📅 Original date posted:2015-06-19
📝 Original message:Yeah, but increasing block-size is not a longterm solution. Necessary
higher fees are a logical consequence of lower subsidies. Bitcoin was
basically free to use at the beginning because miners got paid with
new coins at the expense of those who already hold coins. Eventually
there needs to be a mechanism which matches supply and demand.
On Fri, Jun 19, 2015 at 11:37 AM, Mike Hearn <mike at plan99.net> wrote:
>> 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.
>
> ------------------------------------------------------------------------------
>
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development at lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
Benjamin [ARCHIVE] /
npub17k…sr5tq
2023-06-07 15:38:37
in reply to nevent1q…m63s
Author Public Key
npub17kz55p7ysz4ftvq2xyr2zamc776cygwcm5fdz8ndj3jm5umm65xq4sr5tqPublished at
2023-06-07 15:38:37Event JSON
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"content": "📅 Original date posted:2015-06-19\n📝 Original message:Yeah, but increasing block-size is not a longterm solution. Necessary\nhigher fees are a logical consequence of lower subsidies. Bitcoin was\nbasically free to use at the beginning because miners got paid with\nnew coins at the expense of those who already hold coins. Eventually\nthere needs to be a mechanism which matches supply and demand.\n\nOn Fri, Jun 19, 2015 at 11:37 AM, Mike Hearn \u003cmike at plan99.net\u003e wrote:\n\u003e\u003e Or alternatively, fix the reasons why users would have negative\n\u003e\u003e experiences with full blocks\n\u003e\n\u003e\n\u003e It's impossible, Mark. By definition if Bitcoin does not have sufficient\n\u003e capacity for everyone's transactions, some users who were using it will be\n\u003e kicked out to make way for the others. Whether that happens in some kind of\n\u003e stable organised way or (as with the current code) a fairly chaotic way\n\u003e doesn't change the fundamental truth: some users will find their bitcoin\n\u003e savings have become uneconomic to spend.\n\u003e\n\u003e Here's a recent user complaint that provides a preview of coming\n\u003e attractions:\n\u003e\n\u003e https://www.reddit.com/r/Bitcoin/comments/39r3bi/breadwallet_asking_me_to_pay_over_10_network_fee/\n\u003e\n\u003e\u003e Hello, I'm just trying to send my small Sarutobi-tips stash (12,159 bits)\n\u003e\u003e onto a paper wallet. When I try to send it, a window pops up stating\n\u003e\u003e \"insufficient funds for bitcoin network fee, reduce payment amount by 1,389\n\u003e\u003e bits?\" This would be a fee of $0.32 to send my $2.82, leaving me with $2.50.\n\u003e\n\u003e\n\u003e These sorts of complaints will get more frequent and more extreme in the\n\u003e coming months. I realise that nobody at Blockstream is in the position of\n\u003e running an end user facing service, but many of us are .... and we will be\n\u003e the ones that face the full anger of ordinary users as Bitcoin hits the\n\u003e wall.\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development\n\u003e",
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