Quote from: billyjoeallen on October 06, 2015, 11:16:23 PM

Quote from: bambou on October 06, 2015, 10:39:39 PM

Quote from: billyjoeallen on October 06, 2015, 10:14:31 PM

Quote from: bambou on October 06, 2015, 08:43:53 PM

Miners revenues are mandatory to ensure the network's security.

While the block reward tends to 0, it is natural for a fee market to emerge, or else there would not be any incentives left for the miners to keep spending the resources that a POW system requires.

Meanwhile, you can enjoy transacting for nearly nothing.

It is possible to have too much security. Would you hire an army to guard a child's piggy bank? The compensation for miners should be proportional to the security they actually provide. It costs almost a million dollars/day to secure a network with a 3-4 Billion dollar market cap. How much do you think the New York Fed spends guarding their gold vaults under 33 Liberty ST. ? I would be very surprised if it was anywhere close to 1 million/day.

If miners can provide 90% as much security for 10% of the current cost/transaction, that is a increase in value to network users. If they keep stonewalling any blocksize increase, they risk losing market share to competing altcoins.

I'm not selling my BTC, but i'm not reinvesting my arbitrage profits either. I'm using them to buy bitshares.

If small blockers were truly committed to decentralization, they wouldn't be limiting Bitcoin's utility. A settlement network between trusted third parties is absolutely not what Satoshi or any of us early adopters had in mind. It's supposed to be a peer-to-peer electronic cash system. It always was.

So the caping is preventing utility? Or "mass adoption" maybe?

What is actually forcing miners to spend millions to secure a system that should not be as powerful?

Seriously, you need to take a deep breath.

Yes, capping is preventing utility and impeding mass adoption. 7 transactions/sec cannot support mass adoption. Nobody is FORCING miners to spend millions. They-- like any investors--are expecting a ROI on sunk capital. Miners are employees of the network. Hodlers are the owners.

The thing you got most wrong is that Bitcoin is NOT powerful. It's a network with a 7 TPS capacity. It is a very SECURE network with relatively little power. We could octuple the power with BIP101 at a relatively low cost to security. If we don't, we will lose market share. It's as simple as that.

you are simple as that.