Hello bees, I have got no particular interest in Bitcoin, except from "omg wtf!!!"
It's a wholly interesting project!
Q: Is it possible to spam Bitcoin badly, or even to extinction?
Seeing that the minimum fee is 0.0005 BTC/tx, equal to about 0.005 USD/tx.
Evil Entity comes and dumps $ 10,000 to have a good fun.
10,000 USD / 0.005 USD/tx = 2,000,000 tx
2,000,000 tx * 500 byte/tx = 1,000,000,000 bytes
Not so much money for an extra 1 GB. So when would you stop using the software, at 5 GB, or 50 GB? ...
As I read somewhere, there is an imposed limit on the network of 7 tx/sec. It means just that the 1 GB spam would take some 4 days.
I think the transaction fees should reflect this, and be more normal levels - it's NOT free. Nobody is going to get hurt at 0.05 USD/tx, when your local bank asks dollars.
Just my 50 cents.