Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Fatman3001
on 11/03/2016, 17:54:21 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 ....

Nothing wrong with deterring people if you want to be part of an elite club. The Club of Original Crypto ConaisseursTM or COCCTM for short.

I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Leaves a funny taste in your mouth tho. Embarrassed

If you start eating some pineapple and lay off the tacos I think it should be ok.

I'm of course assuming you're a fellow member.


I like COCC. It rolls so smoothly off the toungue.

Ok, I'm in!

Do you really think the $$$ would be worth anything if just the elite was using it. I guess we will figure out pretty soon, that the dollar is worth not-a-thing... Because what we see these days is money concentrated in the hands of very few. Money that doesn't buy you anything, isn't worth anything.

Hey, I'm just here for the abbreviation. Don't get all political on me. Or at least tell me when, so I can close my eyes.