Casinos say, “Win Big! In the same way that I’d pout and give up playing 1-on-1 basketball against Kobe Bryant, casinos can say that they don’t want you to play against them anymore because you are too good. ” and are set up like Disneyland for grownups. Coins have to get initially distributed somehow, and a constant rate seems like the best formula. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. Many people think you have to be a rocket scientist or brain surgeon to learn to beat card counting. Card counting is simply using your brain, like a winning chess player. It’s not like using a dice with all 6’s, but like being better than someone else at scrabble. It’s not for the faint of heart, but it’s a learnable skill. If you find me in a casino, it’s because I’m there to beat them out of their money, fair and square! It’s documented in the movie “Holy Rollers“, there are many professional card counters on our blackjack forum (none of whom break the law), and there are dozens of card counting books that explain how.
We are there for your money! There will be transaction fees, so nodes will have an incentive to receive and include all the transactions they can. You can make REAL money at card counting! That would have required a trusted party to determine the value, because I don’t know a way for software to know the real world value of things. THIS IS NOT REAL LIFE! They are issued in a limited, predetermined amount. You could say coins are issued by the majority. But they are there for 1 reason: to empty your bank account. There are a couple reasons why people think card counting is illegal. The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. Those coins can never be recovered, and the total circulation is less. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block. Nodes will eventually be compensated by transaction fees alone when the total coins created hits the pre-determined ceiling.
I’m sure that in 20 years there will either be very large transaction volume or no volume. They may beat you sometimes, but you will win more often over the long-haul. But we’ve trained hundreds of people to beat the game. They may treat you like you’re the bad guy, but the winning card counter is just the rare person who has taken the time, energy, and resolve to master how to beat the game. The incentive may help encourage nodes to stay honest. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. When that runs out, the system can support transaction fees if needed. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.
It’s the opposite of when a government prints money and the value of existing money goes down. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. The incentive can also be funded with transaction fees. You can learn to count cards! Blackjack just happens to be the only casino game that can be consistently beaten EXACTLY how they offer it. YES, casinos can ask you to stop playing. We’ve taken millions from casinos over the years. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. We gladly allow the customer to play the game against us, as long as we know we will win in the long run. Card counters play the game exactly how the casino offers it. In “21: The Movie,” Lawrence Fishburne chases card counters into the bowels of the casino, points a gun at them, and handcuffs them.
