Post
Topic
Board Bitcoin Discussion
Re: Fork off
by
inBitweTrust
on 27/01/2015, 12:30:52 UTC
Doesn't the data reflect that Tx fees are starting to cover the costs to secure the network

Lol no, compare the tx fees to the current block rewards.

Did you even bother clicking on the link?

https://blockchain.info/charts/network-deficit?showDataPoints=true×pan=&daysAverageString=1&scale=0&address=

Clearly shows that Tx fee deficit is getting lower over time, which is exactly what we would want with block reward dropping due to disinflation.

This is all happening regardless of blocks being filled.

Why would you assume people would pay 40 cents per tx fee with a full block vs 4 cents with an half empty block?

Because people aren't even paying 4 cents today.

Seems like you are arguing on my behalf. How much will be needed to secure the network? Since ~6500usd per block secures the network now, wouldn't that indicate absurdly high Tx fees to match today's security once block rewards are finished?:

4,000 transactions per block  @ 1.63 usd tx fees  each(Full 1MB)

Where are you going to find millions of users willing to pay 1.63 per tx when much cheaper options are available?