Subject: Re: [bitcoin-dev] A summary list of all concerns related to not rising the block size

From: Jean-Paul Kogelman <[email-masked]>
Date: Thu, 13 Aug 2015 09:36:49 -0700

> On Aug 13, 2015, at 2:52 AM, Ashley Holman via bitcoin-dev <[email-masked]> wrote:
> 
> A concern I have is about security (hash rate) as a function of block size.
> 
> I am assuming that hash rate is correlated with revenue from mining.
> 
> 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’t 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’t care that much? Pay a low fee (and anywhere in between). This market would work just fine even if block capacity was unbounded.

jp