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Yeah, this is why I think bitcoin is long term not worthwhile. While the vision was a digital currency which would be widely used to transact with, it was plaus
by rcxdude 4y ago
Yeah, this is why I think bitcoin is long term not worthwhile. While the vision was a digital currency which would be widely used to transact with, it was plausible that transaction costs would be sufficient to secure the network (though it would still be difficult to actually price them effectively). But as a 'store of value', it will start to become either expensive or insecure as the mining rewards peter out.
- sph 4y agoThe time to mine a block is "constant", in that it takes an average of 10 minutes whatever the network size. When the mining rewards peter out, big ASIC farm miners leave the network, the mining difficulty goes down, and so does the energy and hardware investment required to mine a single block. But at the same time, smaller time miner can enter the network and mine with less powerful hardware. If all miners were to quit tomorrow, the difficulty would go down so much that you could mine a block, in 10 minutes, with a Raspberry Pi Zero.