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Author Topic: Transaction Fees are SPIKING !  (Read 5289 times)
deisik
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March 03, 2017, 07:02:15 PM
 #141

if we could somehow limit the fees (I refer to upper limit, since the lower one is 0, obviously) and there are no more mining reward

That is extremely unlikely to happen with Bitcoin, although there might be an altcoin or two with that type of structure

I suspect I should disagree with this

Unless you refer to Lightning Network as "[an] extremely unlikely [thing] to happen" to Bitcoin, of course. As I understand it, integrating LN into Bitcoin will allow creating payment channels by people who are just idly keeping their coins in their wallets. If they are ensured by the network that their coins in no case would be lost (which seems to be a correct assumption here), what could prevent them from setting up such payment channels with no or extremely low fees to help Bitcoin payments pass through smoothly as well as oppose miners' hegemony and domination? If I were one of them, I would certainly go for that. Would you?

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March 03, 2017, 07:11:38 PM
 #142

You are correct that a widely distrbuted mining landscape is healthy for the network.  No argument there.

Which is, from a technical perspective, most probalby related to RAM useage. The tintier the required mining chips can be the moar centralisation seems to be awaiting us.
Is it even possible to tamper on the mining algorithm in Bitcoin?
A simple requirement to reach back onto arbitrary blockchain history data would cut a sharp end onto current misdevelopment.

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March 03, 2017, 07:11:59 PM
 #143


So you admit technical points were made, and this debate is not about people getting butt-hurt over candy bars.   Roll Eyes

As I said, the 'technical points' of the article struck me as largely bunk.

My comment about butt-hurt was related to years of observation on this forum.  It remains the most powerful explanation of the driving force for garden variety minions, but these minions are animated (unconsciously or otherwise) by people who see a threat in the aspects of Bitcoin which I personally consider to be liberating.

I welcome competition while those who have a monopoly in other financial instruments see it as a significant threat.  My biggest mis-calculation so far has been in predicting the likely form of attack from corp/gov.  I didn't expect them to be so shrewd in their attack.  Chuck Schumer's strategy was the one I anticipated taking hold and it was kind of a surprise when he was told to put a sock in it and let the professionals handle this.


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March 03, 2017, 07:39:30 PM
 #144

Here mostly every member was happy with bitcoin's price rice but what we see nowdays about transaction fees, it's really bad. Price rised but at the same time double rised fees, I don't enjoy forks but this time it will be great if any hard work will be done. Well, it's still possible to pay with low-normal fee but time of confirmation will be very long. Hope many mining pool like viabtc will offer transaction accelerator and maybe this will be only our hope to end that high fee transactions.

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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political


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March 03, 2017, 07:41:34 PM
 #145

 


Is it even possible to tamper on the mining algorithm in Bitcoin?

Perhaps the POW algorithm may change in the future but the issuance/monetary supply seems
to be one thing that nearly everyone is united on.


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March 05, 2017, 05:26:31 PM
 #146

Higher transaction cost still affordable for Bitcoin. Because the traders and the exchange sites can make the higher traffic. This prevent the fraud transactions. And this is also helpful to reduce the storage for transaction logs.
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