people DO NOT need to pay high fee's to make bitcoin mining functional. here is why
1. having an increased transaction count per block can offset this.
EG 2000 tx of 25cents doesn't mean 2000 tx of 50cents after a halving. instead 4000 tx of 25cents offers the same solution
this is not a point where the usual snake charmers shout out "gigabytes by midnight" or "blockchains cant scale".
reality is they can scale. and it doesnt need to be jumping extra large real fast. but progressively over time
Are you finally admitting that the block size increase in Segwit was the right decision at the right time?
no, he is still saying the same thing as ever. to increase the block size itself with a hard fork but instead of jumping to a ridiculous number like 32 byte, go at it with a slower pace like increase to 2 MB first then maybe a couple of years later to 3 or something like that.
although I still don't understand why he is denying SegWit's scaling that happened already!
firstly it is you segwit/LN lovrs that have been the ones spouting out gigabytes by midnight.. no one else
secondly segwit did not/does not offer any bettr scaling for the bitcoin network. sgwit actually if you count the bytes per transaction, segwit is WORSE than legacy.. however segwit hides the real bytes with the wishy washy witness scale factor, stripped data and vbyte crap
my stance for years has never been jump to gigabytes ASAP but instead do what happened before 2015.. which was scaling.
2009-2011 0.25mb
2011-2013 0.5mb
2013-2014 0.75mb
2014-2015 1mb
segwits 4mb is not actually 4mb.. its a tx data base area of 1mb and a tailend area for signatures. the issue is by bloating up bytes per average transaction via new features. and the cut out the signature in the bas area still keeps the max tx count roughly the same.
EG
1mb legacy had a 600k a day tx count implied offering which is a number known back in 2010
but due to bloated features and new use-case features. blocks surpass 1mb of data.. yet we have not had a single day that has surpassed a 600k transaction count for a day.
secondly my stance of fee's is that making veryone pay an average. and that average being hit due to how much demand there is, is not useful for anyone. as all it does is promote stalling/stagnating bitcoin scaling purely to try keeping a fee average up.
however RE-introducing a fee priority mechanism that is more based on age of funds. EG spammers that have funds only 1 confirm age pay more than a user that have funds that are over 144 confirms pay less.
this means people still pay fee's even if blocks are full or not as fees are not linked to a stifled blocksize.
it also penalises spammers, and to flip the argument incentivise those spammers that multispend a day to see the benefit of LN.
whilst those that only spend once a day/week/month dont get penalised to the same average.. they also because they dont spend often wont see benefit of LN anyway so shouldnt be burdened with paying the same price as spammers