Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
adamstgBit
on 11/03/2016, 16:39:50 UTC
Pft deterring fees will occur automatically as the block reward disappears. At a price of 500$/BTC it would work out like this:

1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute.
So every minute $1250 in fees needs to come from transactions (instead of the block rewards today)
Using 10 transactions/sec as maximum speed (with current block size), 600 transactions each minute.
$1250/600 transactions = $2,08 per transaction.

Even higher BTC price -> even higher fees.

Edit: and if you use 5 tx/s instead of the theoretical 10 tx/s the amount doubles.

Yup. What's wrong with $4 a transaction? Totally fine. $40 a tx is fine too ....
the problem is see with that is that it isn't very competitive...

poeple will start using centralized BTC  payment processors 
poeple will start using altcoins

and the idea that we can't do better then 5tx/s is insulting

make segwit
make block interval 2.5mins
make block size 8MB

there i've solved bitcoin scaling!  Cheesy