Economic policy sounds like a dirty word in the context of Bitcoin, but as
Jeff Garzik said, choosing a block size cap is unfortunately an economic
policy that has to be chosen somehow.  Enabling users to incentivise the
voting process is an interesting tool to have in the toolbox, but I think
it would be sensible to first observe how the miner-only voting system
behaves on its own.

If, for example, the hashing majority tended to favour a move towards
centralization (big blocks), user preferences could potentially hasten this
move by further punishing marginal miners through reduced fees.  On the
other hand, if user preferences tended to oppose the preferences of miners,
then such a system might function well in keeping a balance between
usability and security (although it's not clear how this balance might
change over time as the block subsidy drops).

In short, I think it's wise to keep it simple and implement one mechanism
at a time.

On Sat, Jun 13, 2015 at 4:11 AM, Peter Todd <> wrote:

> Jeff Garzik recently proposed that the upper blocksize limit be removed
> entirely, with a "soft" limit being enforced via miner vote, recorded by
> hashing power.
> This mechanism within the protocol for users to have any influence over
> the miner vote. We can add that back by providing a way for transactions
> themselves to set a flag determining whether or not they can be included
> in a block casting a specific vote.
> We can simplify Garzik's vote to say that one of the nVersion bits
> either votes for the blocksize to be increased, or decreased, by some
> fixed ratio (e.g 2x or 1/2x) the next interval. Then we can use a
> nVersion bit in transactions themselves, also voting for an increase or
> decrease. Transactions may only be included in blocks with an
> indentical vote, thus providing miners with a monetary incentive via
> fees to vote according to user wishes.
> Of course, to cast a "don't care" vote we can either define an
> additional bit, or sign the transaction with both versions. Equally we
> can even have different versions with different fees, broadcast via a
> mechanism such as replace-by-fee.
> See also John Dillon's proposal for proof-of-stake blocksize voting:
> --
> 'peter'[:-1]
> 0000000000000000127ab1d576dc851f374424f1269c4700ccaba2c42d97e778
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