1) Bitcoin block rewards will eventually become infinitesimal, at that point transaction fees will be the only rewards miners get. Right now transaction fees are around 0.1-0.5 BTC per block, which is nowhere near enough funding to secure the network by itself. We need transaction fees to go up, and the only thing that will force them up is the blocksize limit. Increasing block size might cause fundamental damage to Bitcoin due to this.
why not let more TX pre block so that a block can have a lot of small 5 cent or less fees TX pay for the network?2) Currently average block size is less than 0.4 mb now that the stress test bullshit is over. Gonna be a long time until we even hit the 1 mb limit.
its werid everytime i go see https://blockchain.info/ i always see a few full blocks on the six latest blocks. out of the last 6 blocks the 4 are full blocks right now.3) Once we hit the 1 mb limit free and nearly no fee transactions will be forced off chain. There is TONS of dust, spam, and gambling that can be done off chain. Over half of all Bitcoin transactions right now are basically dusty junk. This will make plenty of room for legitimate transactions.
would be interesting to get your idea of an want constitute a non-legitimate transaction.4) Once almost all the junk is forced off chain the rise in fees will be very gradual, and it will take a long time for the fees to become an issue for people. In any case the blockchain will function perfectly fine regardless of transaction data volume, fees will simply rise.
If fees ever do get too crazy I'd support a block size limit increase too, but I don't expect that to happen for over a decade if ever.
one very cool thing about bitcoin is it made possible miro transaction, 10cent fee might not seem like much, but it's 10% of a 1$ payment. so much for bitcoin TX being free.If fees ever do get too crazy I'd support a block size limit increase too, but I don't expect that to happen for over a decade if ever.
5) Hard fork of Bitcoin is dangerous and can result in mass confusion, double spends, and loss of Bitcoins. It will damage the value of Bitcoin at least temporarily.
only if a significant % of miners not only not upgrade but start to massively attack the new chain with a lot of hashing power is it dangerous. at this point you are in a increasingly small minority when you say you want to keep the 1MB limit.6) We need to maintain a group of scientists which reach a consensus, not just centralize Bitcoin under a couple of developers.
no comment.