From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 09BF1710 for ; Wed, 29 Jul 2015 13:40:43 +0000 (UTC) X-Greylist: delayed 00:06:17 by SQLgrey-1.7.6 Received: from nm42-vm8.bullet.mail.ne1.yahoo.com (nm42-vm8.bullet.mail.ne1.yahoo.com [98.138.120.214]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 593531BA for ; Wed, 29 Jul 2015 13:40:42 +0000 (UTC) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=yahoo.ro; s=s2048; t=1438176865; bh=Z5vxvM3i5BuiMHPS6O67OdJrN9qseSzbwhS0hgqSWak=; h=Date:From:Reply-To:To:Subject:From:Subject; b=ol1ewsQVY7Oa+wjRSyOUW0/SYBo5Tw8ioUhWswtlgPX126Ex+SP5Zt8am0R0LvK/InCgHflz+D+/Jd+g1oGOyl5pGvqDByls7dR0YIDPZpNYgyhrZchrY6TSMyg8junlVQfocJp4t0zrlRJ/esw5jtHP2EhjwZ2k3Hj2MbAFdu3rwhy8Rof4Yp9GcadgdSwhSfithXoGVo65KEG+pu/uvakWGuficBwHDRo67iUrcJalgTAuZkXjDLLlCX41KfYiMOXoa+rlrx7yNEFc7tFvVlFfZ6e50PfqWXHnRoC0J9x+4e1LC8VEd7YIf7KMH9wNTBlP1nLBApgcUv2zefRxcg== Received: from [127.0.0.1] by nm42.bullet.mail.ne1.yahoo.com with NNFMP; 29 Jul 2015 13:34:25 -0000 Received: from [98.138.226.178] by nm42.bullet.mail.ne1.yahoo.com with NNFMP; 29 Jul 2015 13:31:44 -0000 Received: from [212.82.98.51] by tm13.bullet.mail.ne1.yahoo.com with NNFMP; 29 Jul 2015 13:31:44 -0000 Received: from [212.82.98.70] by tm4.bullet.mail.ir2.yahoo.com with NNFMP; 29 Jul 2015 13:31:44 -0000 Received: from [127.0.0.1] by omp1007.mail.ir2.yahoo.com with NNFMP; 29 Jul 2015 13:31:44 -0000 X-Yahoo-Newman-Property: ymail-4 X-Yahoo-Newman-Id: 459744.52801.bm@omp1007.mail.ir2.yahoo.com X-YMail-OSG: 09e7JkQVM1ll1QsJN9Ql_GAFKexLiw_c2fMgI0KT7aUaywsrAXqQjCeodPLS72s FWhdKRETBNAesbRn1wgYe2oOZ3KtHO2SAqJ9KfhSlGwwQkY4_cPZD8tKwdt0KBR1ZyWQEb4DySGH RQChnwvcNBaf1pRvNiOtXoP3TbmAoG8IYO1AOLJhBJhU5Wy7vg0M3F3he1VFDly0h8DX89gb53ug RK65AXHiHKI4r5X3mqCbDTMwBf_.ZS4Ptq8lA8i6cUfDBdCbQGQjk3J.omkxd05FnTCIYBka6fXw VVjgqAweG27jJ7xYNzwb3W4u5ILoWaJX3K0iC1wxr1ARW3xZX7PttmAtXbxxkifQp1MNvG05BoAz 8NnKjjLo8XVky8NkRUNIDr4X_YuE5vWW3rnw4ZPLJ3XeQ0IHlJVycTF9JuO8ZEu6K_U5O9Db5gDZ nluz7KTsDzF9X4uAZAXAYI5I3EVLFTQ_KMwYs3wWopFkvVbsa0SSGimAMXfcRYsuZrk0D_ylfIFb OPxcxRYc7EOMHK2r01vTw3w-- Received: by 212.82.98.118; Wed, 29 Jul 2015 13:31:43 +0000 Date: Wed, 29 Jul 2015 13:27:06 +0000 (UTC) From: Vali Zero Reply-To: Vali Zero To: "bitcoin-dev@lists.linuxfoundation.org" Message-ID: <1919500925.4932916.1438176426240.JavaMail.yahoo@mail.yahoo.com> MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_4932915_611074943.1438176426238" X-Spam-Status: No, score=-0.1 required=5.0 tests=BAYES_40,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, RCVD_IN_DNSWL_NONE autolearn=ham version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org Subject: [bitcoin-dev] Personal opinion on the fee market from a worried local trader X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Development Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Wed, 29 Jul 2015 13:40:43 -0000 ------=_Part_4932915_611074943.1438176426238 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 7bit Hello, I have been reading an argument saying that paying higher fees would scare Bitcoin users and they would stop using it, preferring bank transfers or other payment methods. This does not make sense for me. If some users leave, then demand for bitcoin transactions goes down and so do the fees. The others remain. Fee market means that an equilibrium is found between the demand for bitcoin transactions and the available supply (given by the block size). The fee is the price that finds this equilibrium. If a fee market starts to exist, the first ones to leave are the spammers, probably followed by the gamblers and perhaps people transacting very low amounts. The people that actually need Bitcoin would remain. Please allow this fee market to form... In the absence of a functioning fee market, I will refuse to run Bitcoin code that increases the block size and will do my best to tell everyone I know not to upgrade towards running such code. If Bitcoin succombs to the free stuff army, I will sell all the coins and leave. Nothing is for free. I apologize for any exagerations, but I just felt strongly towards expressing my opinion here. I'm only a local Bitcoin trader, computer engineer, with a reasonable understanding of free markets. And I'm running only one full node. Kind regards, Valentin ------=_Part_4932915_611074943.1438176426238 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable
Hello= ,

I have been reading an argument saying that = paying higher fees would scare Bitcoin users and they would stop using it, = preferring bank transfers or other payment methods. This does not make sens= e for me. If some users leave, then demand for bitcoin transactions goes do= wn and so do the fees. The others remain.

Fee = market means that an equilibrium is found between the demand for bitcoin tr= ansactions and the available supply (given by the block size). The fee is t= he price that finds this equilibrium.

If a fee= market starts to exist, the first ones to leave are the spammers, probably= followed by the gamblers and perhaps people transacting very low amounts. = The people that actually need Bitcoin would remain.

Please allow this fee market to form...

= In the absence of a functioning fee market, I will refuse to run Bitcoin co= de that increases the block size and will do my best to tell everyone I kno= w not to upgrade towards running such code. If Bitcoin succombs to the free= stuff army, I will sell all the coins and leave. Nothing is for free.

I apologize for any exagerations, but I just felt = strongly towards expressing my opinion here. I'm only a local Bitcoin trade= r, computer engineer, with a reasonable understanding of free markets. And = I'm running only one full node.

Kind regards,<= br class=3D"">Valentin

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