Have you watched Game of Thrones?
It's a fictional representation of what happened in all times and places: small folk have nothing to do and, apart from making jokes, care very little for the quarrels and plots of rulers.
Rulers are capable of turning its people outlaws and impose unfair punishment over them for supposed crimes they didn't participate.
But after sufficient time, what happens?
Either bloodier plots or a war.
Who pays for Bitcoin block rewards?
Bitcoin hodlers do.
The payment is hidden by the more apparent appreciation in price when compared to the unit of account (e.g., dollars), but nonetheless real.
By contrast to a world in which block rewards are zero, and so miners receive only fees, block rewards expand the pool of BTC in circulation, diluting the purchasing power of each existing BTC unit (holding real demand constant).
I would like to remember that the technologically incompetent decisions we are witnessing in Brazil come from the same court that manages our election system.
Politics under a democracy involve a curious psychology.
You trade your incapacity to control market agents that canβt coerce you for the incapacity to control the political agents that can coerce you.
Bitcoin is bad because it's backed by nothingβ¦ π«
βOver the years, all the governments in thew world, having discovered that gold is, like, rare, decided that it would be more convenient to back their money with something that is easier to come by, namely: nothing."
Better Money, L. White
