On Wed, Dec 16, 2015 at 3:59 PM, Pieter Wuille <pieter.wui...@gmail.com> wrote:
> On Wed, Dec 16, 2015 at 9:38 PM, Jeff Garzik via bitcoin-dev > <bitcoin-dev@lists.linuxfoundation.org> wrote: > > 4.3. Observations on new block economic model > > > > SW complicates block economics by creating two separate, supply limited > > resources. > > Not correct. I propose defining the virtual_block_size as base_size + > witness_size * 0.25, and limiting virtual_block_size to 1M. This > creates a single variable to optimize for. If accepted, miners are > incentived to maximize fee per virtual_block_size instead of per size. > It is correct. There are two separate sets of economic actors and levels of contention for each set of space. That is true regardless of the proposed miner selection algorithm. > > 5.4. Problem: More complex economic policy, new game theory, new > bidding > > structure risks. > > > > Splitting blocks into two pieces, each with separate and distinct > behaviors > > and resource values, creates two fee markets. > > I believe you have misunderstood the proposal in that case. > See above. There are two separate and distinct resource velocities and demand levels in reality. That creates two markets regardless of miner selection algorithm in the block maker.
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