[thefz]

> And to add insult to injury their are an estimated 1.8 billion people in the world that do not have bank accounts due to things like fees and minimum balances or failed states. It's estimated there are 55 million in the US alone.

I would agree if miners were hobbyists with a spare old PC in their basement crunching blocks, but the network is definitely overprovisioned for the amount of transactions now and you and I both know that miners are in for the money. What was born as an incentive to participate is now the sole reason to mine.

> But you know what? screw those people who can self bank using Bitcoin at zero cost and zero maintenance fees. Because you simply don't see value in that.

The cost is there, you just don't see it because CO2 is transparent.

[strings29]

yes miners have an incentive to protect the network. Essentially they are providing a service.

That's the whole point, Bitcoin is a closed system and because people are inherently greedy that greed is used to benefit the greater good.

If bitcoin was over provisioned then miners would capitulate. Which actually does happen from time to time.

Also you make an assumption that miners are only providing service per transaction. This assumption is wrong. Due to how merkle tree's work bitcoin makes it expensive to add blocks to the tree but cheap to verify the whole tree. Each new block protects and verifies all previous blocks and transactions.