Post
Topic
Board Bitcoin Discussion
Re: What will keep transaction fees up?
by
db
on 21/11/2010, 00:37:03 UTC
Which is why major institutions will still be willing to contribute clock-cycles at or just below a break even point.  Because there are more forms of economic motivation than just profit.  I'm really suprised that so many who seem so well educated on economic issues can't wrap their head around this simple concept.  If you have something valuable to protect, have you ever paid the rental fee on a safety deposit box?  The cost of the box rental is tiny compared to the value of the object within, but that's not a tragedy of the commons!  People do it all the time!  It's a cost of security, not a resource access issue!  The tragedy of the commons parable is a limited resource issue!
This is not like individual safety deposit boxes. This is like one big collective vault in which it is free for anyone to place their valuables and paying is optional.