I reject the premise of this proposed BIP. Mandating miners to include a specific percentage of transactions based on age fundamentally undermines the core principles of Bitcoin: decentralization, voluntary participation, and free market dynamics.
Bitcoin thrives because of its permissionless, free-market system. Miners are incentivized to prioritize transactions based on fees and network conditions, not arbitrary mandates. Imposing a rule like this introduces central planning into what is a decentralized system.
The proposal claims to fight centralization, but will likely backfire. Mandates like this add operational complexity and reduce efficiency for miners. Smaller miners, who are already operating on thin margins, will be disproportionately impacted, driving them out of the market and further centralizing mining power. If censorship-resistant mining is valuable, let the free market reward those who provide it. If there’s demand for miners to include old or low-fee transactions, let someone build tools and pools that prioritize this voluntarily. Solutions shall arise from innovation, not coercion.
Best regards,
Mike
Status: Draft
Type: Standards Track
Created: December 27, 2024
Abstract
This proposal mandates miners to include at least 0.1% of transactions in their blocks from the oldest transactions by date, even if they have low fees. This mechanism helps prevent mining centralization and censorship, encouraging miners not to exclude certain transactions.
Motivation
The increasing centralization of Bitcoin mining and potential regulations that may require miners to censor or exclude certain transactions pose a threat to the Bitcoin network. Mandating the inclusion of a small percentage of old transactions, even with low fees, ensures that no single miner can censor block contents without sacrificing their own rewards.
Specification
Mandatory Inclusion of Old even if with Low-Fee Transactions
Each miner is required to include at least 0.1% of the total transactions in a block from the oldest transactions in the mempool, even if their fees are below the current market average.
These transactions must be added to blocks regardless of their fees, prioritizing their age.
Block Validation
Bitcoin network nodes will validate blocks only if they contain the required percentage of old transactions.
If a block fails to meet this criterion, it will be deemed invalid and rejected by the network.
Incentives
Miners are incentivized to include these transactions to ensure their blocks are valid and to avoid losing block rewards.
Advantages
Censorship Resistance: Miners cannot censor transactions without forfeiting their rewards.
Greater Inclusivity: Old and low-fee transactions are assured of being confirmed.
Decentralization Prevention: Reducing the potential for centralized censorship keeps the Bitcoin network decentralized.
Considerations
Impact on the Mempool: The mempool may become more dynamic and up-to-date with fewer old, stagnant transactions.
Resource Management: Miners will need to adjust their systems to automatically identify and include relevant transactions.
Conclusion
Implementing this BIP will help maintain the integrity and decentralization of the Bitcoin network, preventing censorship and ensuring all transactions have a fair chance of confirmation.
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