if Byteball achieves current Bitcoin levels of market cap and transactions throughput.
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- daily fees paid to all witnesses: 0,15GB=$6000 (300.000*0,5Kb)
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1. A witness will earn $15.000 worth of bytes in fees on a monthly basis from just running a single computer.
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My point is that running a witness have almost zero cost, yet its operation is disproportionally generously rewarded in fees.
I'd like to change your conclusion: it's a very cheap system with very low fees! You're talking Bitcoin-size for
just $6k per day! Currently Bitcoin-miners earn $6M (1000 times more!) per day. I'd love to get a payment system that only takes 0.1% of the fees.
That brings me to a different conclusion again: if Byteball achieves Bitcoin's market cap and number of users, users will do much more transactions because of the low fee. I'm now doing 90% less Bitcoin-transactions than I used to do, simply because fees are so high.
10 times more transactions than Bitcoin would mean $60k per day in fees, and 500 GB database growth per year. I'm not sure what this would mean for bandwith requirements to support millions of users, especially if many full nodes download everything. It could be quite an expensive server.
Yeah, everyone can be a president. Does it mean that we are to reward him/her for just being reputable? What's your point?
Fair question. I haven't changed my witnesses yet, but I do realize it will ultimately be needed to stop relying on one person. The next question is: how do you know which one to pick? I think two witnesses have been "advertising" in this thread now, what happens if 1000 people run a witness? How do you choose?
