@Christoph Bergmann : At zero cost for a transaction, I can actually believe that demand is infinite. Just look at the folks who wanted to put individual human's DNA onto the blockchain and similar silliness.
But neither read-only nodes nor miners have an interest to forward transactions that are very unlikely to get mined, so the very real orphan cost puts a floor on the transaction fees, in turn limiting the transaction demand to a finite value.
Naturally.
And on the block size, Bitcoin's rule system outside individual transactions is essentially an unavoidable cartel, so with the miners on their toes, I expect that there will never be a time where there is "free" blockspace. This all gets very difficult and lengthy to describe in terms of "full / not-full blocks" and "free transactions" and I think in part the community suffers from too simple explanations being thrown around.
In any case it is a wholly different thing if a 50% miner cartel self-governs Bitcoin rather than Greg Maxwell being the fed chairman.
BIP100 would be a blocksize cartel, and I guess most here would still be fine with it. It all is in an interesting field of tension between order and chaos, the free market and majority-decided structure.
Gladly, we're finally moving towards the model of miners deciding what is best.
But neither read-only nodes nor miners have an interest to forward transactions that are very unlikely to get mined, so the very real orphan cost puts a floor on the transaction fees, in turn limiting the transaction demand to a finite value.
Naturally.
And on the block size, Bitcoin's rule system outside individual transactions is essentially an unavoidable cartel, so with the miners on their toes, I expect that there will never be a time where there is "free" blockspace. This all gets very difficult and lengthy to describe in terms of "full / not-full blocks" and "free transactions" and I think in part the community suffers from too simple explanations being thrown around.
In any case it is a wholly different thing if a 50% miner cartel self-governs Bitcoin rather than Greg Maxwell being the fed chairman.
BIP100 would be a blocksize cartel, and I guess most here would still be fine with it. It all is in an interesting field of tension between order and chaos, the free market and majority-decided structure.
Gladly, we're finally moving towards the model of miners deciding what is best.