Topic: Bitcoin: 1 MB Block Limit (Read 951 times)

Well I want to thank you guys for watching my video, and I value your responses very much. Thank you

I cannot say that I found the vid very informative.  Indeed, it was so vague that it didn't even have he desired calming effect on me either.

Most of the blocks I look at have around .15 in transaction fees.  About $150 in todays terms and less than 1/100th of the 25 BTC block reward.  I'd like to see transaction fees become a noticeable amount of the economics behind mining since, in theory, that is supposed to happen at some point.

The alternative is that money is made on Bitcoin not from block rewards for work but from harvesting intelligence data from users in the same way that e-mail and cloud services are currently subsidized by large players in the space.  That can work, but the only entities with incentive to run the infrastructure are those who can make use of the intelligence data, and there are relatively few entities in this category.

Of course a hybrid solution would be that infrastructure operators sell their data to the highest bidder.  That is, to me, little better than just having the Googles of the world run things and I expect that the mid-sized operators would be put of of business by the large players unless some other artificial construct intervened.  More likely the artificial constructs would promote development toward monster players since these are easier to control.

Long neck is long.

In this video, I talk about how bitcoin is approaching the 1 MB block limit. I also talk about various ways in which it is perceived that this problem will be fixed.

Video: http://youtu.be/BBFkc8VAfcQ