Wednesday 29 July 2015

Two things about the newest "spam attack": 1) It proves that a blocksize cap is useless and even harmful, and 2) It has already created a working (albeit artificial) fee market.


These spam attacks are highly disruptive, and not in a good way. Any Bitcoin user who does not religiously check the Bitcoin subreddit each day has no way of knowing why their new "magic money" suddenly isn't working anymore.This has to stop.The MARKET created by these spam attacks is most telling. A literal price has been created -- the minimum cost at which a miner is willing to process a transaction. Yes, the price is artificial, because many of these transactions are simple spam, but it still demonstrates that a price-based market is the only way for all players within the Bitcoin sphere to gauge one another's willingness to do business.How can the cap be removed and the current market-in-fees scenario be transitioned to? It seems like price discovery could be happening in wallet software, no? via /r/Bitcoin http://bit.ly/1eAu6Ft

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