Saturday, May 27, 2017

Transactions fees for voting = constant-value coin and blockchain=database.

Most coins would benefit letting transaction fees paid equal the the voting power in governance. The "taxes" you pay (transaction fees) determine your voting power. Paying to influence sounds like a lobby, but by acting in self interest to lower transaction fees, they will vote for the most efficient protocol. And if they're doing high volume they are buyers and sellers, not speculators, so they will vote to keep a constant value coin so their costs, revenue, and wage contracts remain valid in the coin. Even von Mises was all about price signals and a coin with a changing value undermines the whole point of a coin as a price signal. New entrants (buyers and sellers) would not be discouraged by feeling like they were cheated out of appreciation, ending the Ponzi scheme feel. The developers should be paid like the nodes, only via transaction fees instead of market place participants having to buy shares in the project. This current situation is not unlike "send me good faith money so that I can unlock your funds". If buyers and sellers decide they want more protection in transactions, then they can vote to spend the fees they've paid to become higher in order to support more governance. That's a traditional VAT tax. Really, I can't see (and Satoshi said it pretty directly) that the only new thing is that it solves the double-spending problem for P2P which seems to be just the traditional problem of deciding which approved user updated the database first. So I can only see the achievement is nothing more or less than making distributed public databases possible. Isn't precise and secure modifications rights subject to governing code (think ETH) sort of the definition of a database? Granted, "base" in "database" implies a single centralized copy so it's not a minor achievement.

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