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authorMelvin Carvalho <melvincarvalho@gmail.com>2017-12-21 22:30:20 +0100
committerbitcoindev <bitcoindev@gnusha.org>2017-12-21 21:30:22 +0000
commit9233397c3f4fa6dcf05f57a139c40791e35ed8c7 (patch)
tree94eeb0b55d8689742424957abd0b17f0e3e07834
parent3951ab4be0424664e66499f658f5d78cd46e2467 (diff)
downloadpi-bitcoindev-9233397c3f4fa6dcf05f57a139c40791e35ed8c7.tar.gz
pi-bitcoindev-9233397c3f4fa6dcf05f57a139c40791e35ed8c7.zip
[bitcoin-dev] Total fees have almost crossed the block reward
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+From: Melvin Carvalho <melvincarvalho@gmail.com>
+Date: Thu, 21 Dec 2017 22:30:20 +0100
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+Subject: [bitcoin-dev] Total fees have almost crossed the block reward
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+--001a113f97ca31f49b0560e06891
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+I asked adam back at hcpp how the block chain would be secured in the long
+term, once the reward goes away. The base idea has always been that fees
+would replace the block reward.
+
+At that time fees were approximately 10% of the block reward, but have now
+reached 45%, with 50% potentially being crossed soon
+
+https://fork.lol/reward/feepct
+
+While this bodes well for the long term security of the coin, I think there
+is some legitimate concern that the fee per tx is prohibitive for some use
+cases, at this point in the adoption curve.
+
+Observations of segwit adoption show around 10% at this point
+
+http://segwit.party/charts/
+
+Watching the mempool shows that the congestion is at a peak, though it's
+quite possible this will come down over the long weekend. I wonder if this
+is of concern to some.
+
+https://dedi.jochen-hoenicke.de/queue/more/#24h
+
+I thought these data points may be of interest and are mainly FYI. Though
+if further discussion is deemed appropriate, it would be interesting to
+hear thoughts.
+
+--001a113f97ca31f49b0560e06891
+Content-Type: text/html; charset="UTF-8"
+Content-Transfer-Encoding: quoted-printable
+
+<div dir=3D"ltr"><div><div><div><div><div>I asked adam back at hcpp how the=
+ block chain would be secured in the long term, once the reward goes away.=
+=C2=A0 The base idea has always been that fees would replace the block rewa=
+rd.<br><br></div>At that time fees were approximately 10% of the block rewa=
+rd, but have now reached 45%, with 50% potentially being crossed soon<br><b=
+r><a href=3D"https://fork.lol/reward/feepct">https://fork.lol/reward/feepct=
+</a><br><br></div>While this bodes well for the long term security of the c=
+oin, I think there is some legitimate concern that the fee per tx is prohib=
+itive for some use cases, at this point in the adoption curve.<br><br></div=
+>Observations of segwit adoption show around 10% at this point<br><br><a hr=
+ef=3D"http://segwit.party/charts/">http://segwit.party/charts/</a><br><br><=
+/div>Watching the mempool shows that the congestion is at a peak, though it=
+&#39;s quite possible this will come down over the long weekend.=C2=A0 I wo=
+nder if this is of concern to some.<br><br><a href=3D"https://dedi.jochen-h=
+oenicke.de/queue/more/#24h">https://dedi.jochen-hoenicke.de/queue/more/#24h=
+</a><br><br></div>I thought these data points may be of interest and are ma=
+inly FYI.=C2=A0 Though if further discussion is deemed appropriate, it woul=
+d be interesting to hear thoughts.<br></div>
+
+--001a113f97ca31f49b0560e06891--
+