If transaction per second increased dramaticaly does it solve miner crisis? - page 2.

Peter R

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Quote from: cuddaloreappu on May 17, 2014, 09:54:51 AM

There are no practical solutions to the forthcoming miner crisis which happens as the network difficulty raises and the reward from block reduces dramatically..

There is no "forthcoming miner crisis" for bitcoin. Dogecoin on the other hand will have reached its steady-state inflation rate eight months from now. At the current market price of DOGE, they'll only have a couple hundred dollars per hour of hashpower securing the network. It will be very interesting to see how it unfolds...

zimmah

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it will all depend, of course the block reward halves every 4 years, but the value of bitcoin will rise during those four years (at least for now, we can't predict if it will still rise after 10 years)

as the amount of transactions per second rises, the transaction fees could of course go down, and they'll have to go down to keep micro-transactions viable.

with 4000 tps (which is pretty low because that's just visa, not even taking banks and other card companies into account, bitcoin could do much more than that) that would mean 2,400,000 transactions per block (i know that would take up a lot of disk space, but that problem will likely be solved one way or another).

If the transaction fee is 0.00001 BTC (0.01 mBTC) which is 10 times less then the current 'default' fee than the transaction fees alone would make 24 BTC per block.

cuddaloreappu

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There are no practical solutions to the forthcoming miner crisis which happens as the network difficulty raises and the reward from block reduces dramatically..

But if that cap of 7 transaction per second is removed and as bitcoin goes mainstream then it is achieves more than 4000tps like Visa, then even a very little increase in tranasction fee or the same transaction fee as of today could be really large when pooled together, miners can be paid this large money collected right..

according to this if you invest and buy lifetime mining contracts in near future they may payout large money collected from transaction fees

So what is wrong or good in this concept...

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