Why Bitcoin block size definitions must be removed

Source: The Anarchist Shemale
by Aria DiMezzo

“The more I’ve dug into cryptocurrencies — and I’ve really dug into them in the last few months–the more apparent it has become that Bitcoin exists for the miners. Earlier today, I paid more than $25 in Bitcoin transaction fees to move about twice that in Bitcoin. That’s right. To move 0.005 BTC, I paid a transaction fee of roughly 0.002 BTC. This makes Western Union look like a bargain. It makes sales tax look acceptable. My USD bank doesn’t charge me that much through an entire month, and they typically process hundreds of my transactions. … Block size definitions have created a monopoly among miners, and they are using it to beat the ever loving shit out of us, and we are doing nothing about it, presumably because so few people understand the situation. Miners don’t have to compete with one another, because blocks are pre-defined. There is obviously still some competition, because miners have to have rigs powerful enough to actually be quick enough to mine a block, but that’s not where the real competition lies. Where does the real competition lie? Transaction fees.” (12/08/17)