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IPFS News Link • Bitcoin

Jeff Garzik and Gavin Andresen: Bitcoin is Being Hot-Wired for Settlement

• bitcoinmagazine.com

Bitcoin is shifting to a new economic policy, with possibly higher fees.

Core block size does not change; there has been zero compromise on that issue. In the face of rising transaction volume — it has doubled over the past year — getting stuck at 1M results in higher fees, notable economic changes, and suffers from increased political risk by embracing an accidentally-created economic policy tool.

Change By Design

Higher fees and reshaping the fee market impact all bitcoin users, yet it is only mentioned obliquely in paragraph 18 of the roadmap:

These proposals help […] prevent defection between the miners from undermining the fee market behavior that will eventually fund security."


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