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> > some analysts and critics of the network are concerned that Bitcoin won’t use enough energy to remain secure in the future when it relies mostly on transact
by ephbit 4y ago
> > some analysts and critics of the network are concerned that Bitcoin won’t use enough energy to remain secure in the future when it relies mostly on transaction fees. I don’t view that as a primary concern either
> Strangely no reason given for this wishful thinking that declining rewards leading to declining security won't be a long term problem.
Why would reliance on mostly transaction fees be a problem? Even with zero block reward, miners still have every incentive as before (with high block rewards) to compete for finding as many blocks as possible, because the creator of a block can choose transactions and gets the resulting fees. The chance to succeed is proportional to hashing power and thus energy usage. Do I get something wrong here?
- tromp 4y agoThe problem is not with lack of miners, but with lack of security relative to the total secured value (i.e. marketcap). This paper [1] studies the issues. [1] https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf https://www.cs.princeton.edu/~arvindn/publications/mining_CC...