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Author Topic: Transaction fees should be raised to 1 or 10.  (Read 643 times)
steelhouse
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June 21, 2011, 06:24:40 PM
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The transaction fees should be raised to 1 or 10.   The reason for this should be clear if you go back to the Gavin Andresen video where he showed the stone money.  What will happen you will be forced to use a wallet.  A small wallet will operate just like bitcoin, in a centralized fashion your money on an exchange or on a bitcoin mining pool is a wallet.  Thus, your wallet will be fast.  However, the real money the "gold" is stored in the bitcoin chain.

Now you say it would make BTC worthless.  Think about how the gold was stored in the federal reserve large bars worth about 2 years income.  When the 1st coin was made, the lydian lion, its value was set at about 1 months salary.

What are the benefits?  The block chain will be extremely fast to download, less than 1 mb a day. It will also use far less bandwidth.  The usability will be fast you can use an exchange like mtgox, for instantaneous transactions.

However, I think the goal should be to set the transaction fee, to keep the block size growth less than 1 mb a day.  I would estimate that to be 0.1 today and possibly 1 at the end of the year.

Your small wallet could also be decentralized, possibly.
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Sukrim
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June 21, 2011, 06:36:33 PM
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Just convince more than 50% of miners and make them 51%-attack the network if someone mines blocks that don't confirm with these rules.

This decision is not up to the developers imho.

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June 21, 2011, 06:59:29 PM
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The transaction fees should be raised to 1 or 10

You mean 1 BTC or 10 BTC ?
I don't understand how this could possibly work.

Is this a troll topic or am I misunderstanding something ?

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June 21, 2011, 08:42:13 PM
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This is not a troll topic.  How this would work say you have 207.25 BTC today.  A date is announced say January 1st, 2012 transactions are going to be 1.  So you move 7.25 to an exchange/wallet service online.  A merchant accepts small bitcoin payments from several of the large wallets.  Thus, you still pay pay .1 btc for a flash drive.  However, it is a centralized exchange transaction.  It never shows up in the BTC transactions.  As time goes on you deplete your money at the exchange and refill to say 50 BTC.  The storeowner after getting 100 BTC on his wallet, makes a transfer back into real BTC and ultimately on a USB drive.  The point is we cut 99% of the transactions off the block.  Thus the block will grow slow and not need to be scaled.

Have you looked at the scaling predictions 1 tb a month hard disk space and even worse, massive bandwidth.  To do this will force bitcoin to be centralized anyway.  To keep bitcoin decentralized the only option is to increase transaction fees.  However, the benefits are massive lightning fast millisecond transactions and an easy to download block.

How do you convince the network, as the disk space increases from 5 mb/day as it is now, to 100 mb/day in one year.  There will only be 1 dozen nodes to the network anyway.

This decision will either be made now or in 1 year.  The only difference in waiting is the the size of the old blocks you have to download.   
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