Re:China says it wants to eliminate Bitcoin mining
by mrb on Wednesday April 10, 2019 @01:45AM
(#19622176)
Like I said in my top post, 2% is calculated from the 60-day (not 24-hour) average.
True, we will never be able to extrapolate future fees. I'm merely pointing out the authors did it in a way that is completely bogus.
However, looking at historical data the current fees are well below the cap. https://bitinfocharts.com/comparison/bitcoin-transactionfees...
Now, currently Bitcoin can’t scale transactions so extrapolation is kind of up in the air. But, in practice if it’s going to survive it needs to create value to offset the cost of mining.