Re:Ilya Sutskever to leave OpenAI
by trashtester on Wednesday May 15, 2024 @08:16AM
(#40365905)
> Bank fees don't disappear into the ether when they're collected, so I doubt they have this much affect.
1-3% was intended as a ceiling for what cryptocurrency could bring to the economy, after adjusting for the reduction in inflation once those costs are gone.
He's saying the fees aren't burned like with mining, so they don't hurt the economy by the amount of the fee: the profit portion of them goes into other investments. The fees hinder parts of the economy making some transactions nonviable, but they don't fully translate to "friction" making waste heat so much as something more adiabatic that goes back in. It's largely an extraneous spring in the system, not a damper.
Re:Ilya Sutskever to leave OpenAI
by trashtester on Wednesday May 15, 2024 @03:47PM
(#40371491)
That's why I stated that 1-3% was the ceiling
Bank fees don't disappear into the ether when they're collected, so I doubt they have this much affect.
Oh, made my very first retail purchase with Bitcoin the other day. While the process was pretty slick and easy, the network charged $15.00 in fees. Long way to go until "free".