High fees = High security, Low fees = low security, its that simple.
If the block rewards + fees are < the potential reward of carrying out a 51% attack then the network will fail. If the Block rewards and fees are not enough of an incentive to "play by the rules" the network fails.
If the mining community collapses but the network still holds value the network fails.
I like the idea that if the mining community collapses leaving the network vulnerable we could switch out the hashing function used to confirm transactions.
However this could lead to a monopoly of new ASICs. (First mover advantage)
The only way to insure high fees and the security of the network is to have limited block space. Freedom is not free and nether is bitcoin.
ELI5: If you want to protect $50 dollars you can securely store it in a $200 safe. If you want to store 10 million dollars you will need a more secure safe. The same is true for Bitcoin. But as our net value goes up our security (fees+block rewards) is going down. This is a serious issue.
The overriding point is - PAY THE FUCKING FEE.
I have had ZERO problems, because I PAY THE FEE.
People who are so reluctant to shave a few fractions of a bitcoin off to pay a miner to include their transaction DESERVE to languish in a the mempool for hours. The network isn't free, you freeloading jerkwads. Until you can come up with a miner that runs on hugs and rainbows, it takes effort, electricity and bandwidth.
Every single complaint on a delayed transaction can be traced to the following:
1. Using coins that have a non-confirmed input
2. Not paying the appropriate fee to be included
3. Not paying attention to the client you are using - you should only use one that allows you to set the fee or has an automatic way to adjust the fee based on network conditions
Its just that easy, and yet, we still have these complaining idiots that can't wrap their head around including a minimal fee to get their transaction processed.
Idiotic.
+1
