Quote from: Anti-Cen on December 12, 2017, 05:41:12 PM

Quote from: DannyHamilton on December 12, 2017, 03:04:17 PM

No, it's not. It's a designed feature.

Yes sky high transaction fees we agree but you need to check your understanding on how much electricity it costs per transaction

Are you dividing the number of transactions in a single block by the amount of revenue that block earns for the miner? If so, then you are assigning too much value to "how much electricity it costs per transaction".

Mining a block serves a purpose beyond the transactions that are in that block, and you are failing to account for that.

Quote from: Anti-Cen on December 12, 2017, 05:41:12 PM

did you know that the cost of mining a coin is between $1000 - $2000

An AntMiner S9 uses 1372W to generate 14TH/s.

At the current difficulty and a mining rate of 14TH/s it would take approximately 451.914 days to mine a block. That's about 10846 hours.

The average bitcoins earned per block is the 12.5 BTC subsidy plus about 2.43 BTC in fees for a total of 14.93 BTC.

Dividing the 10846 hours by the 14.93 BTC gives us about 726.46 hours of mining per bitcoin earned.

726.46 hours at 1.372 kW is:
726.46 X 1.372 = 996.7 kWh per BTC.

The "cost" of mining that bitcoin will depend on what you pay for electricity.

Assuming that you can get electricity rates around $0.09/kWh...
996.7 X 0.09 = $89.70

Looks like the "cost of mining a coin" is a LOT less than "$1000 - $2000".

Perhaps you need to take a closer look at your own maths? Did you calculate that "$1000 - $2000" yourself? Or are you just parroting some nonsense that you read on the internet somewhere?

Quote from: Anti-Cen on December 12, 2017, 05:41:12 PM

High fees might suite miners

High fees also suits the users. If it didn't, they wouldn't pay it.

Quote from: Anti-Cen on December 12, 2017, 05:41:12 PM

but it will drive the public away and they have plenty of alternatives to pick from

If the public moves away, then the quantity of transactions will drop. If there are less transactions, then it won't cost as much (in transaction fees) to get your transaction confirmed. If it doesn't cost as much, then the public will choose to use Bitcoin. If the public chooses to use bitcoin, then the nuber of transactions will increase. If the number of transactions increases, then it will cost more (in transaction fees) to get your transaction confirmed. If it costs more to get your transaction confirmed, then the public will move away.

And with that we've come back to the beginning.

You see, there is a feedback loop built into the incentive structure of Bitcoin. The amount of the transaction fees will ALWAYS be as high that the users are willing to pay, and will NEVER be higher. The usage will bounce around a bit, but will eventually settle on a price where there are enough users willing to pay that price to keep the blocks full, and bitcoin will continue to operate successfully.

Quote from: Anti-Cen on December 12, 2017, 05:41:12 PM

Quote from: DannyHamilton on December 12, 2017, 03:04:17 PM

It is clear that you do not understand how the system works.

I know about IOTA using Tangle instead of block-chains and that the Lightning Network being used to plug the speed issue has many critics
and i cut code for a living so maybe I am closer to the truth than you think

Well, if you "cut code" for a living, you should perhaps take some time to look at the Bitcoin code and get a better understanding of how it actually works.

There are, and have been for a while now, thousands of alternatives out there. They all do something different. Still, Bitcoin seems to be fine.