed/corrupted/(whatever you want to call it). Before
> centralization the concept of "miners" didn't exist in Bitcoin and
> miners were roughly identical to users. Peer-to-Peer implies only one
> class of users.
> 
> A big problem with such a vote (in PoW and PoS): miners get paid for
> their work and have incentives to raise fees. Those who pay fees would
> have no say in whether those fees are fair or not. Transaction
> verification has to be roughly profitable, but there is no fixed
> formula for determining profitability.

Read John Dillon's proposal then, which via proof-of-stake explicitly
approportions control of increases via % of Bitcoin owned.

Anyway, representing everyone is never going to be easy, but at least
this nVersion thing is very easy to implement.

-- 
'peter'[:-1]@petertodd.org
0000000000000000127ab1d576dc851f374424f1269c4700ccaba2c42d97e778