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If the economics of verifying transactions is no longer sustainable, the code will be updated to allow more mining. That's something no one wants to admit, but
by boh 6y ago
If the economics of verifying transactions is no longer sustainable, the code will be updated to allow more mining. That's something no one wants to admit, but the SegWit soft fork confirmed the influence concentrated miners have on development. The idea that somehow Bitcoin just works outside of any social influence is a complete fallacy.
- corty 6y agoExactly. Miners will decide to continue mining. Probably in just the right amount such that inflation/deflation is controlled enough to create sustained profits for them. Thus basically acting like a central bank.
- boh 6y agoTrue, and honestly this can happen before they even get near the mining cap, since computational costs will likely be unsustainable before that.