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Author Topic: HODL_FEE BITCOIN HODLERS NEED TO PULL THEIR WEIGHT TOO  (Read 465 times)
NotATether
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July 14, 2024, 06:27:07 AM
 #41

This will just cause people to dump Bitcoin onto exchanges and send Bitcoin into a downward price spiral. In order for people to preserve their net worth in some other crypto. As HODLers will sell their coins to avoid the tax, exchanges too (and they will close down), businesses will stop supporting BTC because of this reason, even the tax that is paid to miners or whoever will be deprecated as a result and they will eventually quit.

So it's a terrible idea. Nobody likes paying any kind of tax, whether to the IRS or to random people.

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ABCbits
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Today at 08:25:37 AM
 #42

Aside from the controversy, the article should remove the "technical" tag. Miner can't collect the HODL fee without destroying existing UTXO and creating new UTXO. But to spend the UTXO, you need to know the private key or spend script.

that type of mentality is probably not what bitcoin miners want to see. bitcoin miners would like to see people paying a periodic maintenance fee for storing their utxos. for example, every 5 years, you would need to pay a renewal fee for the utxo. or you could just spend the utxo. if someone is storing data on your behalf then they are doing some work for you whether you believe it or not.

FWIW, all nodes also store all UTXO and some/all blockchain data, but they never got paid. And in practice, mining pool is the one who run full node and store all UTXO rather than miner.

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