Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
justusranvier
on 06/08/2014, 23:06:31 UTC
I think there should be a limit otherwise no-one will pay any meaningful fees ever and people will stop mining. The system will only work when there is a limited amount of space because if it is unlimited it is advantageous for miners to include transactions with any fee, even 1 Satoshi. If that happens Bitcoin will stop to function correctly as the block rewards decrease.
If you believe that markets don't work without externally-imposed production quotas, then you're in the wrong place. Stick to central bank-created currencies.

I signed up for Bitcoin with a 21M unit cap and a 1MB block cap.
That's great. I signed up for a Bitcoin that originally had no explicit cap on the transaction rate.

Rationing transaction throughput was never part of the economic model of Bitcoin, and turning a temporary anti-spam measure into some kind of permanent feature is a form of attack against the currency.