But I wonder how long this takes before some Miners start offering some sort of subscriptions. Unless they already exist and I am not aware of them.
Then think about it. Think 100 companies spending every 30 minutes or so. They all pay the subscription and they are pretty much now the only included Transactions in the Blocks mined by the said Miner.
For this to work, those 100 companies will need to find a miner who is terrible at math, otherwise, the 100 companies need to be terrible at math, if both are smart enough, nothing of that nature would ever come into existence.
As a miner, I would rather extract the most value at the time I mine the block, I would not want to leave a transaction paying $100 just to get my "client's" transaction that paid me only $5.
As a company, I wouldn't want to pay $5 in advance, when other miners will be willing to take my transactions for $2.5.
There are only three categories of people who need to use services like ViaBTC accelerators.
1- Made a mistake in selecting the correct fee but they are in a hurry (fix their mistake by paying even more to accelerators) since they don't have or know how to RBF.
2- Stupid enough to think that it would cost them less to accelerate their transactions instead of paying the on-chain fee.
3- Greedy, stingy users who think they could outsmart everybody and get lucky with some free accelerations (which almost never works).
There aren't many people who fit in any of those 3 categories, so the acceleration business, in general, can't expand, Viabtc claims to have accelerated about 600k transactions since it started this service many years ago, that's about the equivalent of 1 day worth of transactions, and ya obviously, I think that 600k number is fake but whatever.
This business model is not sustainable for another reason, which is the decentralized nature of the business, as a miner, I can easily verify if the pool I use is generating block templates that maximize my profit, if you tell me that you are going to do some off-chain agreement with x company I just can't tell how much are they paying you or how much should I expect in return since none of that data is publicly verifiable.
I have asked the same question over and over again but Viabtc never answered, and I am now 100% sure they keep all of the acceleration fees which if done at a large scale -- all miners will leave Viabtc for good, Viabtc counts on the miners' ignorance and the fact that these accelerations don't happen too often. if one of the previous points is no longer valid -- they will have to stop this service in order to survive.
As far as miners are concerned, the best way to extract the most value out of the blockchain is by using the default setting of the getblocktemplate, censoring other transactions or cherry-picking transactions for whatever other reason will always make you subject to leave money on the table, any pool that takes this path long enough will fall.
If Bitcoin cannot be an alternative to the existing financial system, does it mean that the idea that Satoshi had completely failed?
I would argue the opposite is correct, the idea has succeeded much more than Satoshi had anticipated,
BTC turned out too good to be spent, and the majority of people do not treat it as an alternative payment method but rather a store of value, you ask yourself a question, if you had 0.5 a
BTC and 20k USD on your bank account, and you were going to buy a car today, are you likely to keep the 20k sitting at the bank and spend your dear
BTC that sits on your own wallet?
