[2015-08-22] A $3B Network means $21 Transaction Fees

[hayek]

http://alexgorale.com/bitcoin-block-size-risk

This is 10x the maintenance cost of today. Forgoing the block reward and relying entirely on transaction fees to fund a multi-billion dollar network brings the entrance cost of a transaction to $21.

That $21 fee is for the 500,000 or so transactions that occur every day. This number is only the floor. It represents what it hypothetically costs to run the network assuming no one tries to outbid each other. $21 is the price of a transaction for the first half million transactions each day. Each transaction after that waits until the next day or, if it includes a higher mining fee, bumps lower fee transactions down in the queue. Still, that 500,000 transactions is not enough to represent the 3 billion internet users online today.

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[TraderTimm]

Self-admitted Mike Hearn "fanboy" (his words) admits that even Mike's push for Bitcoin XT doesn't make much sense.

Nice to see some rationality in the discussion, I recommend reading it.

[gentlemand]

I think the '$21 to make a transaction is a deal crowd' often forget that there are billions of people happily transacting with each other for nothing every single day.

There are also many, many people who'd be delighted to come up with something which works along similar lines to Bitcoin but doesn't cost a fucking fortune to move dust out of your wallet.

There's a real world out there, the overwhelming majority of which doesn't give a shit about crypto and will give even less of a one if the costs of a ticket to ride is so ridiculous.

Its whole long term design is for wider adoption. If people try to subvert that then its only place will be in the history books.

[Carlton Banks]

I think the '$21 to make a transaction is a deal crowd' often forget that there are billions of people happily transacting with each other for nothing every single day.

There are also many, many people who'd be delighted to come up with something which works along similar lines to Bitcoin but doesn't cost a fucking fortune to move dust out of your wallet.

There's a real world out there, the overwhelming majority of which doesn't give a shit about crypto and will give even less of a one if the costs of a ticket to ride is so ridiculous.

I also live in that real world. Because I know how to handle dust in my wallet, it doesn't cost me anything extra. Anyone can do it, you just need to know how.

[LiteCoinGuy]

"This is 10x the maintenance cost of today. Forgoing the block reward and relying entirely on transaction fees to fund a multi-billion dollar network brings the entrance cost of a transaction to $21."


Some people earn less than 21 dollar in one year on this planet. explain it to them.