Again, this doesn’t explain how hardware cost contributes nothing to security. These 2 things you’re talking about are completely orthogonal.
What you are missing by saying only current fees - negotiated at one particular moment in time - matter for security & not hardware cost, is that hardware cost is *also a manifestation of fees* - more precisely, it is the stream of future fees, discounted back to the present.
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What you are missing is that this is not relevant to security. What gives the market power is the ability to raise fees for non-censors only. Fees are the only aspect of Bitcoin mining that exhibits this essential security characteristic.
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And no, that fact that fees are used to purchase hardware does not imply that hardware exhibits this characteristic. Disproportiately higher fees to non-censors is the basis of confirmation security. What a miner buys with their reward is inconsequential.
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I see you don't understand even the basics of stock vs. flow :-) I think I'm done here.
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So maybe you think that the state and the market experience capital differently, as otherwise it is irrelevant to security.
End of conversation
New conversation -
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