Vladimir Zaytsev [ARCHIVE] on Nostr: đź“… Original date posted:2017-03-30 đź“ť Original message:There must be a way to ...
đź“… Original date posted:2017-03-30
📝 Original message:There must be a way to organize “branches” of smaller activity to join main tree after they grow. Outsider a bit, I see going circles here, but not everything must be accepted in the chain. Good idea as it is, it’s just too early to record every sight….
> On Mar 30, 2017, at 5:52 PM, Jared Lee Richardson via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org> wrote:
>
> > Further, we are very far from the point (in my appraisal) where fees are high enough to block home users from using the network.
>
> This depends entirely on the usecase entirely. Most likely even without a blocksize increase, home purchases will be large enough to fit on the blocksize in the forseeable future. Microtransactions(<$0.25) on the other hand aren't viable no matter what we try to do - There's just too much data.
>
> Most likely, transaction fees above $1 per tx will become unappealing for many consumers, and above $10 is likely to be niche-level. It is hard to say with any certainty, but average credit card fees give us some indications to work with - $1.2 on a $30 transaction, though paid by the business and not the consumer.
>
> Without blocksize increases, fees higher than $1/tx are basically inevitable, most likely before 2020. Running a node only costs $10/month if that. If we were going to favor node operational costs that highly in the weighting, we'd better have a pretty solid justification with mathematical models or examples.
>
> > We should not throw away the core innovation of monetary sovereignty in pursuit of supporting 0.1% of the world's daily transactions.
>
> If we can easily have both, why not have both?
>
> An altcoin with both will take Bitcoin's monetary sovereignty crown by default. No crown, no usecases, no Bitcoin.
>
>
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📝 Original message:There must be a way to organize “branches” of smaller activity to join main tree after they grow. Outsider a bit, I see going circles here, but not everything must be accepted in the chain. Good idea as it is, it’s just too early to record every sight….
> On Mar 30, 2017, at 5:52 PM, Jared Lee Richardson via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org> wrote:
>
> > Further, we are very far from the point (in my appraisal) where fees are high enough to block home users from using the network.
>
> This depends entirely on the usecase entirely. Most likely even without a blocksize increase, home purchases will be large enough to fit on the blocksize in the forseeable future. Microtransactions(<$0.25) on the other hand aren't viable no matter what we try to do - There's just too much data.
>
> Most likely, transaction fees above $1 per tx will become unappealing for many consumers, and above $10 is likely to be niche-level. It is hard to say with any certainty, but average credit card fees give us some indications to work with - $1.2 on a $30 transaction, though paid by the business and not the consumer.
>
> Without blocksize increases, fees higher than $1/tx are basically inevitable, most likely before 2020. Running a node only costs $10/month if that. If we were going to favor node operational costs that highly in the weighting, we'd better have a pretty solid justification with mathematical models or examples.
>
> > We should not throw away the core innovation of monetary sovereignty in pursuit of supporting 0.1% of the world's daily transactions.
>
> If we can easily have both, why not have both?
>
> An altcoin with both will take Bitcoin's monetary sovereignty crown by default. No crown, no usecases, no Bitcoin.
>
>
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