Post
Topic
Board Bitcoin Discussion
Re: Analysis and list of top big blocks shills (XT #REKT ignorers)
by
VeritasSapere
on 11/01/2016, 20:53:38 UTC
There is no reason for bitcoin not to be an all in one package someday but right now there is not enough demand to support a low fee and high transaction network.
That is because Bitcoin was always meant to be bootstrapped by the block reward initially, there is no need for us to "force" Bitcoin into a settlement network in order to solve this issue now. If the adoption curve continues as it has so far, and we are able to increase the blocksize as adoption increases and technology does as well. Then we can continue along this course and within a few decades we will have a high volume low fee network, in the meantime we get the advantageous of low fees and the adoption and use that this promotes. While increasing decentralization, security and financial freedom more then the alternative paths would.

Quote from: Jeff Garzik
Higher Service prices can negatively impact system security. Bitcoin depends on a virtuous cycle of users boosting and maintaining bitcoin's network effect, incentivizing miners, increasing security. Higher prices that reduce bitcoin's user count and network effect can have the opposite impact.
Quote from: Jeff Garzik
It is a valid and rational economic choice to subsidize the system with lower fees in the beginning. Many miners, for example, openly state they prefer long term system growth over maximizing tiny amounts of current day income.
Quote from: Konrad S Graf
Transaction-fee levels are not in any general need of being artificially pushed upward. A 130-year transition phase was planned into Bitcoin during which the full transition from block reward revenue to transaction-fee revenue was to take place.