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

[Peter Todd <pete@petertodd.org>]

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On Fri, Jun 12, 2015 at 02:22:36PM -0400, Matt Whitlock wrote:
> Why should miners only be able to vote for "double the limit" or "halve" the limit? If you're going to use bits, I think you need to use two bits:
> 
> 	0 0 = no preference ("wildcard" vote)
> 	0 1 = vote for the limit to remain the same
> 	1 0 = vote for the limit to be halved
> 	1 1 = vote for the limit to be doubled
> 
> User transactions would follow the same usage. In particular, a user vote of "0 0" (no preference) could be included in a block casting any vote, but a block voting "0 0" (no preference) could only contain transactions voting "0 0" as well.

Sounds like a good encoding to me. Taking the median of the three
options, and throwing away "don't care" votes entirely, makes sense.

> Incidentally, I love this idea, as it addresses a concern I immediately had with Jeff's proposal, which is that it hands control exclusively to the miners. And your proposal here fixes that shortcoming in a economically powerful way: miners lose out on fees if they don't represent the wishes of the users.

Thanks! I personally expect disaster to ensue with this kind of
proposal, but I'm less concerned if the disaster is something users
explicitly allowed to happen in a consensual way.

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

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