Post
Topic
Board Bitcoin Discussion
Re: Transaction fees <> mining
by
kloinko1n
on 13/07/2011, 07:15:45 UTC
I dunno what to say to clear the question more ... but when mining ends (or no longer profitable) it will be a trade off (higher mining fees to keep secure huge hash network and no more small transaction fees for BTC system OR low transaction fees and a lot of mining data centers dropping out and less secure network).

I know the free market equilibrium is what will fold and survive. But logically these hungry mining monsters would require huge daily transactions with significant high transactions fees to keep existing and securing the network.

maybe there will be a market wash out and we back to CPU mining at some time ... but again that will make the currency insecure enough to hold large values of other monies and transactions as a couple Giga hash rigs can compromise it with invalid block generation (by design).


I hope my question is more clear this time .. and I really hope someone clarify this issue for me .. as I see this day very close with the crazy daily new Giga FLOPS jumping in the mining area daily.
Maybe you mean to express the opinion that if the currencies that compete with bitcoin have a lower transaction fee than would cover the energy bill of the miners, that bitcoin would then stop functioning?