Yesterday transferred some BTC and the miner protection money was ten times bigger, than before. I have said since the early days, greed will crash BTC most definitely.
A basic online ledger is nothing new, and the old solution has brought up better alternatives, like actually having many different tokens to store value, social media and a lot more on one blockchain.
Perhaps the bankers and the rich will use BTC to get even more series of numbers, and the miner fees keeps the "poor" away. So disappointed, seems like folks never read the whitepaper. Totally what Satoshi was afraid of and built the platform on deterrent of that exact thing.
Interesting
So miners are adjusting their fees to stay profitable?
Indeed, that was the reason when lost interest on BTC; pools, ASIC and miner fees. At first, there were no fees, since the miners were happy if they got a random reward every now and then. Greed kills good ideas without exception.
When I started mining BTC, it was still barely possible with CPU... It took about 2 weeks to reach minimum payment. If I had had a compatible GPU I would have reached the minimum payment a little faster.
Problem with most ASIC-friendly cryptocurrencies is that the powerful hardware (GPU rigs, FPGA, ASIC) can't be used for solo mining, so only option is pool mining where the difficulty rises exponentially, but the miner reward is shared proportionally, so large pools with many miners give insignificant share of the block reward to single miner, unless they have implemented solver reward bonus.
A basic online ledger that is secured by thousands of people all over the world that don't know each other is something new...
If bitcoin eventually is used for every day payments, it won't be in its current iteration. I foresee bitcoin more akin to digital gold like I mentioned in the post, which eventually works as a settlement layer for central banks and countries around the world. Similar to how countries hold large stocks of gold currently.
We are now communicating on a way more advanced blockchain, than BTC. Central banks would never use Bitcoin as a base for anything but market manipulation.
When ECB can just type in whichever number of investment bank-currency, why in earth would they use a foolproof ledger system? It is so weird, how people don't know how money works, but talk about it all the time.
Because there will likely be some universal settlement layer in the future, especially after it is a race to the bottom in terms of central bank fiat currency money printing. Why would another country want to use something that the other country has an inherent advantage in creating? It's simple, they won't. There needs to be some universal standard, and as it stands right now bitcoin is the most likely candidate at this point in time. Doesn't mean it will play out that way, but there is a non zero chance it is bitcoin, and whatever those odds are, they are higher for bitcoin than anything else that exists at this point in time.