Post
Topic
Board Bitcoin Discussion
Re: Permanently keeping the 1MB (anti-spam) restriction is a great idea ...
by
grau
on 05/02/2015, 15:09:16 UTC
We have instead a *feedback* process. LOWER fees (not ZERO fees) means LESS mining (not NO mining) which in turn means LONGER confirmation times (not COMPLETE COLLAPSE) which leads to MORE FEES which leads to mining power switching back on.

This is not how Bitcoin works.
Instead: Less mining power leads to difficulty adjustment that restores confirmation time.

Lower mining income simply leads to less security that will lead to less use and less fees -> less mining power.
A positive feedback loop wrecking the ecosystem.