Ignoring petertodd's slanderous lie there, I will reiterate why his idea is based on a false assertion:
Reminder: transaction fees do not pay for transactions, merely attempt to deter/rate limit flooding. To cover the cost of transactions, transaction fees would need to be much higher and somehow distributed across all full nodes (not merely miners).
I asked you on IRC last night to please clarify what exactly you consider to be a "slanderous lie":
21:48 < petertodd> Luke-Jr: you should clarify exactly what you disagree with with regard to my statement on coiledcoin
21:58 < Luke-Jr> petertodd: don't play dumb
21:59 < petertodd> Luke-Jr: no I'm quite serious.
22:07 < petertodd> Luke-Jr: in particular, what exactly are you saying you did here and how does that differ from my statement?
https://bitcointalk.org/index.php?topic=56675.msg678006#msg678006You did not respond. Please do so here we can understand what exactly is your side of the story with regard to Coiledcoin being 51% attacked.