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With both the Bitcoin Unlimited and Segregated Witness efforts far from reaching majority support and exploding transaction fees, the debate around how to scale Bitcoin continues on. One of the key arguments against bigger blocks and Bitcoin Unlimited is that a blocksize restriction is needed to create a healthy fee market. Dr Peter Rizun has been researching the economics of transaction fees in Bitcoin extensively and joined us to discuss what dynamics affect fees and why he thinks the blocksize limit will eventually fall.
Topics covered in this episode:
Bitcoin seen through the eyes of a physicistThe dynamics that determine transaction fees in BitcoinHow orphaning risks drive the fee market economicsThe relationship between the block reward and the fee marketWhy the blocksize limit will eventually fallWhy Peter supports Bitcoin UnlimitedThe state of discussion between Bitcoin Core and Bitcoin Unlimited Episode links:
Dr. Peter Rizun's talk at Scaling Bitcoin Montreal 2015 Dr. Peter Rizun: "A Transaction Fee Market Exists Without a Block Size Limit" XT Nodes - Bitcoin Hashrate Distribution Bitco.in Forum Ledger - Peer-Reviewed Journal on Cryptocurrency and Blockchain This episode was hosted by Brian Fabian Crain & Meher Roy, and is availble on YouTube, SoundCloud, and our website.
