Post
Topic
Board Bitcoin Discussion
Re: Fuck: SegWit, LN, Blockstream, Core, Adam Back, and GMazwell
by
jonald_fyookball
on 23/04/2017, 19:33:35 UTC
You must be smoking too much of that killer pot leaf. If miners allow limitless space, then there will be no fee market. The fees in each block will be small. What incentive would miners have to mine blocks with no reward and low fees? Total hash power would drop preciptuously and network security would vanish.

Since miners decide what transactions get into a block, it is not accurate to say that limitless space = limitless supply.   In other words, space is not freely available to anyone without a miner's consent.  You are correct that there would be little incentive to mine with low fees but there is nothing preventing a miner from charging high fees.... except other miners charging low fees.  As with any commodity, there can be both price wars that hurt the producers, and on the other hand: collusion which hurts the consumer.  One way or another, goods and services seem to be still available.  Whether the security will be "high enough" based on a natural fee market depends on many things.

Most important: remember that 'no reward' won't happen for another century.