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From: Owen <ogunden@phauna.org>
Date: Wed, 29 Jul 2015 15:56:57 -0400
To: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
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Content preview: On July 29, 2015 7:15:49 AM EDT,
Mike Hearn via bitcoin-dev:
>Consider this: the highest Bitcoin tx fees can possibly go is perhaps
>a
>little higher than what our competition charges. Too much higher than
>that,
>and people will just say, you know what .... I'll make a bank transfer.
>It's cheaper and not much slower, sometimes no slower at all. [...]
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On July 29, 2015 7:15:49 AM EDT, Mike Hearn via bitcoin-dev:
>Consider this: the highest Bitcoin tx fees can possibly go is perhaps
>a
>little higher than what our competition charges=2E Too much higher than
>that,
>and people will just say, you know what =2E=2E=2E=2E I'll make a bank tra=
nsfer=2E
>It's cheaper and not much slower, sometimes no slower at all=2E
I respectfully disagree with this analysis=2E The implication is that bitc=
oin is merely one of a number of payment technologies=2E It's much more tha=
n that=2E It's sound money, censorship resistance, personal control over mo=
ney, programmable money, and more=2E Without these attributes it's merely a=
really inefficient way to do payments=2E=20
Given these advantages, there is no reason to believe the marginal cost of=
a transaction can't far surpass that of a PayPal or bank transfer=2E I per=
sonally would pay several multiples of the competitors' fees to continue us=
ing bitcoin=2E
Sure, some marginal use cases will drop off with greater fees, but that's =
normal and expected=2E These will be use cases where the user doesn't care =
about bitcoin's advantages=2E We must be willing to let these use cases go =
anyway, because we unfortunately don't have room on chain for everything an=
yone might want to do=2E
Therefore, bitcoin tx fees can go much higher than the competition=2E
Remember how Satoshi referenced the banking crisis in his early work? The =
2008 banking crisis was about a lot of things, but high credit card and pay=
pal fees wasnt one of them=2E There's more going on here than just payments=
=2E Any speculative economic analysis would do better to include this fact=
=2E
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