[–] 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.
[–] 111MrGuy111 ago
So miners will be paid to process transaction fees? With the same or different equipment? That will necessarily drop the value of the security in an instant. Could also lead to slow transactions if ROI isn't good enough.
[–] 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.
[–] yt4cz9 ago (edited ago)
The block size has NOTHING to do with increasing supply. Get that silliness out of your head. Block size will likely get increased once we are through this stage where the govt. could launch attacks on bitcoin.
What you're talking about is about 100 years away and by then there will be other reasons to secure the network for all of us.
In case you're not a kike and truly think the "price" is going to collapse soon, here you go:
https://imgur.com/a/HOKZehH
https://www.reddit.com/r/Bitcoin/comments/kehn2a/our_fundamental_work_shows_that_bitcoin_should_be/
https://hookspoint.com/pages/2016-vs-2020-bitcoin-price-movement/