Author: Vladimir Zaytsev 2017-03-31 01:39:23
Published on: 2017-03-31T01:39:23+00:00
The author suggests that there should be a way to organize "branches" of smaller activity to join the main tree after they grow. They feel that not everything needs to be accepted in the chain and that it is too early to record every sight. The discussion then turns to the topic of transaction fees and whether or not they will become high enough to block home users from using the network. The consensus is that, even without a blocksize increase, most home purchases will be large enough to fit on the blocksize in the foreseeable future. However, it is uncertain what level transaction fees will become unappealing for consumers, with some predicting above $1 per tx, while others predict above $10 as being niche-level. Without a blocksize increase, fees higher than $1/tx are basically inevitable before 2020. The author suggests that if node operational costs are going to be highly weighted, there needs to be a solid justification with mathematical models or examples. The author argues that Bitcoin's core innovation of monetary sovereignty should not be thrown away in pursuit of supporting only 0.1% of the world's daily transactions. They suggest that if both can easily coexist, why not have both? Finally, the author warns that an altcoin with both (monetary sovereignty and support for daily transactions) will take Bitcoin's monetary sovereignty crown by default.
Updated on: 2023-06-11T23:04:27.205383+00:00