3 ms·

> questionable whether fees can actually support the ecosystem right now every block pays 12.5 coins, which even with current low prices is around $145K. The

> questionable whether fees can actually support the ecosystem right now every block pays 12.5 coins, which even with current low prices is around $145K. The average transactions per block looks like around 1,800 (https://blockchain.info/charts/n-transactions-per-block https://blockchain.info/charts/n-transactions-per-block) which puts mining revenue per transaction at around $80, on top of which miners also get the transaction fee. With no more mining where is the other $80 going to come from? More to the point, who in their right mind would ever use a transaction processing system that charges $80+ per transaction? What happens when you have a fixed currency stock and every transaction requires paying some of it to the transaction processors? Seems pretty unsustainable to me.

Cyberdog 9y ago
> With no more mining where is the other $80 going to come from? Are you asking where transaction fees come from? Well, if PayPal earns $3 when I use it to send you $100, where did that $3 come from? The truth is that I sent PayPal $103, PayPal kept $3, and you got $100. (These numbers are probably not exactly correct; I don't know what PayPal's actual fees are off the top of my head.) So the transaction fee comes from the person that made the payment. If what you're saying is that this means that miners will be able to accumulate all the BTC… well, yes, but that's what happens now. When you buy BTC, you are buying something that, at one point or other, was initially owned by a miner. So yes, miners could bring the whole system down if they just accumulate all the BTC for themselves, but they could already do that now, and they don't - instead they trade that BTC for fiat or (nowadays, perhaps) other cryptocurrencies, so it begins to circulate to others.

3 ms·

> questionable whether fees can actually support the ecosystem right now every block pays 12.5 coins, which even with current low prices is around $145K. The

by saas_co_de 9y ago

Cyberdog 9y ago
> With no more mining where is the other $80 going to come from? Are you asking where transaction fees come from? Well, if PayPal earns $3 when I use it to send you $100, where did that $3 come from? The truth is that I sent PayPal $103, PayPal kept $3, and you got $100. (These numbers are probably not exactly correct; I don't know what PayPal's actual fees are off the top of my head.) So the transaction fee comes from the person that made the payment. If what you're saying is that this means that miners will be able to accumulate all the BTC… well, yes, but that's what happens now. When you buy BTC, you are buying something that, at one point or other, was initially owned by a miner. So yes, miners could bring the whole system down if they just accumulate all the BTC for themselves, but they could already do that now, and they don't - instead they trade that BTC for fiat or (nowadays, perhaps) other cryptocurrencies, so it begins to circulate to others.