Quote from: iCEBREAKER on June 26, 2015, 12:08:31 AM

Quote from: rocks on June 25, 2015, 11:43:48 PM

The way to generate resiliency for Bitcoin is to get to the point that each block generates $10M in fees.

Today each block generates around $4,500 in fees on average.

That is not resilient, that is weak and easy for any state to attack.

This idea that using fee pressure on a low # of transactions is a way to get to high value blocks from fees is absurd. The way to get to high value blocks is tons of transactions paying minimum fees.

Agree with the first 3 sentences, but only in a superficial way. The fourth is just more absurd, Frappuccino Doc-esque bloviating.

As fee pressure rises, "attacking" (IE filling up) blocks becomes more expensive. An attacker would have to pay higher fees than anyone else to stop tx propagation. And PT's replace-by-fee makes that already unworkable strategy obsolete.

Your naive $4.5k/block figure illustrates the fact GavinCoin won't fix this so-called problem; 20 (or eight) times $4.5k is still nothing to any semi-resourceful attacker (much less TLA national statists).

The only way to densely pack "tons of transactions paying minimum fees" into the extremely scarce resource of the blockchain is to use LN/SC/alt/off-chain mechanisms to aggregate payments and settle on the MotherChain. Even on a cluster of 24-core Xeons, blockchain tech cannot verify tx fast enough to *DIRECTLY* compete with centralized/specialized Visa-scale infrastructure.

What is so boring about this is how none of you one the 1MB side ever say anything factual and instead constantly misrepresent the facts (i.e. lie).

Gavin's proposed change is not $4.5k * 8, instead it is $4.5k * 8 * 2*2*2*2*2*2*2*2*2*2 = $36.8M in fees. And that is for one block, it works out to $1B per day in fees. What this means is if bitcoin scales to the point that it regularly fills 8GB blocks, then there is a $1B/day in fees to pay for the network.

Quote from: iCEBREAKER on June 26, 2015, 12:08:31 AM

As others have already noted,

Quote

Bitcoin's value comes from its decentralization, not low tx tees. If u don't value that, centralized systems can meet ur needs

And as others have constantly noted, but you have ignored, is decentralization comes from miners. The P2P network does not represent the level of decentralization, independent miners do. Today we have tens of thousand of independent miners. If fees pay $1B/day we will have even more.