Subject: Re: [bitcoin-dev] Consensus based block size retargeting algorithm (draft)

From: Btc Drak <[email-masked]>
Date: Sat, 29 Aug 2015 00:46:43 +0100

On Sat, Aug 29, 2015 at 12:35 AM, Chris Pacia via bitcoin-dev
<[email-masked]> wrote:
> When discussing this with Matt Whitlock earlier we basically concluded the
> block size will never increase under this proposal do to a collective action
> problem. If a miner votes for an increase and nobody else does, the
> blocksize will not increase yet he will still have to pay the difficulty
> penalty.
>
> It may be in everyone's collective interest to raise the block size but not
> their individual interest.

It is clear from recent events that miners are willing to collaborate
together for the greater good of their industry. Miners have also
publicly shown support for raising the blocksize collaboratively.

Obviously, as transaction volume grows they want to collect as many
transaction fees as possible so if there isnt enough space in blocks,
they're going to vote for increases because it's in their collective
financial interests. The proposal specifically encourages
collaboration and hinders antisocial behaviour, and it specifically
encourages the blocksize to be raised according to demand without
neutering the fee market.