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You're right that there isn't a direct causal relationship between fees and market cap, but I think the ratio between them is important. If miner revenue become
by dlubarov 4y ago
You're right that there isn't a direct causal relationship between fees and market cap, but I think the ratio between them is important. If miner revenue becomes a tiny fraction of market cap, 51% attacks become a very real threat. Then the community would need to do something to increase the ratio, such as establishing a permanent block reward.
- cowtools 4y agoI agree. In fact, some cryptocurrencies like have implemented constant "tail emission" block rewards. The problem is that this scares off investors and speculators because there's not as much scarcity.