[bitcoin-dev] Fees and the block-finding process

Thomas Zander thomas at thomaszander.se
Wed Aug 12 07:54:24 UTC 2015


On Tuesday 11. August 2015 21.27.46 Jorge Timón wrote:
> Can we agree that the first step in any potentially bad situation is
> hitting the limit and then fees rising as a consequence?

Fees rising due to scarcity has nothing to do with the problem. Its a 
consequence that is irrelevant to me.

Bad situations are roughly divided into two parts;
 * technical
 * marketing.

The technical part is that we already know of several technical 
solutions we 
will need when we have a forever growing backlog. Without them, nodes 
will 
crash.
On top of that, we can expect a lot of new problems we don't know yet.

IT experts are serious when they say that they avoid maxing out a 
system like 
the plague.


Marketing wise full blocks means we can only serve 3 transactions a 
second. 
Which is beyond trivial. All the banks, nasdaq, countries, businesses 
etc etc 
now contemplating using Bitcoin itself will see this as a risk too big to 
ignore and the 1Mb Bitcoin will loose 99% of its perceived value.

If you want fees to rise, then it should be viable to be used, withing 6 
months, for something bigger than the economic size of Iceland. 
(=random 
smallest country I know).

-- 
Thomas Zander


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