/biz/ - Business & Finance

>>54493149
Alright the old I2P torrent didn't seem to work, now I've done it properly, updated the links at xmrbookclub.neocities.org and put it up on postman.i2p
>http://tracker2.postman.i2p/index.php?view=TorrentDetail&id=69603

Also added a magnet link for a clearnet torrent for those that aren't (yet!) on I2P. I would appreciate feedback and plans as to when or how could we make this book club happen. The Sovereign Individual is just a placeholder, put it there because it was the most popular suggestion. I would vouch for it as well, but if something else would better, let me know.

>>52992012
They keep on bitching about fees funding the mining, but currently no, not even small scale PoW chains have operated solely on transaction fees. As of right now, in all major PoW coins transaction fees make up a few percent of the total reward a miner receive after a block. Sure thing the shift won't happen tomorrow, but if Bitcoin won't address it the problem will never just solve itself. Even after the various halvings, the missing revenue was accounted for with an increase of the price of Bitcoin, not an increase in the role of transaction fees funding the network.
In order for the fees to fund the hashrate that Bitcoin has right now, the transaction fees need to go up 50x-100x. However, nobody would want to pay such high fees, so the amount of people that are left paying the increased transaction fees would be less, further driving up the transaction fees. L2s don't help this, because people would still need to open a channel/deposit liquidity/sign a transaction or whatever the L2 might want. The only way L2s like the LN could survive such a shift would be to start charging more routing fees to keep up and open less channels/prioritize large liquidity channels increasing centralization. Two options that are really unwanted for any L2.
But Bitcoin mining in general is fucked for the future. For example, if Bitcoin won't establish a bottom of 40k USD (or more to account for the increasing electricity prices and inflation) after the 2024 halving of the block reward, the already fragile hashrate will have to shrink. And the ones that will survive will likely be the corpo miners mining on cheap electricity and top of the line ASICs.
Alternatively, a not mentioned option is for the network's hashrate to drastically decrease, where probably some government(s) will step in to run their own miners. First blacklisting with OFAC sanctions and such, then whitelisting with only fully KYCd and explained transactions going through. Any dictator's dream system.

>>52526367
But where is price really coming from? Well fundamentally, it is supply and demand no? The supply side of Monero is pretty stable with a <1% yearly inflation and decreasing. And where does demand for a cryptocurrency come from? Well it can come from institutions and retards on reddit, that can pump the price, but only in the short term, as essentially they are buying to sell it later on, and when the bigger players decide that they have made enough, and pull out thus start crashing the price, the most rational action is to sell, further crashing the price, this continues until only the users of the cryptocurrency in question remain and sustain the price. (Now see why Monero is crabbing so often?)
Demand for a currency fundamentally stems from its possibility to use it, its utility if you will. Thus, in the long term, only high utility coins are the best bet even if you want to invest, exactly because people use it, rather than invest in it.