Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by jdauriemma on Wednesday November 29, 2017 @09:28PM
(#15812974)
But cryptocurrencies do serve a socially useful function: the ability to send money without a transaction fee from a third party.
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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by justbuchanan on Wednesday November 29, 2017 @09:53PM
(#15813088)
Without a transaction fee? It currently costs ~$5/transaction.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by 659087 on Wednesday November 29, 2017 @09:58PM
(#15813109)
It's incredible how often I see people who are "sure Bitcoin is going to be worth millions", or otherwise singing it's praises, also claiming there are "no fees".
It seems very few Bitcoin holders have ever even attempted to utilize Bitcoin. Despite holding a decent amount myself, I think things are going to get very messy when reality sets in and the market runs out of greater fools.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by jdauriemma on Wednesday November 29, 2017 @10:10PM
(#15813151)
> from a third party.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by 659087 on Wednesday November 29, 2017 @10:32PM
(#15813252)
Miners aren't a third party?
Where exactly did you think those fees went?
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by Frogolocalypse on Wednesday November 29, 2017 @11:41PM
(#15813523)
Miners aren't a party to the actual transaction, because they are not a part of the cryptographic proof. They are akin to your electricty provider, your internet provider, your computer parts provider, your OS software provider, etc etc.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by jdauriemma on Wednesday November 29, 2017 @11:55PM
(#15813578)
It seems like you've already made up your mind that I'm wrong, so we'll leave it there.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by 659087 on Thursday November 30, 2017 @01:48PM
(#15818357)
If you're not wrong, please explain to me what miners are - if not a third party that receives fees.
Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli...
by jdauriemma on Wednesday November 29, 2017 @10:08PM
(#15813147)
> from a third party.
I do appreciate the reply but please try to appreciate that my comment was not just about the cost of the transaction, but to whom the cost is going.