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Isn't there a difference between using a medium of exchange versus creating it? To stretch the analogy, instead of using $100 bills, printing them a la NK super
by adolph 5y ago
Isn't there a difference between using a medium of exchange versus creating it? To stretch the analogy, instead of using $100 bills, printing them a la NK superbills?
If dictators/mafiosi contribute a significant amount to the overall hash rate, are they not decreasing transaction costs for whichever blockchain they use?
- pjc50 5y agoPart of the stupidity of bitcoin's proof-of-waste algorithm is that increasing the hashrate increases transaction costs. The difficulty level adjusts automatically to maintain N blocks per hour, while the number of transactions in a block is fixed. So adding hashrate just increases the energy cost of blocks. (The actual transaction cost to the user is driven by congestion and is set unilaterally by the user based on their tolerance for queueing, so it can be zero.)
- mrguyorama 5y agoIt can theoretically be zero. When's the last time a zero cost transaction made it? Or more realistically, what's the mean transaction time for a zero cost transaction?