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Cc: Bitcoin Development <bitcoin-development@lists.sourceforge.net>,
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Subject: Re: [Bitcoin-development] Concerns Regarding Threats by a Developer
to Remove Commit Access from Other Developers
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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@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.
>
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