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> the price will go down without new demand There isn't a fixed pool of demand that miners are slowing bleeding away. I starting rejecting the article while re
by michaelwww 4y ago
> the price will go down without new demand
There isn't a fixed pool of demand that miners are slowing bleeding away. I starting rejecting the article while reading it as an unrealistic thought experiment. I guess my point is there are so many ways demand could drop. Demand goes in cycles and no one can predict.
I just thought of this so blue sky: What if Satoshi Nakamoto reappeared with a new coin and a new proof that didn't use large amounts of electricity? What would BTC be worth when everyone was selling it to buy this new coin? Or would Satoshi let people swap BTC for his new coin? A true Black Swan event.
- betwixthewires 4y agoThere isn't a fixed pool, but there's a minimum threshold of required new demand that is equal to the energy expenditure of mining. That threshold is proportional to the security of the network.