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Author Topic: Governments worldwide embraces Bitcoin's economic fluidity and transaction tax.  (Read 3307 times)
rezin777
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May 19, 2011, 03:11:48 PM
 #21

That doesn't change the fact that the market is free and that the transaction fees would have to be competitive. Anyone who charged a transaction fee that's big enough to pay for public services will be undercut by miners who cover their costs and make a modest profit.

The transaction fee and the hashing power of those who charge it would have to be competitive.

Most of the miners aren't solo. They will do what the pool they are in does. If the big pools wants to charge a high fee on transactions, it might be that lower fee transactions take much longer to process. A huge percentage of miners don't seem to want to go solo (or switch pools even) to make more money now, why would they go solo (or switch pools) to make more money in the future?
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Longmarch
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May 19, 2011, 03:46:58 PM
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Just looked at this and it sunk in that bitcoins haven't even really hit Asia yet.  Can you imagine what will happen when all that purchasing power enters the market? 


Hmm.  I wonder how that can be expedited.
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May 19, 2011, 03:47:34 PM
 #23

That doesn't change the fact that the market is free and that the transaction fees would have to be competitive. Anyone who charged a transaction fee that's big enough to pay for public services will be undercut by miners who cover their costs and make a modest profit.

The transaction fee and the hashing power of those who charge it would have to be competitive.

Most of the miners aren't solo. They will do what the pool they are in does. If the big pools wants to charge a high fee on transactions, it might be that lower fee transactions take much longer to process. A huge percentage of miners don't seem to want to go solo (or switch pools even) to make more money now, why would they go solo (or switch pools) to make more money in the future?

Right now people are willing to pay these transaction fees to get a transfer confirmed quickly, but there'll be an upper limit. You're right that lower transaction fees will take longer to process. And you're probably right that most miners in a pool aren't going to go solo. But if Deepbit was to increase their transaction fees to over x amount, pools will hopefully break off.

If blocks end up only being created by an organisation that can afford to violently enforce its opinion (ie a government), then bitcoin will have been a failure in my opinion.
cloud9
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May 19, 2011, 07:30:25 PM
 #24

The Bitcoin client rules may be looked at like a Governments laws.  Just like the nodes that does not obey the majority elected Client will get kicked out, perceived strays of societal law and order will eventually not be accepted into the mainstream.

Bitcoin offers opportunities to both the fringe and the mainstream, but it will be a fork - as the two will not be able to co-exist under the same umbrella economy.

As a thought, Bitcoin is foreign to all the nations but communicable with all nations.

Actually the Public Relations post for Bitcoin sums it up quite nicely http://forum.bitcoin.org/index.php?topic=8940.0;all

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
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