Topic: All The Fees - page 3. (Read 6947 times)

The purpose is to protect against double-spend attacks.  Do you know a better way?

Exactly, the whole system is set up to perpetually waste vast amounts of money for no purpose. Brilliant.

The amount of energy consumed grows to match the price of bitcoins. Energy is basically the margin cost of mining, and bitcoins is the revenue. Miners will start buying more cards to mine more when the payout is higher, eventually pushing them to an equilibrium where everyone starts complaining that it is not profitable any more.

If the revenue were to drop to 1BTC per block, miners would start unplugging their machines to cut costs, and the difficulty would drop to match this change. Once you win a block, the cost to add a transaction is nearly nil, and to ignore low value transactions will mean that the next miner will be able to take them and pocket them.

Keep in mind that more's law also applies to miners, and 2 years from now all that mining equipment will be obsolete, so unless miners keep buying equipment, they will be replace by a new set of miners who will get twice the hash rate at half the cost (energy consumption probably won't drop).

Unless some miners get 50% of the hashing power (or some cartel forms), market laws will apply, and the cost to add a transaction will be the limit to the actual required fee. All that power consumption and fancy graphics cards will end up being sunk cost at the point of transaction recording, and thus be irrelevant.

The developers have acknowledged that fee size determination in Bitcoin is broken. It could work though, the infrastructure is there, but we need a way to figure out how to communicate fee size between payers and miners.
Don't get too attached to that. Fees will have to be introduced at some point (they already are in some cases). Mining rigs and the electricity they consume is not free.

Yeah, very evil, they have given you the ability to use a card online at all, to pay over the internet, to have nice control over your money and not having to keep all the cash in your house. They also have given a lot of businesses a chance to grow and make progress, by giving loans to them. Very, very evil indeed.

When you use it online it's run as a credit card with the usual credit card fees (2% or so).

I use a debit card online. 

I've always thought that merchants only had to pay a minor fee (around 25 cents) on these transactions. But maybe I am wrong?  I know I'm not giving them my PIN.  So maybe it is getting treated as a credit card. If so, that is unfortunate.  The banks are evil!

To be clear, exchanging any currency to any other currency is not going to be free anyway. Forex has fees, you have to insert and withdraw your money somehow, you have to pay your bank to have your account, it is going to cost something anyway.

Why must it be different with bitcoins?

bansky rulz
0 confirmations is evil

Mike Hearn has suggested that in the future people may accept 0 fee 0 confirm tx for reasonable amounts and only when they total something significant attach a fee which cannot be claimed until all the dependencies are also confirmed. This kind of lets the receiver pay.

But really we're talking about occasional tiny fees right now, it doesn't seem like a problem.

Lolz

I have a Postdoc in ignore.

Indeed they are calculated into the cost of running the business, but I don't see them. I prefer my fees to be paid by the seller too.

This allows me to always see the actual prize I have to pay for a product, which is all I am interested in.

Thanks for your expression of curiosity. I will work on a pdf outlining core ideas.

link to suggestions?
or better yet put them all in a pdf or something, like satoshi did.

I have (how else would I know whether anyone else cares?). Economics. Would you associate your public persona with this cesspool?

you seem to care. suggest something useful
and what is your PhD is in? can you link some articles you published?

Visa? Yes fees for you! It is indeed for the seller, but how do you think they pay those fees? Correct, they use the money they charge you. So while you aren't directly paying fees, you are indirectly paying fees. If there weren't any fees with Visa, the products would be less expensive.

Your PhD is in?

And no one agrees.