On Tue, Feb 25, 2014 at 10:25:58PM +0530, Mike Hearn wrote: Well, I've done my responsible disclosure, and I've got better things to do than argue with wishful thinking.
> There are two possibilities. > > One is that the value of transactions with the new lower fee is outweighed > by increased orphan costs and miners refuse to include them en-masse. > Wallet authors lose the staring match and go back to setting higher fees > until such a time as block propagation is optimised and the orphan costs go > down. Nodes that are encountering memory pressure can increase their min > relay fee locally until their usage fits inside their resources. It's > annoying to do this by hand but by no means infeasible. > > The other is that the total value of transactions even with the lower fee > is not outweighed by orphan costs. The value of a transaction is higher > than its simple monetary value - the fact that Bitcoin is useful, growing > and considered cheap also has a value which is impossible to calculate, but > we know it's there (because Bitcoin does not exist in a vacuum and has > competitors). In this case miners stop including lots of useful > transactions that represent desired economic activity and are put under > pressure by the community to change their policies. If all miners do this > and making small blocks is considered errant behaviour, then we're back to > the same situation we're in today. > > The possibility you're worried about - that someone does a DoS attack by > flooding the network with small transactions - is only an issue in the > first situation, and it is by no means the easiest or cheapest way to DoS > Bitcoin. We all want to see more DoS resistance but basically any change to > Bitcoin can be objected to on anti-DoS grounds at the moment, and this will > remain the case until someone steps up to spend significant time on > resource scheduling and code audits. -- 'peter'[:-1]@petertodd.org 0000000000000000445db8e568846d542c86ab395137b32b2a05577afcc7c6a3
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