Author: Michel 'ic' Luczak 2017-12-21 23:15:18
Published on: 2017-12-21T23:15:18+00:00
The email thread begins with a thank you message to Jameson for an interview he gave. The writer believes that the high fees experienced in the blockchain are due to miscalculations of most hardware and software wallets on the market. He personally made a transaction at the worst period for the Blockchain with less than 40 sat/WU of fees and got confirmed in less than a day. The writer thinks there is a lot of work to do in user education to make them understand that for a low amount of fees they can still get a transaction confirmed and it's the POS's job to make sure the transaction is legit. Jameson responds by saying that incentives should be in place to encourage high volume senders to be more efficient in their use of block space by batching transactions and implementing SegWit, although this may not be the case for providers that pass transaction fees along to their users. He suggests effective outreach regarding efficient use of block space to customers. Melvin Carvalho asks about the long term security of Bitcoin once the reward goes away and fees replace it. He notes that fees are now at 45% of the block reward, but there is concern that the fee per tx is prohibitive for some use cases. Observations of segwit adoption show around 10%, and watching the mempool shows that congestion is at a peak. He provides data points of interest to the group. Overall, the discussion centers around the high fees in the blockchain and how to encourage efficiency in the use of block space. There is concern over the long term security of Bitcoin once the reward goes away and fees replace it. The need for effective outreach and education regarding efficient use of block space is emphasized.
Updated on: 2023-06-12T23:15:48.403648+00:00