Cconvert2G36
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July 09, 2015, 06:13:25 AM

When do you think the transactions are going to clear up?

I think it would be great if they never clear up. Bigger fees only make sense.

The average fee for the 22800 pending transactions is .000128 BTC or 3.4 cents per transaction.

Anyone who wants to get a transaction processed in the next block or two only needs to have a $0.10 (.00037 BTC) fee and it should be just fine. The way I look at it, if you don't think it's worth it to pay 10 cents to process your transaction on the most secure network on the planet, then use a less secure alternative. The higher the average fee goes, the less chance of spam attacks and low value transactions bloating the Blockchain.

Why can't we have both a fee market and higher throughput?

Seems a bit early to say 2.7 tx per second should be set in stone. Shouldn't it be allowed to grow in the early stages? Within reason, wrt current hardware and avg bandwidth capabilities. This still requires adequate time to be studied, and shouldn't be rushed, nor needlessly delayed. Even the bandwidth constrained majority of chinese hash power said they would be open to 8MB.

It seems like a somewhat artificial handicap when btc is competing with an entire universe of alts, many with much higher throughput.

The fee market should grow in proportion to the diminishing of the block reward over time. Early=big inflation/no or tiny fees, Later= exponentially smaller inflation/higher demand for limited blocksize (speed incentivized by non-trivial fees eventually).