Gavin Andresen - 2014-11-01 23:30:31

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How do you imagine you will be able to keep transaction fees artificially high?

I can imagine a future with 1MB blocks full of zero-transaction-fee transactions (all fees paid off-blockchain through special cozy relationships between big merchants/exchanges and big miners. Or simply big merchants/exchanges mining their own transactions).

I think network security CAN be funded through transaction fees-- that is easy, if you want to buy some security just attach a larger-than-strictly-necessary-to-get-confirmed fee to your transactions.

I don't think we know yet whether network security WILL be funded through transaction fees; there might be a free-rider problem that keeps people who want a secure network from actually paying for a secure network.

This is where it would be lovely for some academic economists who have studied the free-rider problem to chime in and predict what is likely to happen, and how other markets have solved (or not) the problem.