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I am not talking about Bitcoin in particular, nor am I talking about transaction fees. I am talking about transaction costs and blockchains in general. https:/

• nostrademons 11y ago
  Of the categories of transaction cost listed in that article, the only one blockchains address is the policing & enforcement cost. Even then, it only addresses one side of the policing cost: it ensures that the seller receives payment without need for a trusted intermediary, but it does nothing to ensure that the buyer receives a good that is of acceptable quality and performs the function agreed upon.
  • natrius 11y ago
    All of those transaction costs can be handled by decentralized communication backed by reputation systems. Blockchains are great platforms for reputation systems. We will soon see that while it's hard to get systems off the ground that require network effects, making them entirely open and run by no one makes them a great choice for developers and consumers. I expect that decentralization yields its own sort of network effects.
• deleted 11y ago
  [deleted]