Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
mmitech
on 24/01/2016, 16:53:09 UTC
It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

by long term you mean a couple of years from now ? or when the block reward is almost zero ? we have to define what is long term first then we can discuss what is right.

longterm i mean when blockreward is zero, yes. nevertheless we should already be aware of that fees are not something "evil" but overall necessary. its a balance between allowing 0-fee transactions to process, while still having enough pressure to have some fees paid.

When the block reward is zero the Bitcoin network must be so huge in term of processing transactions which means the price must be high enough to make it always profitable for miners to secure the network, but if we start excluding people now with high fees then Bitcoin already failed.

Not to mention how we always advertised Bitcoin as the cheap and fast and best solution and savor and what not.. but the main problem is not about fees or free transactions, it all goes down to block size, most of you fail to understand that 90 % of transactions in the queue waiting to be included has valid fees, so ...