Re:Ethernaut: wargame to learn about smart contract security
by CryptoPunk on Sunday October 21, 2018 @02:23PM
(#18269351)
>>You can currently add a transaction to the Bitcoin blockchain for (converted) approximately one US cent.
That's irrelevant. The only reason you can get away with a low fee on the Bitcoin Core blockchain at the moment is that it's not operating at capacity. As soon as adoption picks up again, fees will start to climb - they have to because capacity is constrained. At any globally significant level of usage, fees will be astronomical.
Remember, as recently as December 2017, BTC's average transaction fee reached $30.
>> but the idea that someone that can afford to run a full node will not be able to afford to insert a transaction does not hold up under basic scrutiny.
That's absurd. 1 MB of space in each block allows for a maximum of 604,800 transactions being written to the blockchain a day. There is no way that fees for writing to the blockchain wouldn't skyrocket, far out of reach of ordinary users, at any significant level of adoption.
That's irrelevant. The only reason you can get away with a low fee on the Bitcoin Core blockchain at the moment is that it's not operating at capacity. As soon as adoption picks up again, fees will start to climb - they have to because capacity is constrained. At any globally significant level of usage, fees will be astronomical.
Remember, as recently as December 2017, BTC's average transaction fee reached $30.
>> but the idea that someone that can afford to run a full node will not be able to afford to insert a transaction does not hold up under basic scrutiny.
That's absurd. 1 MB of space in each block allows for a maximum of 604,800 transactions being written to the blockchain a day. There is no way that fees for writing to the blockchain wouldn't skyrocket, far out of reach of ordinary users, at any significant level of adoption.