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As miners withdraw and go bust the effort declines and the fees adjust until it becomes profitable again. It's a clever aggregate system. Bitcoin is always wor
by neilwilson 8y ago
As miners withdraw and go bust the effort declines and the fees adjust until it becomes profitable again.
It's a clever aggregate system. Bitcoin is always worth what it costs to get it, which at root is relative to the aggregate effort deployed in the bitcoin system in 10 minutes.
10 minutes is a 'turn' in Bitcoin. Everything is relative to what can be done in that amount of time. Perhaps the inventor was an old school D&D player.