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From: Thomas Zander <thomas@thomaszander.se>
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Date: Wed, 12 Aug 2015 09:54:24 +0200
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Subject: Re: [bitcoin-dev] Fees and the block-finding process
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On Tuesday 11. August 2015 21.27.46 Jorge Tim=F3n wrote:
> Can we agree that the first step in any potentially bad situation is
> hitting the limit and then fees rising as a consequence?
Fees rising due to scarcity has nothing to do with the problem. Its a=20=
consequence that is irrelevant to me.
Bad situations are roughly divided into two parts;
* technical
* marketing.
The technical part is that we already know of several technical=20
solutions we=20
will need when we have a forever growing backlog. Without them, nodes=20=
will=20
crash.
On top of that, we can expect a lot of new problems we don't know yet.
IT experts are serious when they say that they avoid maxing out a=20
system like=20
the plague.
Marketing wise full blocks means we can only serve 3 transactions a=20
second.=20
Which is beyond trivial. All the banks, nasdaq, countries, businesses=20=
etc etc=20
now contemplating using Bitcoin itself will see this as a risk too big =
to=20
ignore and the 1Mb Bitcoin will loose 99% of its perceived value.
If you want fees to rise, then it should be viable to be used, withing =
6=20
months, for something bigger than the economic size of Iceland.=20
(=3Drandom=20
smallest country I know).
--=20
Thomas Zander
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