On Thu, Nov 07, 2013 at 10:58:42PM +0100, Michael Gronager wrote: > > Q=0 -> f = 0.0033 BTC/kB Q=0.1 -> f = 0.0027 BTC/kB Q=0.25 -> f > > = 0.0018 BTC/kB Q=0.40 -> f = 0.0012 BTC/kB > > You second list of numbers is an unlikely extreme: > > > k = 1mS/kB > > The propagation latency in the network is more due to the block > verification than due to its network (fiber) propagation time, > bringing down the number of hops helps tremendously, so I agree that > we can probably bring down k by a factor of ~10 (k=8-12) if we > consider only pools directly connected. This should bring us close to > break even with the current fee size, but we should really get some > empirical data for interconnected large pools.
Well if large pools wanted it would be trivial for all of them to just connect to each other... but my 25kB/s average data rate sure indicates that they either aren't bothering, or aren't bothering to do that correctly. > However - important > note - if you are a 1% miner - don't include transactions! Which is an awful solution, although probably a correct one.... After all, if you don't include transactions, you can start mining blocks earlier too based on just the header. > > Q=0 -> f = 0.000042 BTC/kB Q=0.1 -> f = 0.000034 BTC/kB Q=0.25 > > -> f = 0.000023 BTC/kB Q=0.40 -> f = 0.000015 BTC/kB > > > > > > > This problem is inherent to the fundemental design of Bitcoin: > > regardless of what the blocksize is, or how fast the network is, > > the current Bitcoin consensus protocol rewards larger mining pools > > with lower costs per KB to include transactions. > > I don't see a problem of rewarding economy of scale, as long as the > effect is not too grave (raising the min fee would actually make it > more profitable for smaller miners). That's a fundemental misunderstanding; there's no such thing as a min fee. As for economies of scale, the "product" we're paying miners for is decentralization and resistance to 51% attack. If instead only get 51% attack resistance, we're getting a bum deal. If that's all we're getting, we don't actually have 51% resistance... -- 'peter'[:-1]@petertodd.org 00000000000000075ed91531e07d2045b5823da050fe373bde7bb363965e44ae
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