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Re:Please remove mitsuhiko/* by lotsofmangos on Saturday November 01, 2014 @07:35PM (#8545012)
Friction, lowest friction tends to win and bitcoin demands friction to run the blockchain. I don't think electronic exchange mechanisms are daft, but I do think the bitcoin model is.
Re:Please remove mitsuhiko/* by wyager on Saturday November 01, 2014 @10:51PM (#8545433)
>bitcoin demands friction to run the blockchain

It requires (electrical) power. I don't think this could reasonably be called "friction". When I think "friction", I think of burdens imposed on users. Bitcoin has relatively few of those.

Re:Please remove mitsuhiko/* by lotsofmangos on Saturday November 01, 2014 @11:40PM (#8545537)
Cost per transaction of $19 is a fair amount of friction - https://blockchain.info/charts/cost-per-transaction
Re:Please remove mitsuhiko/* by wyager on Sunday November 02, 2014 @01:32AM (#8545745)
>Cost per transaction of $19 is a fair amount of friction

Haha, I have no idea what that chart is talking about. It might be in cents. Even then, it seems expensive.

My phone client uses a ~$0.05 fee, I think.

All fees are optional. Your transaction might just take longer without one.

Re:Please remove mitsuhiko/* by backdraw_ on Sunday November 02, 2014 @04:13PM (#8548131)
There are about 500 transactions per block; each block contains 25BTC + fees (the fees are negligible at the moment). At the current price of $350/BTC that means that the revenue per transaction is 25*350/500 = $17, which means that the cost per transaction should be around that area. This means that the low transaction fee is actually massively subsidized by the fixed block reward.
Re:Please remove mitsuhiko/* by lotsofmangos on Sunday November 02, 2014 @03:31AM (#8546078)
Yeah, just thinking about that fee graph. I have no idea of the transaction size it is based on and without that it is pretty useless.