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Thanks for this summary of the basics of mining (that most people here are familiar with). None of it presents a challenge to my two arguments: 1. BTC holders

by FabHK 4y ago

Thanks for this summary of the basics of mining (that most people here are familiar with). None of it presents a challenge to my two arguments: 1. BTC holders pay a fee of around 1.7% p.a. of their holdings (until the next halving) to miners (through an increase in money supply), 2. which amounts to around $60 per transaction currently. (Higher if BTCUSD rises or the number of transactions falls; lower if BTCUSD falls or the number of transaction increases, which it cannot much because BTC operates not too far from the limit.) > please DYOR next time before speaking on a subject as though you have some knowledge of it, Ah, the old "you just don't understand crypto" chestnut...

mt360 4y ago
The time taken to refute bs is much greater than the time it takes to generate bs. Your argument is at best mistaken and at worst intentionally misleading. My summary of mining is better than most you will find online and, only lacking in mention that the previous blocks hash is also included in each new proposed block to ensure each builds upon the chain tip. Even if I hadn't studied the source code and game theory myself, I think I trust the technical analysis of the Steve Wozniak's of the world over yours. A simple way to see through this argument that transactions cost $60 would be to say, that being the case, why can I currently pay $1-2 for a transaction. And if no transactions occur, why would miners still be able to continue creating blocks? I think it's very likely you simply dislike Bitcoin and want to mislead people about it, for personal reasons.