rich1.0npub1ffc8cszk5wq34nvq78qm7npmmc8wsxg4538k7sy604shwmmrsjgsk2qp3dhttps://nostr.ae/npub1ffc8cszk5wq34nvq78qm7npmmc8wsxg4538k7sy604shwmmrsjgsk2qp3dnjumphttps://nostr.ae📅 Original date posted:2015-06-19 📝 Original message: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.cordes at 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 <mike at 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. >> >> >>------------------------------------------------------------------------- >>----- >> >> _______________________________________________ >> Bitcoin-development mailing list >> Bitcoin-development at lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/bitcoin-development >> > >-------------------------------------------------------------------------- >---- >_______________________________________________ >Bitcoin-development mailing list >Bitcoin-development at lists.sourceforge.net >https://lists.sourceforge.net/lists/listinfo/bitcoin-development