>>>I would be OK with $100 transaction fee
Unless you're relying upon some hypothetical hyper-inflation of the USD, how does one accept or justify such fees given the title (and intentions) of Satoshi's own white paper and corresponding software?
I believe the key words "cash system" must be kept in mind throughout all of these discussions and developments, or else we risk turning Bitcoin into something other than cash.
Bitcoin will no longer be a P2P cash system if the fees make transactions prohibitively expensive for all but the wealthiest of individuals and corporations.
I understand that a careful balance must be struck between (measurable?) decentralization and Bitcoin's use as an actual cash system; however, those who are willing to annihilate the latter to maintain ONLY the former must at least be honest with everyone that they really don't care if Bitcoin becomes something entirely different than Satoshi's original invention and intention.
Call it a necessary transformation or reinvention, and by a new name, if you will; because, with exorbitant fees, it may no longer be accurate or appropriate to call it Bitcoin: A Peer-to-peer Electronic CASH System.
Respectfully,
Oliver
I don't really see any problem with the paper:
All it states is that having the assumption that miners don't
centralize, transaction fees don't go to zero even without the
blocksize limit. I think we can accept this as a nice academic
research, and I believe that it's true.
Still, it doesn't have anything that is practical for me as an user of
the Bitcoin network (I use it for storing long-term purchase value, as
most of the people who I know): it doesn't help me if I still need to
pay transaction fees after the blocksize limit is gone. My (and other
users') main concern is about centralization, which has nothing to do
with transaction fees. I would be OK with $100 transaction fee as
well, as long as the network is fair and secure (which comes from
decentralization).
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