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Finally a workaround for high transaction fees! This should also solve the scalability issues quite a bit by reducing the need to record as many transactions i

Finally a workaround for high transaction fees! This should also solve the scalability issues quite a bit by reducing the need to record as many transactions in the first place once the exchanges hold most of the coins. Finally this should reduce the long-term potential in mining as the block reward keeps reducing exponentially with lower expectations of transaction fees. Sometimes regulatory solutions do fix hard technical problems.

x86x87 3y ago
There are already L2 solutions like the Lightning Network.
- handojin 3y ago
  I think the joke is sailing over your head?
guappa 3y ago
Is this the kind of solution where you aren't actually using the blockchain, and are just ending up trusting a 3rd party that acts like a bank but is not regulated?
- earnesti 3y ago
  The majority of people don't want to touch the blockchain.
  - guappa 3y ago
    They also greatly benefit from regulations.
herbst 3y ago
I very highly doubt that trading ETFs has lower fees than Bitcoin. As monetary system Bitcoin, even more crypto in general, is still the one and only method to move money internationally in realtime with very low fees.
- Gareth321 3y ago
  Yeah, ARKB, for example, charges 0.75% management fee. Meaning they charge that every year on total holdings. So the ETF is clearly more expensive than simply holding BTC. I think OP believes this will lead to lower BTC fees due to lower volume.
  - xur17 3y ago
    It depends on what time horizon. Transaction fees are changed every time the bitcoin moves - the management fee is charged 1x / year.
rahmansahinler1 3y ago
Does this sound you like a solution? There is no another tech invented for reducing gas fees and increase the speed. They just now have acceess to create new fake bitcoins like 'money' and have authorize over it. What is the difference betweeen this new printed bitcoin and the money?
- tnel77 3y ago
  Can you elaborate on “new printed Bitcoin?” Are you referring to the block rewards or the new ETF shares?
tesdinger 3y ago
Congrats you just made another currency that is explicitly not Bitcoin. And it's better at being a currency than Bitcoin. Which isn't very difficult because Bitcoin absolutely sucks as a currency.
LAMike 3y ago
> Finally a workaround for high transaction fees! Never heard or used Lightning Network? Try it out on Cash App or run a node on an old laptop if you want to learn more. > once the exchanges hold most of the coins Exchanges hold a single digit percentage of coins, price will have to go to six or seven (or four) figures before they will hold most of the coins. > Sometimes regulatory solutions do fix hard technical problems. Sometimes regulatory bodies bend the knee and are last to the party, 15 years in this case. At least they are ahead of 98% of HN'ers! But they don't have to worry, the 401k their company manages for them will make sure there is an allocation to a Bitcoin ETF

x86x87 3y ago

There are already L2 solutions like the Lightning Network.

handojin 3y ago
I think the joke is sailing over your head?

guappa 3y ago

Is this the kind of solution where you aren't actually using the blockchain, and are just ending up trusting a 3rd party that acts like a bank but is not regulated?

earnesti 3y ago
The majority of people don't want to touch the blockchain.
- guappa 3y ago
  They also greatly benefit from regulations.

herbst 3y ago

I very highly doubt that trading ETFs has lower fees than Bitcoin. As monetary system Bitcoin, even more crypto in general, is still the one and only method to move money internationally in realtime with very low fees.

Gareth321 3y ago
Yeah, ARKB, for example, charges 0.75% management fee. Meaning they charge that every year on total holdings. So the ETF is clearly more expensive than simply holding BTC. I think OP believes this will lead to lower BTC fees due to lower volume.
- xur17 3y ago
  It depends on what time horizon. Transaction fees are changed every time the bitcoin moves - the management fee is charged 1x / year.

rahmansahinler1 3y ago

Does this sound you like a solution? There is no another tech invented for reducing gas fees and increase the speed. They just now have acceess to create new fake bitcoins like 'money' and have authorize over it. What is the difference betweeen this new printed bitcoin and the money?

tnel77 3y ago
Can you elaborate on “new printed Bitcoin?” Are you referring to the block rewards or the new ETF shares?

tesdinger 3y ago

Congrats you just made another currency that is explicitly not Bitcoin. And it's better at being a currency than Bitcoin. Which isn't very difficult because Bitcoin absolutely sucks as a currency.

LAMike 3y ago

> Finally a workaround for high transaction fees! Never heard or used Lightning Network? Try it out on Cash App or run a node on an old laptop if you want to learn more. > once the exchanges hold most of the coins Exchanges hold a single digit percentage of coins, price will have to go to six or seven (or four) figures before they will hold most of the coins. > Sometimes regulatory solutions do fix hard technical problems. Sometimes regulatory bodies bend the knee and are last to the party, 15 years in this case. At least they are ahead of 98% of HN'ers! But they don't have to worry, the 401k their company manages for them will make sure there is an allocation to a Bitcoin ETF