Author: Eric Voskuil 2015-08-10 21:12:12
Published on: 2015-08-10T21:12:12+00:00
The argument that it's essential to reward miners with transaction fees at some point to secure the network is not a universally held belief, according to Anthony Towns via bitcoin-dev. In late May, Mike Hearn wrote that the Bitcoin community was effectively being taxed about $832,000 per day just to support mining because preventing the printing of money is the only reason that Bitcoin exists. The blog quoted by info--- in this thread is littered with flawed economic ideas, argues another commenter, and he disputes the validity of the reference. He believes that Bitcoin mining is financed by a fixed schedule of inflation and transaction fees, which is different from state inflation, and that Bitcoin transaction "fees" are priced based on voluntary trade, unlike fees in the state use-fee (taxation) sense. He also thinks that a fundamental misunderstanding of the important distinction between voluntary trade and state-controlled trade is underpinning a lot of confusion and misunderstanding with respect to the block size debate. Finally, he believes that Bitcoin does not have a commons problem specifically because it's designed to resist state control.
Updated on: 2023-06-10T19:08:03.185527+00:00