Do the miners need the Bitcoin users? - page 2.

Yakamoto

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Quote from: Kprawn on July 23, 2017, 10:04:08 AM

I think we need to evaluate the users value in this experiment. Let's list the benefits of having users in this Bitcoin network.

~ Users generate transactions, which generates miners fees.
~ Users create services that accepts bitcoins as a payment option.
~ Users use services {Merchants} that accepts Bitcoin.
~ Users spread the word about Bitcoin. {Bitcoin Meetups & posting on forums}
~ Users create demand for bitcoins and this increase the value {price}

Let's list some more contributions that Bitcoin users bring to the table for this experiment to work. Once we have seen the value they bring, we will know how to make a success of this.

Users also run nodes (although miners can always do this too) which help the network to keep transactions moving and allows for new users (and existing users) to sync their wallets with the blockchain.

Aside from that though users don't do a whole lot to help the blockchain itself, they do external services like the ones you mentioned but that's all part of getting an economic system to run properly.

hatshepsut93

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~Users sell coins, which pushes the price down.

This means that any change to the network that will get rejected by economic majority (dumped) will ultimately fail, because it will be unprofitable to mine. Mining is a business - you produce coins for users, if they don't like them, you go bankrupt. This means that chain splits are not as scary as people think, because bad chains will be rejected by community.

swogerino

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Bitcoin Casino Est. 2013

They do. If users don't do the listed activities in this thread how are the miners supposed to survive ? If users do not make transactions and not pay miners fees how will miners survive ? Also when all bitcoins will be mined the miners will be reluctant only on transactions fees. I think miners cannot survive without the Bitcoin users.

bouren

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Both users and miners are interdependent. Relation between both is similar to one between shopkeeper and customers. If you say, miners require users because of bla bla bla, don't forget not everyone could setup and running mining in his house. If there are no miners, all users will left with unmovable BTC tokens in their wallet which eventually loose their value.

Despacito

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Quote from: Kprawn on July 23, 2017, 10:04:08 AM

I think we need to evaluate the users value in this experiment. Let's list the benefits of having users in this Bitcoin network.

~ Users generate transactions, which generates miners fees.
~ Users create services that accepts bitcoins as a payment option.
~ Users use services {Merchants} that accepts Bitcoin.
~ Users spread the word about Bitcoin. {Bitcoin Meetups & posting on forums}
~ Users create demand for bitcoins and this increase the value {price}

Let's list some more contributions that Bitcoin users bring to the table for this experiment to work. Once we have seen the value they bring, we will know how to make a success of this.

Merchants and bitcoin users, not traders only people who use it on shopping, are the real users of bitcoin, while the most of the price movement is coming from bitcoin investors and traders who don't really care whether they're able to use bitcoin on shopping. Hence, I don't think miners need bitcoin users, they just need bitcoin traders and investors.

~Bitcoin~

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~ Users run full nodes which will add stability to bitcoin network
~ Users will actively trade bitcoin for both short term and long term profit this creates investment opportunity and attracts new investors

Kprawn

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Quote from: SvenBomvolen on July 23, 2017, 10:21:17 AM

~ Users speculate with the information about bitcoin, in the result they can make the price for bitcoin go down or raise up, like it was on the last week with blowing up the fake panic about bitcoin's price after SegWit.

Miners can also do this and they usually have the most coins to manipulate the markets. They also provide the supply of new

coins, which influence the price. They need the users to buy those coins and they need the users to distribute those coins, for

them to be profitable. They can mine those coins, but if it had no value, they would operate at a loss. {paying for the

electricity and other expenses and receiving a Block reward with no value} Roll Eyes

SvenBomvolen

hero member

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~ Users speculate with the information about bitcoin, in the result they can make the price for bitcoin go down or raise up, like it was on the last week with blowing up the fake panic about bitcoin's price after SegWit.

BillyBobZorton

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Quote from: Kprawn on July 23, 2017, 10:04:08 AM

I think we need to evaluate the users value in this experiment. Let's list the benefits of having users in this Bitcoin network.

~ Users generate transactions, which generates miners fees.
~ Users create services that accepts bitcoins as a payment option.
~ Users use services {Merchants} that accepts Bitcoin.
~ Users spread the word about Bitcoin. {Bitcoin Meetups & posting on forums}
~ Users create demand for bitcoins and this increase the value {price}

Let's list some more contributions that Bitcoin users bring to the table for this experiment to work. Once we have seen the value they bring, we will know how to make a success of this.

What else do you need? with the reasons you posted is enough. If you take these away, how are miners supposed to survive? Users generate the value by supply and demand, and these transactions generate revenue for miners. Users are also usually coders too (all coders are bitcoin users).

You can't take the users part out of the equation because the whole system collapses, it's just nonsense.

Kprawn

legendary

Activity: 1904

Merit: 1074

I think we need to evaluate the users value in this experiment. Let's list the benefits of having users in this Bitcoin network.

~ Users generate transactions, which generates miners fees.
~ Users create services that accepts bitcoins as a payment option.
~ Users use services {Merchants} that accepts Bitcoin.
~ Users spread the word about Bitcoin. {Bitcoin Meetups & posting on forums}
~ Users create demand for bitcoins and this increase the value {price}

Let's list some more contributions that Bitcoin users bring to the table for this experiment to work. Once we have seen the value they bring, we will know how to make a success of this.

Topic: Do the miners need the Bitcoin users? - page 2. (Read 934 times)