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From: Peter Todd <pete@petertodd.org>
To: Benjamin <benjamin.l.cordes@gmail.com>
Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] User vote in blocksize through fees
Date: Fri, 12 Jun 2015 19:47:34 +0100	[thread overview]
Message-ID: <20150612184734.GH19199@muck> (raw)
In-Reply-To: <CAOoPuRaRMbY++Ys-D-k+Kb_oGLj9H8hKOty94Z2scU5u=jZsoQ@mail.gmail.com>

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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

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  reply	other threads:[~2015-06-12 18:47 UTC|newest]

Thread overview: 42+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-06-12 18:11 [Bitcoin-development] User vote in blocksize through fees Peter Todd
2015-06-12 18:20 ` Mark Friedenbach
2015-06-12 18:26   ` Matt Whitlock
2015-06-12 18:36     ` Peter Todd
2015-06-12 18:56     ` Jannes Faber
     [not found]       ` <CABr1YTfowMqgDZoWhDXiM0Bd3dwhVo6++FOvLntGc2HkApEbGw@mail.gmail.com>
2015-06-12 20:04         ` Eric Lombrozo
2015-06-12 23:01           ` Vincent Truong
2015-06-12 23:11             ` Luke Dashjr
2015-06-12 23:23           ` Aaron Gustafson
2015-06-12 18:22 ` Matt Whitlock
2015-06-12 18:34   ` Peter Todd
2015-06-12 18:36     ` Matt Whitlock
2015-06-12 18:39       ` Benjamin
2015-06-12 18:47         ` Peter Todd [this message]
2015-06-12 18:44       ` Peter Todd
2015-06-12 18:52         ` Matt Whitlock
2015-06-12 18:54         ` Matt Whitlock
2015-06-12 18:56           ` Aaron Gustafson
2015-06-13 22:20 ` Danny Thorpe
2015-06-13 22:24   ` Eric Lombrozo
2015-06-14  4:55   ` Chun Wang
2015-06-14  4:59     ` Jeff Garzik
2015-06-14  5:08     ` Eric Lombrozo
2015-06-14  5:13       ` Jeff Garzik
2015-06-14  5:20         ` Eric Lombrozo
2015-06-14  5:36           ` Jeff Garzik
2015-06-14 10:06             ` Mats Henricson
2015-06-14 10:34               ` Benjamin
2015-06-14 15:07                 ` Jeff Garzik
2015-06-14 21:59                   ` odinn
2015-06-14 20:10                 ` Eric Lombrozo
2015-06-14 14:42               ` Jeff Garzik
2015-06-14 22:26                 ` Mike Hearn
2015-06-15  3:59             ` Eric Lombrozo
2015-06-14  4:16 ` Stephen
2015-06-14  4:50   ` Eric Lombrozo
2015-06-14  4:56   ` Jeff Garzik
2015-06-14  7:19 ` Ashley Holman
2015-06-13 23:57 Raystonn
2015-06-14  4:28 ` odinn
2015-06-14  5:46   ` Aaron Voisine
2015-06-14 21:38     ` odinn

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