There's this convo going on over on X that was started by Retarded Pleb:
Retarded Pleb said:
So I chimed in: 0.07BTC is about $4600. Look at the block reward for those 25 blocks at 78.125BTC (that's like $5.14 million USD), and those malware fees are just a tiny drop in the bucket, roughly $184 USD per block. That's less than 0.0089% of what miners are making.
Of course, he had to respond with some typical nonsense:
If you’re a core supporter who loves dickpic.jpeg, you probably think malware plays a big role in the miner subsidy. And that it'll become even more crucial when fees are high.
But here’s the catch: this kind of thinking goes against the core belief that "the fees should be the only filter". That would mean higher fees should kick malware users out of Bitcoin. Yet the name 'Retarded Pleb' is just highlighting the ridiculousness of saying fees are the filter.
Will higher fees actually increase profits for miners filling their blocks with malware? Or will those fees just drive away all the malware users?
Your silly "security budget" idea suggests there's always going to be a spot in Bitcoin for malware users, while claiming they’d run for the hills once miner fees rise.
That's some serious cognitive dissonance, or just plain old gaslighting.
Unmasking more core hypocrisy!!
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colddiamondHero Member
Posts: 623 · Reputation: 2467
#2Dec 8, 2019, 06:33 PM
Look Pepe is giving away free money. Since $1000 a week to him is nothing.
Miners work on very thin margins. So they have to get every sat they can.
But math is not your strong point, otherwise you could count to 52. Which is the number of days from this post until knots stops accepting blocks mined by miners that don't signal for 110. https://jlopp.github.io/knotzi-death-march/
Which as of now is 99% of the blocks mined.
You have 3 full signaling periods and about 75% of the one we are in now to get 50%+ of the hash rate.
It's not going to happen.
This is just knots stupidity thinking that anything close to that is going to happen.
-Dave
You clearly don't understand how difficulty adjustment works in relation to profitability.
If we doubled the miner reward, miners would profit individually, but only until the next difficulty adjustment.
And besides, we just saw a 50% price drop, which caused a massive profitability drop for miners. They didn't die, they are still around. I find it particularly suspicious that you would try to claim a 0.0089% drop in profitability would be unbearable when they just suffered a 50% drop in profitability.
Again with your stupid predictions as your main argument. You can't help but bring it up in every post and attempt to stir the discussion that way every single time. Because your predictions of BIP110 failure is are the only brittle argument you can cling to.
Yawn.
We'll see.
BIP110 is the right thing to do as part of taking the reigns away from core. I wouldn't care if I were the only one running BIP110. It's the right thing to do.