Post
Topic
Board Announcements (Altcoins)
Re: Obyte: Totally new consensus algorithm + private untraceable payments
by
tarmo888
on 07/03/2019, 13:17:36 UTC
Why the fee is fixed?
Currently it is so low so that it is not attractive to be witness.

If obyte price increases enough it will be so high so that it will not be attractive to transfer value. If that happens there will be very little time if any to find a solution to that.

What solution do you have to this drawback?
Why you cannot have normal fee % of transaction that would be attractive to witnesses and users instead to have fee that is attractive to both only in certain price value?

The fee is based on the size of it takes to store this transaction, which makes it predictable. The calculation how much bytes would you need for 1000 transactions is always between 500kb-600kb.
In the future, the value of bytes will based on how much anybody values making transactions on Obyte, so it will have intrinsic value, not just speculative value.

Fees should not be the motivation to become a witness. If the price of GBYTE increases enough that it would be too high to transfer value then it's a good news because we have found it's real value and it will come down to price where people want to use it again. Currently it's $0.00002 and the price would need to increase 1000x to even become 2 cents. If that happens, there is no need for any solution, market will solve itself.