Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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.
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. $40 a tx is fine too ....
poeple will start using centralized BTC payment processors
poeple will start using altcoins
and the idea that we can't do better then 5tx/s is insulting
make segwit
make block interval 2.5mins
make block size 8MB
there i've solved bitcoin scaling!
Sure... and in the process make the blockchain grow by 1TB / year instead of ~30GB / year... good thinking...
Yes it is. With more users and more money flowing into the field 1TB (Except it won't be. Upping the limit does not mean that every block will be 8MB. That's sort of the point with a higher limit.) a year isn't a problem. 30GB a year on a stagnating dud is a problem.
If people want to play right wing hippie with their mobile broadband in a cottage in the woods, I'm sure Luke-Jr can whip up some suitable shitcoin.
cost of storing bitcoin's blockchain if it scaled & was used 2 orders of magnitude - 60$ a year
