Benjamin,
Timeframe for network congestion and users experiencing service
degradation = between now and middle of next year.
Timeframe for transaction fees topping block reward fees = many years in
the future, based on current ratio of block reward to fees.
What is the more pressing requirement now? A working ³fee market² or a
reliable, useful payment network that scales without falling over in the
next 2-3 years.
On 19/6/15 4:53 pm, Benjamin benjamin.l.cor...@gmail.com wrote:
Yeah, but increasing block-size is not a longterm solution. Necessary
higher fees are a logical consequence of lower subsidies. Bitcoin was
basically free to use at the beginning because miners got paid with
new coins at the expense of those who already hold coins. Eventually
there needs to be a mechanism which matches supply and demand.
On Fri, Jun 19, 2015 at 11:37 AM, Mike Hearn m...@plan99.net wrote:
Or alternatively, fix the reasons why users would have negative
experiences with full blocks
It's impossible, Mark. By definition if Bitcoin does not have sufficient
capacity for everyone's transactions, some users who were using it will
be
kicked out to make way for the others. Whether that happens in some
kind of
stable organised way or (as with the current code) a fairly chaotic way
doesn't change the fundamental truth: some users will find their bitcoin
savings have become uneconomic to spend.
Here's a recent user complaint that provides a preview of coming
attractions:
https://www.reddit.com/r/Bitcoin/comments/39r3bi/breadwallet_asking_me_to
_pay_over_10_network_fee/
Hello, I'm just trying to send my small Sarutobi-tips stash (12,159
bits)
onto a paper wallet. When I try to send it, a window pops up stating
insufficient funds for bitcoin network fee, reduce payment amount by
1,389
bits? This would be a fee of $0.32 to send my $2.82, leaving me with
$2.50.
These sorts of complaints will get more frequent and more extreme in the
coming months. I realise that nobody at Blockstream is in the position
of
running an end user facing service, but many of us are and we will
be
the ones that face the full anger of ordinary users as Bitcoin hits the
wall.
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