Justus Ranvier [ARCHIVE] on Nostr: 📅 Original date posted:2014-02-28 📝 Original message:On 02/28/2014 07:25 PM, ...

📅 Original date posted:2014-02-28
📝 Original message:On 02/28/2014 07:25 PM, Mark Friedenbach wrote:
> Transaction fees are a DoS mitigating cost to the person making the
> transaction, but they are generally not paid to the people who
> actually incur costs in validating the blockchain. Actual transaction
> processing costs are an externality that is completely unpaid for.

What that means is the network layer is broken and needs to be fixed.

Bitcoin is the blockchain, not the P2P network. If the existing network
is not incentive compatible, then that's the root cause which should be
addressed.

There's no reason to enshrine the broken behavior and use it as a
roadblock to stop progress.


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