There is no ensured Quality of service, is there? If you "bid" higher, then
you don't know what you are going to get. Also because you have no way of
knowing what *others* are bidding. Only if you have auctions (increasing
increments) you can establish a feedback loop to settle demand and supply.
And the supply side doesn't adapt. Adapting supply would help resolve parts
of the capacity problem.

On Sat, Jun 27, 2015 at 7:37 PM, Peter Todd <pete@petertodd.org> wrote:

> On Sat, Jun 27, 2015 at 07:26:00PM +0200, Benjamin wrote:
> > "Thus we have a fixed capacity system where access is mediated by supply
> > and demand transaction fees."
> >
> > There is no supply and demand. That would mean users would be able to
> adapt
> > fees and get different quality of service depending on current capacity.
> > For example if peak load is 10x average load, then at those times fees
> > would be higher and users would delay transactions to smooth out demand.
>
> That's exactly how Bitcoin works already. See my article on how
> transaction fees work for more details:
>
> https://gist.github.com/petertodd/8e87c782bdf342ef18fb
>
> --
> 'peter'[:-1]@petertodd.org
> 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24
>