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It's about transaction fees and computing power. The cost of powering the computers that verify transactions has to be covered.
by fortythirteen 9y ago
It's about transaction fees and computing power. The cost of powering the computers that verify transactions has to be covered.
- stcredzero 9y agoThat's a serious design flaw. "It can do it, but it's just too expensive for anyone to afford to do it," is a design failure condition.
- fortythirteen 9y agoI think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. That in turn raises the amount of computing power needed to successfully mine, meaning that transaction costs exponentially rise.
- stcredzero 9y agoI think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. Are you sure it's not a flaw in pricing/incentive? If people are using a cryptocurrency "in a real sense" then the public blockchain ledger of a properly maintained cryptocurrency could be maintained by parties who are motivated to get their transaction done. This is not a natural flaw in the general mining concept. This is a flaw in Bitcoin's implementation of mining, due to the circumstance that most miners of Bitcoin are motivated by speculation in Bitcoin.