>
> the block size being lower than the instant offered demand (there is
> always a backlog) are both things which address the concern of this thread.
> :)


I'm skeptical such a situation can ever be stable. People have no incentive
to create a transaction that will remain stuck in the backlog forever,
regardless of the effect it may have on the rest of the system.

If someone invents a business model in which lots of payments are made,
with fees, but that only clear probabilistically, perhaps such a situation
could occur. But otherwise I think we have to assume that people won't make
transactions that will lose the competition game, and instant demand would
only ever be roughly equal to supply.