The original miners who own large bulks of bitcoin, they don't spend it. The block chain is an expanding spanning tree, but will evolve to become more compact. Hence, when the bigger owners spend, they drive up congestion and complexity as they move large bulks.
Driving up congestion fees drives out the small transactions, the small players become segmented in the queue and stuck for long periods. We can generate a corresponding yield over time by noting the wait times per transaction fee. In the balanced arrangement, a lot of transactions cross the border between cost justified or not.
There should be an upper and lower bound on value transferred that keeps congestion fees stable. Like any other random network, if there is a structured generator, there is quantization and bounds. The general network gets pruned, and soon the block chain fits a niche,as a generator. All the block chains currencies, matching the shape of the tree to ultimately generate the spread of values transferred.
Pure cash, digital bearer notes, do it better. Take Coinbase, for example, a giant dark pool. coinbase need only issue bearer notes in each of the coins they trade. Users check in their bitcoins cna check out coinbase bearer notes, identified for that currency. Then traders are free to trade from account to account without calling any ledger service, Coinbase guarantees the exchange protocols to be cash 'safe'.
Coinbase only incurs the banker problem, suddenly everyone wants to exit Coinbase can cash out via the ledger. Coinbase and the users cause huge ledger fee risk. No problem, Coinbase tacks on its own ledger fee,or rather a bearer note tax, and uses that to induce exits and induce entries. Then Coinbase is just remarketing all the various public blockchain coins, helping users find the various niches they fit into, and balances out the ledger queues.
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