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The Fees Are Too Damn High!

January 11, 2017 Leave a comment

Remember this guy?

highrent

Well, Roger Ver (a.k.a Bitcoin Jesus) has a similar beef:

highfees

I’ve been a fan of Roger Ver ever since I got sucked down into the Bitcoin rabbit hole well over a year ago. His passionate, pro-Bitcoin words and startup investments have helped Bitcoin grow to where it is today. Roger has also been the most vocal Bitcoin celebrity to rage against the Bitcoin Core development team’s refusal to raise the maximum block size above 1MB.

Hard-limiting the maximum block size to 1MB causes more competition among users to get their transactions into a block – which causes the average per-block user fee to rise – which causes fewer people worldwide to use Bitcoin as “money” – which stunts the global growth of Bitcoin. In the worst case, fees may get so high so that we only see wealthy people using Bitcoin in the future.

As Roger has said, the more expensive it is to use a thing, the fewer the people are who will use the thing. Economics 101.

To support Roger’s claim, I submit a relatively recent tweet of his for your perusal:

vertweet

And, if you navigate to the Bitcoin transaction that Roger links to in the tweet, you’ll see this:

transactiondetails

At the time of the tweet, the BTC price was hovering around $1000 USD. Thus, the fee of 72 millibits that his company, Bitcoin.com, paid, translated to around $70+ USD. However, at 89KB in size, it sure is a big ass transaction to stuff into a block. 🙂

Categories: bitcoin Tags: ,
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