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A lack of high fee paying transactions once the block subsidy becomes insignificant in a decade or two, would make bitcoin susceptible to 51% attacks.
by tromp 2y ago
A lack of high fee paying transactions once the block subsidy becomes insignificant in a decade or two, would make bitcoin susceptible to 51% attacks.
- enether 2y agoI agree. I think by that time, if the network effect has grown further and more parties have invested large money in it - they’ll just find a way to fix that. For example, they may move to proof of stake. It would ruin the decentralisation imo, but it doesn’t matter because it would save their value (money) and that’s what every participant will want first and foremost It goes to show that because it’s software that holds money, when push comes to shove, people will just agree on a new version to save their money
- big-green-man 2y agoBitcoin has become harder to change the more people use it. This is true of all decentralized consensus systems that require consensus to modify. The only way this happens is if the majority see the impending outcome clearly, of course by then the damage will have already been done.
- big-green-man 2y ago100%. And to hear it from you. I was just talking to someone yesterday about this and telling them about linear continuous debasement, mimblewimble and grin. Capped supply in PoW ends only in reduction of security which translates to reduction in value. Bitcoin as it exists today has a destiny, and it's not what evangelists think. Incentives are outcome.