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Aren't miners middlemen? And don't they take a toll?
by jsprogrammer 11y ago
Aren't miners middlemen? And don't they take a toll?
- brighton36 11y agoI don't agree with most/all of ilaksh's points. But it is worth noting that miners are 100% fungible, which reduces their ability to extract economic rent in the process. In effect "being a middleman" has been rendered a substitutable commodity.
- dragontamer 11y agoThe other middlemen are the hoarders. If BTC inflates in value, then the hoarders will benefit. BTC obscures the middlemen. It doesn't remove them.
- _red 11y agoWithout miners there would be no certification of the blockchain. This is pretty much the central point of the technology. Calling them middlemen couldn't be more wrongheaded. Its like calling farmers "middlemen" because after all the sun / seeds ultimately grow the plant.
- ypcx 11y agoMiners produce actual value by processing transactions and generating new coins. So they are more like base-men.