Main Area and Open Discussion > Living Room

Energy cost of mining crypto more than the cost of mining precious metals

<< < (3/3)

Stoic Joker:
But the intent was for the transaction payments to increase as the BTC production dropped off. However the transaction payments (e.g. cost...) part has turned into a rather total shit show that nobody is happy about.
-Stoic Joker (November 06, 2018, 03:59 PM)
--- End quote ---
I thought the promise was low-cost (and fast) transactions ... maybe that's why nobody's happy about it.
-tomos (November 07, 2018, 04:24 AM)
--- End quote ---

Yeah, it's pretty much a karma ran over dogma type of scenario. Trans fees sounded great until folks started noticing them … And then shit hit the fan.

I spent almost a month trying to get coin to move off an old wallet back last December.

Deozaan:
Yeah, it's pretty much a karma ran over dogma type of scenario. Trans fees sounded great until folks started noticing them … And then shit hit the fan.
-Stoic Joker (November 07, 2018, 04:00 PM)
--- End quote ---

I think the idea most people had was that 1) the "miner subsidy" (i.e. new coins being mined via the block reward) would more than pay for mining costs for at least a couple more decades, and 2) that transaction fees would always be very cheap individually, but because adoption of Bitcoin would be so high, cumulatively the transaction fees from hundreds of thousands--if not millions--of people using Bitcoin regularly would be quite lucrative for miners.

But then the Bitcoin Core team crippled Bitcoin, which slowed (and regressed) adoption, while driving transaction fees through the roof. And now Bitcoin (Core) has gone from 90%+ of the crypto market share to something in the 40-60% range, IIRC.

app103:
Consider this: Malware writers figured out a long time ago that the best way to mine BTC was not to pay for the hardware or electricity, themselves, and that's why they made, and continue to make, the most profit.

Stoic Joker:
But then the Bitcoin Core team crippled Bitcoin, which slowed (and regressed) adoption, while driving transaction fees through the roof
-Deozaan (November 07, 2018, 10:27 PM)
--- End quote ---
Yes, multiple forks (what are they up to, like 4 now?) have been driven by the internal conflict about trans fees, security, and how to scale the network properly.

I'm chronically pressed for time these days, so can only make rushed quips … But thanks for translating for me. :)

Navigation

[0] Message Index

[*] Previous page