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Don't think that banks didn't take calculators and game theory to their currencies many decades ago. I don't see how anyone could have claimed Bitcoin was free
by jsprogrammer 10y ago
Don't think that banks didn't take calculators and game theory to their currencies many decades ago.
I don't see how anyone could have claimed Bitcoin was free, while having even a basic understanding of it. The entire system relies on proofs of work and transaction fees are part of the original paper.
- sliverstorm 10y agoI think the vision was that transaction fees were going to be a satoshi or three.
- bduerst 10y agoMaybe they did, maybe they didn't. It's irrelevant to deflect. The point is that banks use a relatively simple / flat fee structure now because user expectations are important for payment transactions. This whole "Banks had this problem centuries ago" doesn't make a strong argument for bitcoin's competitive use as a currency.
- jsprogrammer 10y agoI missed that point. I argue exponential compounding interest is not so simple and certainly not flat. The US Federal government has required banks to produce standard term sheets that supposedly more clearly describe a bank's particular fee scheme. That is how bad "they" are.