[bitcoin-dev] High fees / centralization

David Vorick david.vorick at gmail.com
Thu Mar 30 16:14:24 UTC 2017


On Mar 30, 2017 12:04 PM, "Tom Harding via bitcoin-dev" <
bitcoin-dev at lists.linuxfoundation.org> wrote:

Raystonn,

Your logic is very hard to dispute. An important special case is small
miners.

Small miners use pools exactly because they want smaller, more frequent
payments.

Rising fees force them to take payments less frequently, and will only tend
to make more of them give up.

With fees rising superlinearly, this centralizing effect is much stronger
than the oft-cited worry of small miners joining large pools to decrease
orphan rates.


Miners get paid on average once every ten minutes. The size of fees and the
number of fee transactions does not change the payout rate.

Further, we are very far from the point (in my appraisal) where fees are
high enough to block home users from using the network.

Bitcoin has many high-value use cases such as savings. We should not throw
away the core innovation of monetary sovereignty in pursuit of supporting
0.1% of the world's daily transactions.
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