Well, you can't pay fees in USD. They have to take their dollars and buy bitcoin with it to do this. And then they have to pay all the highest fees for all their transactions, higher than everybody else to ensure that no transactions get through. Anyone willing to pay more than them will force them to up what they're paying. Ultimately they'll spend everything they have on one block of transactions, have to buy more which means allowing someone to send them btc in a block, them do it again. They'd run out of money real quick.
In XMR, the block size would just keep getting bigger and they'd pay a huge premium to keep it happening. And again, they need XMR to pay fees, which means they need someone's transaction to get onto a block, and they can't spend that transaction for 10 blocks. The numbers on this are even worse than bitcoin because of the dynamic block size, they'd run through everything quickly, make the block space huge, then get a tx, wait ten blocks and start over again.
You can do either of these for a little while, but nobody has a blank check big enough to keep this up for very long. The fee market means that their cost goes up the longer they do it, and in XMR case, the block size too which means they have to increase the number of transactions they're putting out while simultaneously increasing the fee they're paying for each one.
This assumes that miners of course won't blacklist their addresses, they have an incentive not to, who doesn't want to take their money? But they also have an incentive to, the coins they're earning are worthless on a network that you can't use. Ultimately I think they would if it managed to go on long enough, and if that happened anything in those addresses is stuck there and they have to buy more and send it to a new address and start over. If they continued on indefinitely either way, soon all their capital will be in the hands of the miners and the currency they're buying coins with will hyperinflate to worthlessness. At that point nobody is taking their dollars or whatever they're printing for bitcoin or XMR and they wouldn't be able to continue.
This is of course in the scenario where they do it indefinitely, as you can see it's not viable even for governments.
mister_monster
npub1m5…jgjl3
2024-08-08 03:50:44
in reply to nevent1q…h5w9
Author Public Key
npub1m5s9w4t03znyetxswhgq0ud7fq8ef8y3l4kscn2e8wkvmv42hh3qujgjl3Published at
2024-08-08 03:50:44Event JSON
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"content": "Well, you can't pay fees in USD. They have to take their dollars and buy bitcoin with it to do this. And then they have to pay all the highest fees for all their transactions, higher than everybody else to ensure that no transactions get through. Anyone willing to pay more than them will force them to up what they're paying. Ultimately they'll spend everything they have on one block of transactions, have to buy more which means allowing someone to send them btc in a block, them do it again. They'd run out of money real quick.\n\nIn XMR, the block size would just keep getting bigger and they'd pay a huge premium to keep it happening. And again, they need XMR to pay fees, which means they need someone's transaction to get onto a block, and they can't spend that transaction for 10 blocks. The numbers on this are even worse than bitcoin because of the dynamic block size, they'd run through everything quickly, make the block space huge, then get a tx, wait ten blocks and start over again.\n\nYou can do either of these for a little while, but nobody has a blank check big enough to keep this up for very long. The fee market means that their cost goes up the longer they do it, and in XMR case, the block size too which means they have to increase the number of transactions they're putting out while simultaneously increasing the fee they're paying for each one.\n\nThis assumes that miners of course won't blacklist their addresses, they have an incentive not to, who doesn't want to take their money? But they also have an incentive to, the coins they're earning are worthless on a network that you can't use. Ultimately I think they would if it managed to go on long enough, and if that happened anything in those addresses is stuck there and they have to buy more and send it to a new address and start over. If they continued on indefinitely either way, soon all their capital will be in the hands of the miners and the currency they're buying coins with will hyperinflate to worthlessness. At that point nobody is taking their dollars or whatever they're printing for bitcoin or XMR and they wouldn't be able to continue. \n\nThis is of course in the scenario where they do it indefinitely, as you can see it's not viable even for governments.",
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