4 ms·
> However, the key point is that with more transactions per block, the total sum of all those fees will be higher than what we have now with the 1 MB limit due
by tromp 2y ago
> However, the key point is that with more transactions per block, the total sum of all those fees will be higher than what we have now with the 1 MB limit due to the competitive fee market, but still cheaper for the end user than it would be with a remaining 1MB limit.
This is quite wrong. The only way to make users pay substantial fees is to create a fee market by constraining block space. Without congestion, users will just pay the minimal fee, which doesn't amount to much even with enormous tx volumes.
For this reason Bitcoin Cash will have a security problem long before Bitcoin does.
The way to avoid problems in the distant future is not to cap supply [1].
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153 https://john-tromp.medium.com/a-case-for-using-soft-total-su...
- hggh 2y ago> Without congestion, users will just pay the minimal fee, which doesn't amount to much even with enormous tx volumes. But that minimal fee is chosen by the miner.
- deleted 2y ago[deleted]
- tromp 2y agoAnd historically, the minimum miner acceptable fee has been <= 1 cent per tx. A single miner (or any group short of a supermajority) that starts raising their minimal fee will just see their margins erode as other miners take over their fees.
- thisconnect 2y ago1 sat/vByte
- hggh 2y agoActually, the minimum used to be 0 sat/byte. "I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee." - Satoshi Nakamoto https://www.bitcoin.com/satoshi-archive/emails/mike-hearn/1/#selection-25.745-25.943 https://www.bitcoin.com/satoshi-archive/emails/mike-hearn/1/...