You framed it very elusively then went on about the clean energy crusade Bitcoin isn’t on but is that’s how someone honest would word it?
Here is some entertainment;
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I’m never sure if you purposefully misrepresent stuff to score internet points or if you really don’t understand what people write.
Just because it is successfully used as a buyer of last resort and load balance grids, and is helping to make renewables more profitable or worth building in the first place doesn’t mean that in other places where we still have massive subsidies for coal, oil and gas it’s sometimes profitable for miners as well. The more ASICs there are and the more halving we have behind us the tighter the margin becomes for this miners and at some point it will be 100% green.
Bitcoin is on the right trajectory for this, and not only has it no issue with the weather variability of renewables, it profits greatly from it. How many other industries are there where you can say that?
And it absolutely helps building out renewables today: The Lightning Energy Market with Austin Mitchell - YouTube
How can you be claiming the above,
And then say you aren’t talking about miners earnings?
That statement is wrong because miners might be able to keep mining because they also receive BTC from transactions and not just the block reward.
Go ahead and claim you wasn’t referring to a mining firms ability to stay in business.
yes
And how much transaction fee ?
Will people accept to pay 45$ ? And 90 in 1.5y ? and twice that in 5.5y ?
No they won’t.
So no I’m not talking about miners earning.
And I was not refering to a mining firm ability to stay in business.
The issue is from you, where you don’t read but want to misrepresent my posts.
FACT is : you are wrong, I was not talking about miners earnings.
When he is under oath and says “he didn’t know money was being funnelled into alemeda” he will get himself into trouble because everyone else will say he did know and there will be evidence which shows he knew, It wouldn’t be a great idea to lie under oath.
In fact, I’m pretty sure all of the loans to alemeda will have his user account or his signature on them.
It will depend, currently one can set their wallet to pay the lowest fees possible meaning the network will process their transaction at a low priority. You can also adjust the wallet setting to pay more in transaction fees which will make it a high priority and it will be closer to being processed first.
Obviously, most people have it set to lowest possible transaction fee.
You are, you claimed that BTC is a ponzi due to the way a miner has to invest and what miner receives, You mentioned the block reward which is one of the mechanisms which pays the miners so they can make a living, so like it or not you are referring to how a miner is paid and their ability to keep mining.
There is another mechanism based on user transactions which is also used to pay miners, which wasn’t considered in the calculation you used to determin if BTC is a ponzi.
Your conversation is a mess. You look silly for talking about what a miner earns and then saying you are not talking about what a miner earns.
Grow up, I know you are a grown adult and this is not how adults talk, we consider everything relevant and arrive at an honest conclusion.
Try to work out what % of transaction fees a mining firm could receive, If you did this and added it to your previous calculation we would be closer to what a mining firm actually earns.
It was. I literally mentioned it as non relevant because people won’t accept to pay 45$ per transaction, and 90 in 1.5y.
You claim that I did not take that into account, while the reality is : I did.
So your claims are in contradiction with reality. They are a mess. You look silly for misinterpreting what I wrote.
Grow up, I know you are a grown adult and this is not how adults talk, we consider everything relevant and arrive at an honest conclusion.
this is where I stopped reading…There is no reason why it wouldn’t be relevant, and that’s the end of the convo unless you are going to include it?
If you want me to bother reading your posts type facts or ideas that are in line with reality and not just made up by you to further your narrative.
Nah, you stopped reading way before, since you claim I was talking about miners earnings.
Does a miner receive BTC payments from transaction fees AND block reward if they find one?
I can’t take you seriously until you answer yes, You have to answer yes because it is factually true and can be easily confirmed.
You ask question I already answered to.
Grow up, I know you are a grown adult and this is not how adults talk, we consider everything relevant and arrive at an honest conclusion.
Wow, you can’t even do basic math
Let’s look at a recent block mempool - Bitcoin Explorer
So the miners earn around $100’000 per block, if that has to be payed in FULL by fees, it would cost at ~3000 transactions per block around ~$34.
It doesn’t depend on the halvings anymore. If the security stays the same, as it is today, which is completely sufficient, $34 per transaction. And it will take years to even get to that point.
And as already explained, yes people will pay that, because it’s not the end-user that will make on-chain transactions. on-chain will only be used for large payments where $34 is peanuts and for channel open/close where the channel operator aggregates fees over the lifetime of the channels to pay for this.
Not super hard to understand, but apparently rocket science if you are an economist
Well okay, you can confuse the convo all you like but this is not a reason for why BTC is a ponzi as you claim.
Wow, so it’s double what it was in Feb 2021, So 144 (blocks found in a day) sets of $100,000 = $14,440,000 per day generated by all miners and paid to them by BTC users.
The network seems to be doing some good business which I guess is what many are excited about.
Do you know how many daily transactions there are? and how many people are users of BTC?
I found on google in Aug 2022 there were 10,000 full nodes, so could the $14m be divided by the nodes to work out approx transaction fee earning of each node? if so it’s $1,400. Do miners have multiple nodes then?
Nah, nodes don’t earn anything. They are in most cases not miners.
You can actually see how many transactions there are in each block on the site I linked above. And there are probably more like 100k nodes, but not all of them are reachable over clear net, some use Tor or some are behind a NAT. I mean there are ~15k listed lightning nodes, and they all need a full node.
Couldn’t be more unsurprising
Wow, you even wrote 50 before. So you’re even worse.
Therefore the usage of aaron as in “to send a few money to a friend in a foreign country” as he claimed was the targeted goal of BTC will be gone.
Thank you for proving aaron had no idea how BTC works.
It was just an estimate. You however didn’t even understand that it doesn’t has to grow because you still don’t understand how anything of that actually works.
No, because they send that over the Lightning network, which has a fraction of a cent as fee. That is already the case today.
Indeed, when you don’t use BTC it’s cheap.
What a nice explanation that BTC is useless.
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Lightning is Bitcoin, just the second layer on top of the core blockchain. On-chain transactions are only needed to change the topology of that network. Established channels can route millions of low fee transactions before they have to settle on the blockchain, and by that time the provider of the channel has collected enough fees to pay the high on-chain fee including opening another channel.
Maybe go read about the things you comment on before you join a discussion