Mike Hearn [ARCHIVE] on Nostr: 📅 Original date posted:2015-06-19 📝 Original message:> > Or alternatively, fix ...
📅 Original date posted:2015-06-19
📝 Original message:>
> Or alternatively, fix the reasons why users would have negative
> experiences with full blocks
>
It's impossible, Mark. *By definition* if Bitcoin does not have sufficient
capacity for everyone's transactions, some users who were using it will be
kicked out to make way for the others. Whether that happens in some kind of
stable organised way or (as with the current code) a fairly chaotic way
doesn't change the fundamental truth: *some users will find their bitcoin
savings have become uneconomic to spend*.
Here's a recent user complaint that provides a preview of coming
attractions:
https://www.reddit.com/r/Bitcoin/comments/39r3bi/breadwallet_asking_me_to_pay_over_10_network_fee/
Hello, I'm just trying to send my small Sarutobi-tips stash (12,159 bits)
> onto a paper wallet. When I try to send it, a window pops up stating
> "insufficient funds for bitcoin network fee, reduce payment amount by 1,389
> bits?" This would be a fee of $0.32 to send my $2.82, leaving me with $2.50.
These sorts of complaints will get more frequent and more extreme in the
coming months. I realise that nobody at Blockstream is in the position of
running an end user facing service, but many of us are .... and we will be
the ones that face the full anger of ordinary users as Bitcoin hits the
wall.
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📝 Original message:>
> Or alternatively, fix the reasons why users would have negative
> experiences with full blocks
>
It's impossible, Mark. *By definition* if Bitcoin does not have sufficient
capacity for everyone's transactions, some users who were using it will be
kicked out to make way for the others. Whether that happens in some kind of
stable organised way or (as with the current code) a fairly chaotic way
doesn't change the fundamental truth: *some users will find their bitcoin
savings have become uneconomic to spend*.
Here's a recent user complaint that provides a preview of coming
attractions:
https://www.reddit.com/r/Bitcoin/comments/39r3bi/breadwallet_asking_me_to_pay_over_10_network_fee/
Hello, I'm just trying to send my small Sarutobi-tips stash (12,159 bits)
> onto a paper wallet. When I try to send it, a window pops up stating
> "insufficient funds for bitcoin network fee, reduce payment amount by 1,389
> bits?" This would be a fee of $0.32 to send my $2.82, leaving me with $2.50.
These sorts of complaints will get more frequent and more extreme in the
coming months. I realise that nobody at Blockstream is in the position of
running an end user facing service, but many of us are .... and we will be
the ones that face the full anger of ordinary users as Bitcoin hits the
wall.
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