Ninjastic
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Board Altcoin Discussion
Re: SolidCoin 3.0 (aka MicroCash) will have a daily fee for each address you have.
by
CoinHunter
on 13/05/2012, 01:17:08 UTC
Quote from: k9quaint on May 13, 2012, 12:51:27 AM
Quote from: CoinHunter on May 13, 2012, 12:49:36 AM
Quote from: localhost on May 10, 2012, 07:34:29 AM
Quote from: i_rape_bitcoins on May 10, 2012, 02:02:43 AM
This guy is clearly being paid minimal wage because he can't spare less a cent a day!  Cheesy
It's a matter of principle. Evaporating cryptocurrency isn't a match for non-evaporating real cash imo. I mean, in a system advertising itself as free from a central authority, having someone removing stuff from your wallet like the government directly debiting taxes from your account, or like e-gold slowing draining accounts when they went rogue, it's fairly discrediting I think...

Yes and transaction fees aren't evaporating your cryptocurrency savngs in Bitcoin I guess? Apparently in the future Bitcoin fees are the only way anyone will make money mining. It's something heavily discussed and criticized.


That is right. Transaction fees are not evaporating my cryptocurrency savings in Bitcoin. I have not transferred them, every single satoshi is still in my possession. That is because I am saving them, not spending them.

With Bitcoin there is no fixed transaction fee, miners can charge whatever they want. So if a miner charges you 100 BTC to send a transaction then you have to pay. Luke-jr is currently doing this with coiledcoin, so it's not a theoretical thing, it's actually happening. Anyone can mine but if you don't have enough power it could take you 5 years to mine a block and not be charged 100 BTC. So if your life savings are less than the transaction fee then it's essentially like losing your life savings if you ever wanted to actually spend them. This isn't true right now in Bitcoin,  but it could potentially happen because transaction fees in Bitcoin are not fixed.

If Bitcoin ever moves to the same protocol as MicroCash (which it probably needs to for performance reasons if its successful) then it will have to move to account fees also. Otherwise it could be spammed to death. So comparing two different protocols, they both have advantages and disadvantages. Obviously some people familiar with how Bitcoin works aren't too comfortable with the idea of daily account fees but there's no other alternative if you want to move to the same account protocol that MicroCash uses.