One more major issue about Bitcoin's coming transaction fees that needed to be clarified and was about to refute @Dorky, but got banned. So here is the missing information so @Dorky can hopefully understand his error:
But I am optimistic things will work out my way. My way is that both the whales and the non-whales will be transacting in the same blockchain each paying reasonable fee relative to their transaction value.
That is mathematically impossible if the block size remains 1MB, then there will be increasing transaction demand competing for limited block size space, thus miners must prioritize those transactions which pay the highest fees.
Since whales will have transactions which are say 1000 times higher in transferred value than minnows, so if whales are willing to pay 0.1% fee, then minnows will pay a 100% fee (i.e. they can't transact any more).
For example, when I withdraw BTC from Poloniex, Poloniex merges that output into a transaction with many outputs for other clients, thus one of Poloniexs transactions can be worth much more than one individuals.
If the miners have sole power to influence the fee, then even the whales (forget the non-whales that @iamnotback said will be forced out of the blockchain) will be forced to pay higher and even higher fee and compete among themselves to get confirmed to the point of total breakdown in the bitcoin economy. That's a very lousy game theory, I say.
At the point that miners are making too much profit off of whales, the whales are economically incentivized to rent hashrate, mine their own blocks, and pay the fees to themselves. Thus ultimately, the miners and the whales are economically the same entities.
Your reasoning/logic based on game theory is flawed/incomplete.
A dialogue...
Whale: I am not going to send you transaction if you charge me fee.
Miner A: Where will you send your transaction?
Whale: To miner B.
Miner B: So you want me to NOT charge you any fee?
Whale: Yes.
Miner B: And if I refuse?
Whale: I will take my business to miner C.
Miner C: What now?
Whale: Okay, I pay my fee to you.
Miner A & Miner B: Get lost!
Whale: Well, at least I still pay.
Miner A & Miner B: Bluffer!
The next whale (whale #2) shows up...
Whale 2: Hi! I am here to make a deal.
Miner A: Fuck off and die if it's about free transaction.
Whale 2: Urmmmm...... no. I pay.
Miner A: Good.
The whales and the miners are economically the same entities, per the math above. Your imaginary dialogue is complete nonsense from an economics analysis perspective.
And that is why I stated that the dolphins (the $millionaires) will be paying the fees for the whales. The whales will pay no fees. And the minnows will be kicked off the blockchain by the high fees.
My analysis was mathematically cogent. You simply couldn't visualize the math without me spelling it out for you ABCDEFG.