I propose the following rule to determine the block size limit, once the block reward is low
The block size limit would increase (or decrease), by X%, if total transaction fees in the last N blocks is Y Bitcoin or more (or less).
......
I am aware miners could also manipulate fees by including transactions with large fees and not broadcasting these to the network. However why would miners in this scenario want to manipulate the limit upwards?
The block size limit would increase (or decrease), by X%, if total transaction fees in the last N blocks is Y Bitcoin or more (or less).
......
I am aware miners could also manipulate fees by including transactions with large fees and not broadcasting these to the network. However why would miners in this scenario want to manipulate the limit upwards?
The fear is that a cartel of big, centralized, have-huge-data-pipes miners would drive out smaller miners by forcing up the block size high enough so the smaller miners have to drop out.