Now if bitcoin could find a way to return this capital to holders instead of it being siphoned out by miners ……
Now if bitcoin could find a way to return this capital to holders instead of it being siphoned out by miners ……
@nic__carter Returning capital to holders is not something apolitical money decides to do. It's something the management team of a company that has issued securities decides to do. And, if you like, the fees are being returned to holders through increased security via incentive to mine.
@proof_of_zmo @nic__carter The capital is going “somewhere” and that was a political choice “at some point”. Just cause the bitcoin collective hivemind hasn’t changed anything doesn’t make the initialization of the bitcoin system apolitical
It was initialized and has since not been changed because the network is sufficiently decentralized and thus credibly neutral. I don't think the choice to reward miners with fees was political because it doesn't advantage anyone. Anyone can access those fees by mining on the same terms as anyone else. Bitcoin mining is inclusive, unbounded and positive-sum. Ethereum was pre-mined, and then the network rules were changed to advantage people who already owned ETH. ETH staking is exclusive, bounded and zero-sum. Thoughts?