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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 discussed in this episode:
- Bitcoin seen through the eyes of a physicist
- The dynamics that determine transaction fees in Bitcoin
- How orphaning risks drive the fee market economics
- The relationship between the block reward and the fee market
- Why the blocksize limit will eventually fall
- Why Peter supports Bitcoin Unlimited
- The state of discussion between Bitcoin Core and Bitcoin Unlimited
Links mentioned in this episode:
- 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
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices - http://jaxx.io
- Ledger: Smart card security for your Bitcoins - Get 10% off your first order when you use the code EPICENTER - http://ledgerwallet.com
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Epicenter is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.