> How is this any different than the Fed or the fractional reserve banking system creating new US dollars?
The miners get the fees. The fed does not keep the dollars they make. They also adjust the rates to avoid things like recessions.
> Nothing except for the thing that matters: If you have something fungible instead of something with high switching costs, it makes fees go down.
The US dollar is considered fungible... Help me understand how any of this is specific to blockchain technology and not included in non-blockchain technology. Have you worked with this tech before? Also, what about things like venmo and zelle? zero fees, super fast.
> And that's why blockchains are useful! To exert the pressure needed to make that happen.
I'm not saying they are not useful. I am saying the technology behind them is irrelevant to the costs.
The miners get the fees. The fed does not keep the dollars they make. They also adjust the rates to avoid things like recessions.
> Nothing except for the thing that matters: If you have something fungible instead of something with high switching costs, it makes fees go down.
The US dollar is considered fungible... Help me understand how any of this is specific to blockchain technology and not included in non-blockchain technology. Have you worked with this tech before? Also, what about things like venmo and zelle? zero fees, super fast.
> And that's why blockchains are useful! To exert the pressure needed to make that happen.
I'm not saying they are not useful. I am saying the technology behind them is irrelevant to the costs.