17 May 2017

ShapeShift CEO Says Miners Are Not ‘Winning’ From High Fees

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shapeshift ceo erik voorhees recently denied the claim that miners are “winning” from the increase in bitcoin network fees.


According to a post on Reddit,which says fees had increased to “40 percent” of the 12 BTC block reward, Voorhees said it was “narrow-minded” to think that miners were on top.

Three altcoins specifically have now activated Segregated Witness, with Litecoin set to join SysCoin and Vertcoin in facilitating layer two solutions including Lightning Network instant transactions in the near future.

Erik Voorhees said "If BTC price is reduced because of the scaling conflict then, high fees in blocks does not necessarily surpass losses from mining reward due to price suppression,”.

“It would be extremely short-sighted and foolish to block progress which enables Bitcoin to increase and become worth $10k+ per coin merely to get marginally more mining fees.”

So

“Miners are not "winning." While the impasse exists, everyone in Bitcoin is losing. Banks are winning,”

Source: cointelegraph

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