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Author Topic: Do we need more miners to increase the confirmation speed?  (Read 749 times)
ETFbitcoin
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Use SegWit and enjoy lower fees


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May 23, 2017, 05:23:39 PM
 #21

We only need current miner to choose one scaling solution rather than add more miners in bitcoin network.

What we need is to replace these miners with technology that would replace them or something that would reduce the impact that greed has on

this network. Apart from scaling issues, we still have miners that selectively mine around these problems. If Bitcoin mining were still accessible to

CPU/GPU miners .... some smaller operators could clean up the crumbs that are clogging the Mempool... { Currently miners just grab tx's with

higher fees and this exasperate the problems that we are having now. }  Angry Angry

That won't happen since change bitcoin algorithm requires hard fork and current miners won't approve this change unless community want to risks block split.
Also, we also need to trust the developer who change the algorithm/source code.

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May 23, 2017, 06:37:34 PM
 #22

But what about a new miner with competitive hash power but including transactions only from the list which is similar to viaBTC's acceleration ? I mean to say what if there are competitive miners who are ignoring the revenue from tx fees but focusing only block rewards.
-> when miners are ready to pick low fee included tx, that may result in challenging greedy miners.
-> when miners are ready to pick low fee included tx, tx spammers may get tired at some point of time.

This may result in bringing down tx fee trends to lower.
The problem with this is you are asking to the miners to take actions against their best economic interest, and that never works long term, will you work as hard in your job if suddenly your boss said that you were going to get only half your pay? Because I know that I wont, and I will probably begin to look for another job immediately.



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May 23, 2017, 07:08:14 PM
 #23

Segwit can solve the confirmation and slow transaction issue..

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