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Author Topic: HODL_FEE BITCOIN HODLERS NEED TO PULL THEIR WEIGHT TOO  (Read 532 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.

ABCbits
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July 16, 2024, 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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larry_vw_1955
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July 16, 2024, 11:05:05 PM
 #43


FWIW, all nodes also store all UTXO and some/all blockchain data, but they never got paid.

which is why i wouldn't run a bitcoin node! but i guess to each their own...
fillippone (OP)
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July 28, 2024, 04:45:10 PM
 #44


FWIW, all nodes also store all UTXO and some/all blockchain data, but they never got paid.

which is why i wouldn't run a bitcoin node! but i guess to each their own...

There is a different set of incentives for running a Bitcoin node, other than a direct economic reward.
Some of them are actually way more important than a few dollars to cover for electricity or hardware cost and all relate to theproperites of the protocol itself.

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