3 ms·
How can you say the user is in control of bitcoin when the user will lose everything if the central command structure stops existing? If/When bitcoin mining bec
by bluetwo 6y ago
How can you say the user is in control of bitcoin when the user will lose everything if the central command structure stops existing? If/When bitcoin mining becomes unprofitable, this is what will happen.
Sure, it's not a single centralized server, but if the incentive goes away, all those servers will go away at once.
- opinologo 6y agoTransaction fees keep mining running. Exchanges or other actors might add hashing power as well. There are so many incentives to keep transactions going..
- hossbeast 6y agoEach miner that leaves means more rewards for those that stay. It's a self sustaining equilibrium.
- mikeiz404 6y agoI’d guess that over the long run this wouldn’t happen as long as their is still some faith in the value of the coin. I could see this happening temporarily if the price of Bitcoin were to significantly drop for a sustained period of time I’d wager there would be a lag period between what people think the coin is worth and what the market values its worth at leading to an unwillingness to transact / mine for a period of time. Once people’s perception of the coin’s value and the market value realign I imagine transactions would start flowing again. (I’m curious of what others think of this.)