Before betting against bitcoin, consider it should have died a million times -- and yet somehow it never does.
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1) actually less than half that 2) how much does a wire cost again?
pic.twitter.com/EPQGlcvsjD
Good compared to wires, but much higher than the fees on 99% of transactions I carry out day to day. Presumably, in a better protocol the block limit would be tied to the total value of transactions, not total byte size; this would make fees proportional to the value.
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Temporary issue. Once live, things like
@lightning will enable way more txns at way lower cost. Not all txns need to be on chain -
I'm mostly interested from the POV of finding a better protocol design. It seems plausible that the right way to limit blocks is by total transaction value, not total byte size.
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Unfortunately, fees were intentionally sacrificed for future utility and scaling. Having a dynamic blocksize wouldn't work because blocksizes would be greater that 2MB. The point of keeping them small is to foster decentralization.
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