You know that the block reward is decreasing every 210000 blocks because it has only two reasons to have a block reward.
The first one is to have a initial incentive for miners to secure the network. The second is to spread the supply and don’t have a pre mine.
The fees are essential for the security of bitcoin because the block reward has a end.
Now you're joking..😆😊
Nope, that’s exactly how bitcoin works! The block reward is decreasing every 4 years (210000 blocks)
So fees are not theft, they are essential to secure the network in the near future
Yes it is theft. Among other forms of criminality. Bitcoin doesn't need #transaction #fees. So they're taking money out of people's pockets for nothing.
The decrease in block reward is by design. All that matters is that people have enough incentive to mine blocks today and tomorrow.
At over $250, 000 per block, every 10 minutes. I think there's plenty of incentive. But If it's not enough for your budget, let somebody else have it..😆
Trying to alter the present based on a flaky prediction of Satoshis actual design for a hundred years from now is laughable at best.
So I'll tell you how I think it's actually supposed to work. The gradual decrease in block reward is by design. To slowly wean miners off of #Bitcoins tits.
Until such time that there will be no incentive needed to mine a block other than individual need and altruism. Just like Virtuous! #fullnodes today.
Bitcoin started out as a self-contained P2P electronic cash system. That's person 2 person. Not miner to miner or middleman to middleman.
And long before the block reward ends. 100 years from now. #Bitcoin will fully return to a self-contained P2P electronic cash system exactly like Satoshi said.
Smartphones and laptops will be enormously powerful. While they're power consumption will be minimal. In its wake Bitcoin will leave an abundance of cheap renewable energy for the world to use. As well as having innovated the harvesting of stranded and wasted energy.
Sometimes you people crack me up when you presume to understand the depth of Satoshi Nakamotos genius..🧡😆
Well, we’ll see at the end I guess.
The reality the system needs rewards to keep running.
Zero reason to run a node if there’s no incentive.
Over $250,000 rewards. Every 10 minutes. Soon it may be over $700,000. Every 10 minutes..🧡😊🫂❤️
One can broadcast your txns at 1 sat/vB which is basically no fee. However, one is not entitled to have miners include one’s transaction on the next block if other ppl are willing to pay more to have their txns included.
Miners don’t owe anyone shit. Economic incentives will win every time.
Where's the theft if the system is voluntary?
I think it's an issue of property rights. Bitcoin belongs to us. It was given to us by Satoshi Nakamoto. With parameters and protocols that define our property rights.
I often hear special interest describing things they want to do with Bitcoin for their personal gain. But often what they're describing isn't Bitcoin at all.
They want to tear down our house. Bulldoze our land. Then claim that whatever they put there in it's place belongs them only. So we have to pay a toll tax (transaction fee). On OUR! property. If we want to use OUR! property.
Sound familiar..👺👹💀😆
Simply put. Fuuuck them..⚖️👮♂️😊
Except you want to transact through their miners, so it’s not your property you want to use.
It doesn't matter. What they do with their block rewards is their business. But what they do with my transaction is my business.
The only reason they received a bock reward or have a reason to exist. Is to process my transactions in accordance with Satoshi's Bitcoin protocol.
Otherwise they would be committing a fraud, in addition to theft..🧡😊
Yeah, no.
Your transaction moves through other people’s servers, they then set the price to transact.
There’s no theft.
Yes it is. Bitcoin doesn't need fees to process my transactions. We payed our transaction cost with the block reward. We are being double charged. They're running our card twice..🧡😊
Wow, so much bullshit about #bitcoin on #nostr
You have clearly no clue how bitcoin works and why miners are necessary.
The issue is #transaction #fees, and they have to go. They're not needed. Their theft and trouble..⚖️👮♂️
#Bitcoin
You still haven’t explained how they’re theft or how they’re not needed
I don't know what else to tell you Sweet. I guess you'll just have to wait for the fireworks. If any. Like cease and desist orders, SEC enforcement, class action lawsuits.
Fortunately with all that chain analysis they should be able to determine exactly what was pilferred and by who..😊
