Here's a suggestion: once we start hitting the block size limit consistently it will provide users with an incentive to include generous fees in their transactions - this (together with the high volume of transactions per block) might surpass the block reward. But we're a looooooooooong way from there.
By the way has anyone ever noticed there's a correlation between the network deficit (cost of maintaining the network subtracted from price of btc*new btc produced) and the btc price?
http://blockchain.info/charts/network-deficit
If you divide the deficit by the amount of new bitcoins mined per day (3600) you'll pretty much get the spot price on that day:
Topic: When do you think fees will outpace the built in block reward? (Read 910 times)
theoretically never..
LolI have the feeling that when the block reward is zero, the fees will be higher...
theoretically never..
if bitcoin went upto $1000 a coin at the next reward halving (or sooner) then the built in 'fee' would go from 0.0001 to 0.00001
and the average blocks total fees would go from about 0.2btc to 0.02BTC per block.
to be honest with a block reward of 25BTC and a average fee reward of 0.2btc (under1%) i do not see that fee's are actually a required thing. and at the moment although they are under a penny each people new to bitcoin that have been sold into the whole 'virtually fee free' transactions of the weusecoins video start to see statements in the video being less then honest. (although not a lie due to the 'virtually fee free' it still makes new people sceptical.
more recently becoming "fee's are much lower"....
which in the UK i can send Pound coins to any Euro/british bank for free!.(without delay due to faster payment service)
and so can most other countries. (although delayed by a few days)
then adding on the whole few minutes chat about mining. and new people start using their home desktops for mining, to see it only produces a few pennys a day based on standard gear. they get less sold on the idea of bitcoin..
i suggest a BIG overhaul of the promotional stuff and also removing fee's until there is an under 6.25btc reward limit. where those few extra micro pennies hay help more
if bitcoin went upto $1000 a coin at the next reward halving (or sooner) then the built in 'fee' would go from 0.0001 to 0.00001
and the average blocks total fees would go from about 0.2btc to 0.02BTC per block.
to be honest with a block reward of 25BTC and a average fee reward of 0.2btc (under1%) i do not see that fee's are actually a required thing. and at the moment although they are under a penny each people new to bitcoin that have been sold into the whole 'virtually fee free' transactions of the weusecoins video start to see statements in the video being less then honest. (although not a lie due to the 'virtually fee free' it still makes new people sceptical.
more recently becoming "fee's are much lower"....
which in the UK i can send Pound coins to any Euro/british bank for free!.(without delay due to faster payment service)
and so can most other countries. (although delayed by a few days)
then adding on the whole few minutes chat about mining. and new people start using their home desktops for mining, to see it only produces a few pennys a day based on standard gear. they get less sold on the idea of bitcoin..
i suggest a BIG overhaul of the promotional stuff and also removing fee's until there is an under 6.25btc reward limit. where those few extra micro pennies hay help more
Approximately when Bitcoin starts processing the same transaction volume as PayPal.
A Thursday 
In serious I don't think it'll be for many many years yet
In serious I don't think it'll be for many many years yet
With the current max block size limit, never...
Thats the $64,000,000 question. Depends on if and when bitcoin goes 'mainstream'. Nobody on the planet knows the answer to that one .... yet.
When the reward will be 6.25BTC
I'm curious when you think it will happen and what the minimum value will be.
Jump to: