I like your idea franky. It's true that if the fees is lowered by 10x by a 10x bigger block and 10x more transactions the fee income for miners remain constant. However the storage and data transmission costs increase by 10x too.
the storage and data transmission costs do not increase.
EG say you bought a 2TB hard drive for $100..
the blockchain size right now is not even filling that hard drive by 5%..
meaning you do not need to buy a new hard drive right away simply because the capacity has increased. it would take years to fill a 2TB hard drive.
secondly mining pools manage the blockchain.. mining ASICs do not see the blockchain. they are just handed a handfull of bytes to process.. so its not like the price/fee/capacity affects ASICS.
worse case a mining pool in a few years has to but another hard drive.. and at $100 its not a issue for a pool raking in thousands an hour
So as 10x more is relatively small in a digital universe let's go to 1Gb block (1000x more than current) you know the tps of visa, MasterCard, American Express+various pos system from national countries combined? How to store the blockchain and keep it decentralized? You see the problem with Bitcoin supremacism?
the Visa numbers are exaggerated. and also pushing for 1gb blocks now is also a stupid idea.. it should be a slow growth progression. not a jump from being a toddler to being a giant over night.. again: slow and steady growth
put it this way.. in the year 2000 a 3gb hard drive was $200... 16 years later a 3,000gb(3TB) is $200...(bitcoin yearly bloat is 2% of hard drive MAX)
imagine the capacity you can buy in the next 16 years, for just $200
put it this way.. in the year 2000 a 56k internet was average 16 years later 5,600k(5.6m) internet is average... imagine the bandwidth in the next 16 years (remember some people can already get 100mb internet now, even if its not popular in the next few years it will be. and then in 16 years it would be higher again)
why oh why do those who dont want increased capacity only think supersmall or giant.. without thinking of logical natural growth in between
its like a toddler saying "when i grow up i want to own a billionaire business"
my reply is. "while stil a child, start a lemonade stand. put that profit/pocketmoney into something else, when your at highschool start a business.. then when your an adult use the profits to expand the business, then you actually have a chance of getting what you want"
agreed, i have wondered why so many are impatient and want it all now when really bitcoin is not ready for everything now, as bitcoin is still a baby really and needs time to grow
people moaning their 0.01 btc transaction isnt confirmed instantly is a joke really
i use btc for international transfers, and 10 minutes is really nothing to wait (compared to 3-5 biz days)
and i do not see these delays people mention
but someone did explain to me that low value transactions that have recently moved will take longer to confirm
than say 5 BTC transaction where the 5 BTC have been sat idle prior to being sent.
but with computers and internet speeds being constantly improved
surely network will be ready by the time btc is
as right now BTC is not adopted by the masses so micro payments are not a priority as of right now
although it will help mass adoption if payments were confirmed quickly just for user peace of mind
but then again even businesses do not need to wait for confirmations (as much as the average cautious btc user does)
as the MAJORITY of the public are honest and will not attempt scamming a company for a cup of coffee
and business (well good ones) always account for fraud in their business model
as fraud with fiat is rampant
and before any starts ranting about double spending
it really does not apply for small businesses
as who would go to the effort for a scam worth a pittance
and majority of users once btc is adopted by the masses wont have a clue how to double spend anyway
transactions are instant, only confirmations take time,
and for any small business it would not even be a worry really
and any big business taking decent sums, well then they can wait 10 minutes as amount will justify the wait
