Can you help me understand how to determine that high fees are caused by manipulation and fraud?
https://youtu.be/N03EumFv4kY?si=SJmFi0ZhQIIm2w_D
$boost
I support what #Knots and #Ocean are doing. If you're a #Bitcoin #loyalist you should run Knots and point your Miners at Ocean.
I'm not concerned about fees that are the results of a natural organic process of supply and demand. Unfortunately current bitcoin #fees are the result of market #manipulation and #fraud that has to end. Or at least be aggressively opposed.
I don't mind the expense and burden of blockchain bloat that's the result of legitimate Bitcoin #financial transactions. But not bloat that's the result of market manipulation and fraud.
I would also like to see a third leg of Bitcoin #code maintenance and development aggressively focused on Bitcoins virtue and purity. I think nostr:npub1lh273a4wpkup00stw8dzqjvvrqrfdrv2v3v4t8pynuezlfe5vjnsnaa9nk is doing a good job. But he can't carry that torch alone. And shouldn't have to.
So that's my 2ยข
Discussion
miners are being paid out-of-band, with fiat, to fill blocks with jpegs.
if they were paying for their transactions with Bitcoin, it is the case that they would eventually run out of money to fund their activity.
as fiat can be printed infinetly, there are no limitations on how long they can sustain this attack.
what is the difference between a State actor attacking the network by paying mining pools to mine empty blocks, vs a State actor attacking the network by paying mining pools to fill blocks full of jpegs?
Just to clarify - the fraud would be out-of-band miner payment?