As for wealth redistribution to miners. There is, say, currently 19,000,000 bitcoin in existence. There are, say, 1,000,000 people that have used bitcoin to store the value they created; you create a car, you sell the car for $30,000, you store that wealth in bitcoin. 10 minutes later, there's 19,000,006 bitcoin, there isn't a corresponding increase in people storing their wealth in bitcoin, there isn't an increase in total value of bitcoin, we have just divided off a little morsel of bitcoins value and handed it to whoever mined the block.
Yes, the miner provided a service, for which they should be entitled the transaction fees of the peoeple who sent bitcoin in that block. But they shouldn't be entitled to my wealth, my value, when I have not made a transaction. They haven't facilitated some financial service for me, I don't owe them anything, yet they have taken a sliver of my wealth through inflation, the block reward (mining subsidy).
I'm not mad at miners or anything, my point is just that this is a redistribution of wealth, it is a subsidy that holders pay for on a service that should be paid for by people making transactions. Its just, the least shitty way of initially allocating all the bitcoin into the economy, and helps prevent a 51% attack until the network grows to support mining through fees.
npub1aw…nyrgs
2023-03-29 05:29:17
in reply to nevent1q…42pr
Author Public Key
npub1awp3sny5rt2m54czzqfmem9m0wp505g9nrhm4xv0qgpvffj90exqvnyrgsPublished at
2023-03-29 05:29:17Event JSON
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"content": "As for wealth redistribution to miners. There is, say, currently 19,000,000 bitcoin in existence. There are, say, 1,000,000 people that have used bitcoin to store the value they created; you create a car, you sell the car for $30,000, you store that wealth in bitcoin. 10 minutes later, there's 19,000,006 bitcoin, there isn't a corresponding increase in people storing their wealth in bitcoin, there isn't an increase in total value of bitcoin, we have just divided off a little morsel of bitcoins value and handed it to whoever mined the block.\n\nYes, the miner provided a service, for which they should be entitled the transaction fees of the peoeple who sent bitcoin in that block. But they shouldn't be entitled to my wealth, my value, when I have not made a transaction. They haven't facilitated some financial service for me, I don't owe them anything, yet they have taken a sliver of my wealth through inflation, the block reward (mining subsidy).\n\nI'm not mad at miners or anything, my point is just that this is a redistribution of wealth, it is a subsidy that holders pay for on a service that should be paid for by people making transactions. Its just, the least shitty way of initially allocating all the bitcoin into the economy, and helps prevent a 51% attack until the network grows to support mining through fees.",
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