[bitcoin-dev] Personal opinion on the fee market from a worried local trader
valizero at yahoo.ro
Wed Jul 29 13:27:06 UTC 2015
I have been reading an argument saying that paying higher fees would scare Bitcoin users and they would stop using it, preferring bank transfers or other payment methods. This does not make sense for me. If some users leave, then demand for bitcoin transactions goes down and so do the fees. The others remain.
Fee market means that an equilibrium is found between the demand for bitcoin transactions and the available supply (given by the block size). The fee is the price that finds this equilibrium.
If a fee market starts to exist, the first ones to leave are the spammers, probably followed by the gamblers and perhaps people transacting very low amounts. The people that actually need Bitcoin would remain.
Please allow this fee market to form...
In the absence of a functioning fee market, I will refuse to run Bitcoin code that increases the block size and will do my best to tell everyone I know not to upgrade towards running such code. If Bitcoin succombs to the free stuff army, I will sell all the coins and leave. Nothing is for free.
I apologize for any exagerations, but I just felt strongly towards expressing my opinion here. I'm only a local Bitcoin trader, computer engineer, with a reasonable understanding of free markets. And I'm running only one full node.
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