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by foxhill 1340 days ago
because i expect miners to not operate at a loss. they can address this by either turning off their miners (which is most likely to occur when coinbase dominates the block payment amount), or by charging more to process transactions.

so far, by-and-large, the proportion of block profit coming from transaction fees has increased, as expected: https://buybitcoinworldwide.com/stats/fees-percent-of-reward...
1 comments
cowtools 1340 days ago
>so far, by-and-large, the proportion of block profit coming from transaction fees has increased, as expected:

of course it has. I am not talking about the proportion of block profit, I am asking how you expect the total block profit to stay the same from just fees. The network will have to survive when the proportion will eventually be 100%

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foxhill 1340 days ago
miners will choose to exclude transactions from their blocks if the transaction fee included isn’t high enough.

the transaction fee isn’t some algorithmically determined value, it’s completely controlled by market forces (for better & worse).

there are plausible arguments for transaction fees greatly exceeding even the original coinbase amount, although ultimately what matters is the value of those fees in local currency, contrasted with the cost to mine the block containing them.

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