[–] JooB8 ago 

I actually have been invested in Bitcoin since late 2013. I'm still invested in crypto because I know it's essentially a pyramid scheme with lots of room for price appreciation before the Winklevoss twins and others come out with their massive ETFs to sell the overvalued asset to the older wealthier population. My portfolio is probably 75% crypto, but I'm young so I'm no millionaire.

All you would need to do to control the future of Bitcoin would be to control the miners (via mining pools). The majority of miners will do what is most profitable. People are sheep who will believe whatever the MSM tells them what's best for them. And if increasing the maximum supply will reduce their fees, why would they think it would be anything but beneficial to them?

[–] yt4cz9 ago  (edited ago)

Nope. You've been in that long and haven't learned much. If the miners split with the community, you'd see a new fork. That fork would not be bitcoin.

Also, bitcoin is in no way shape or form a pyramid scheme. That's USD. Do you know how and who creates USD?

Another thing, what in the hell does increasing the supply have to do with decreasing fees????!?! You are conflating the block size with the supply.

[–] JooB8 ago 

I never said miners will split with the community. I said they'd all be for increasing the maximum supply, for reasons mentioned in my last comment.

Because block reward = newly minted coins + transaction fees. As the newly minted coins approaches or reaches 0, the entire block reward will consist of transaction fees. These transaction fees would have to be sufficient enough to pay the mining costs of securing the network. There are only so many transactions you can fit in a 1MB block size. Increasing the block size will then increase the costs of securing the network as the blockchain would grow exponentially larger.

[–] 111MrGuy111 ago 

If I'm not mistaken, the energy used to mine crypto is the same energy used for transactions. If the limit were suddenly hit, why would a miner continue? Without which transfers stop and the coin is frozen.

[–] JooB8 ago 

Transaction fees are to replace block creation rewards for miner reward as time goes on leading to eventual 100% of block reward being transaction fees once all 21 million coins have been mined.