Author: Alex Lee 2022-06-29 05:02:30
Published on: 2022-06-29T05:02:30+00:00
In a Bitcoin-dev mailing list, Peter Todd responded to a discussion about the relevance of frequent transactions in Bitcoin. He argued that it is important to compare those who transact often and rarely hold with those who hold a lot but rarely transact. Todd dismissed the argument that people who never transact would never realize any benefit as irrelevant and a red herring. Alex Lee interjected, saying that there are legitimate uses for burning Bitcoin, and he cautioned against confusing velocity metrics with utility. Todd acknowledged that the utility of burning Bitcoin comes from the proof of its destruction, and he explained that the "bottomless pit" metaphor refers to the inability to spend the coins again in the future once burned.
Updated on: 2023-06-15T21:23:19.914930+00:00