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The Fee Market Myth

Tue Dec 20, 2016 2:45 am

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Re: The Fee Market Myth

Sun Jan 15, 2017 9:15 pm

The OP doesn't offer much context about the article s/he has posted...so I will.

The article on Medium is written by Satoshi.

Here's an excerpt:
The Fee Market Myth
I don’t anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. The owner of the node would decide the minimum fee they’ll accept. Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don’t. The fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces.
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Possum577
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Re: The Fee Market Myth

Sun Jan 15, 2017 9:19 pm

The OP doesn't offer much context about the article s/he has posted...so I will.

The article on Medium is written by the OP.

Here's an excerpt quote from Satoshi:
The Fee Market Myth

I don’t anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. The owner of the node would decide the minimum fee they’ll accept. Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don’t. The fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces.
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Coalfridge
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Re: The Fee Market Myth

Mon Jan 23, 2017 3:15 pm

The OP doesn't offer much context about the article s/he has posted...so I will.

The article on Medium is written by the OP.

Here's an excerpt quote from Satoshi:
The Fee Market Myth

I don’t anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee. The owner of the node would decide the minimum fee they’ll accept. Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don’t. The fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces.
Thanks, wouldn't read otherwise.

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