Tag Archive: Block size economics

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    Thoughts on Bitcoin Block Size Economics

    In October of 2014, Gavin Andresen sparked a community-wide debate over the future of the hard-coded, 1 MB size-cap on Bitcoin blocks. Andresen proposed a change to the Bitcoin protocol that would implement an upward-scaling block size limit, necessitating a hard-fork of the blockchain. Many people opposed this idea — mainly on economic grounds. They argued that a constantly increasing block size limit would make the supply of block-space far outstrip the demand for transactions,

    · February 2, 2015 · 8:00 am