Quote:
Originally Posted by Shoe
They aren't actually free though, just being subsidized by mining rewards. Blockchain in it's current form will always be much more expensive to use than a centralized system, and it will have uses that are worth the cost, but for most everyday things the current financial system will be much better. The current fees are nothing compared to what miners will need to charge just to keep the system running once mining rewards are gone, assuming it doesn't all collapse by then.
Partial truth. Yes, security is subsidized by mining rewards and perhaps some sort of low inflation might be the answer (?!), but that will be an interesting problem to solve in the future. Inflation certainly sounds like the easiest and also in the incentive scheme makes the most sense, since those whose coins are secured will pay for it by diluting the value a little bit.
However, we need to stop with this stupid myth that Bitcoin is more expensive or environmentally damaging than fiat. That's so incredibly stupid.
Ever thought what printing presses and distribution of paper money cost? What is the REAL cost for all those bank buildings, people who have to work there, regulators who have to spend time and energy? Security and courts that have to decide and enforce. Auditors.... That's one country btw. Now multiply this by 100 countries.
And even if all cryptos needed a yearly 1-3% inflation (some of the lost value will be recovered by lost coins), it's a safe assumption that it will certainly be cheaper.
I have already explained why you certainly don't have to pay $5 for a crypto transaction. One could argue that transactions in the old system are certainly more expensive, maybe not $5, i don't know the real cost. They are heavily subsidized and you pay with your tax money for it.
Those wannabe skeptics are boring and mindless as hell. It's always the same crap...
They think they are smart, but they aren't (probably skeptics in general). With a little bit of critical thinking, you see all the dangers of technology failing, scaling problems, the possibility of it being another tulip mania.
Just live with some cog dissonance and explore amazing new things. More fun and def intellectually more stimulating than arguing from what seems impossible today!