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From: David Vorick <david.vorick@gmail.com>
Date: Thu, 30 Mar 2017 12:14:24 -0400
Message-ID: <CAFVRnyq07qNappzwEmB_e+xCKPyCzHcWbnTDWCdeWjrsMMioLQ@mail.gmail.com>
To: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>,
	Tom Harding <tomh@thinlink.com>
Content-Type: multipart/alternative; boundary=001a11441e4a996b92054bf4fc05
Subject: Re: [bitcoin-dev] High fees / centralization
Precedence: list

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On Mar 30, 2017 12:04 PM, "Tom Harding via bitcoin-dev" <
bitcoin-dev@lists.linuxfoundation.org> wrote:

Raystonn,

Your logic is very hard to dispute. An important special case is small
miners.

Small miners use pools exactly because they want smaller, more frequent
payments.

Rising fees force them to take payments less frequently, and will only tend
to make more of them give up.

With fees rising superlinearly, this centralizing effect is much stronger
than the oft-cited worry of small miners joining large pools to decrease
orphan rates.


Miners get paid on average once every ten minutes. The size of fees and the
number of fee transactions does not change the payout rate.

Further, we are very far from the point (in my appraisal) where fees are
high enough to block home users from using the network.

Bitcoin has many high-value use cases such as savings. We should not throw
away the core innovation of monetary sovereignty in pursuit of supporting
0.1% of the world's daily transactions.

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<div dir=3D"auto"><div>On Mar 30, 2017 12:04 PM, &quot;Tom Harding via bitc=
oin-dev&quot; &lt;<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org">=
bitcoin-dev@lists.linuxfoundation.org</a>&gt; wrote:<div class=3D"gmail_ext=
ra"><div class=3D"gmail_quote"><blockquote class=3D"quote" style=3D"margin:=
0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir=3D"auto"><=
div style=3D"font-family:sans-serif" dir=3D"auto">Raystonn,=C2=A0</div><div=
 style=3D"font-family:sans-serif" dir=3D"auto"><br></div><div style=3D"font=
-family:sans-serif" dir=3D"auto">Your logic is very hard to dispute. An imp=
ortant special case is small miners.</div><div style=3D"font-family:sans-se=
rif" dir=3D"auto"><br></div><div style=3D"font-family:sans-serif" dir=3D"au=
to">Small miners use pools exactly because they want smaller, more frequent=
 payments.</div><div dir=3D"auto" style=3D"font-family:sans-serif"><br></di=
v><div dir=3D"auto" style=3D"font-family:sans-serif">Rising fees force them=
 to take payments less frequently, and will only tend to make more of them =
give up.</div><div dir=3D"auto" style=3D"font-family:sans-serif"><br></div>=
<div dir=3D"auto" style=3D"font-family:sans-serif">With fees rising superli=
nearly, this centralizing effect is much stronger than the oft-cited worry =
of small miners joining large pools to decrease orphan rates.</div></div></=
blockquote></div></div></div><div dir=3D"auto"><br></div><div dir=3D"auto">=
Miners get paid on average once every ten minutes. The size of fees and the=
 number of fee transactions does not change the payout rate.</div><div dir=
=3D"auto"><br></div><div dir=3D"auto">Further, we are very far from the poi=
nt (in my appraisal) where fees are high enough to block home users from us=
ing the network.</div><div dir=3D"auto"><br></div><div dir=3D"auto">Bitcoin=
 has many high-value use cases such as savings. We should not throw away th=
e core innovation of monetary sovereignty in pursuit of supporting 0.1% of =
the world&#39;s daily transactions.</div><div dir=3D"auto"><div class=3D"gm=
ail_extra"><br></div></div></div>

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