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ChatGPT is correct in this case. IMO it's all unsustainable. Users will not pay enough transaction fees to match the current block reward, and while mining wil
by immibis 1y ago
ChatGPT is correct in this case.
IMO it's all unsustainable. Users will not pay enough transaction fees to match the current block reward, and while mining will continue, if more than 50% of mining power becomes unused, a bad actor can buy it up and anyone with more than 50% of mining power has the ability to completely destroy the network. Tail emission is a better model.
- virgilp 1y agoThank you. While admittedly lazy, I wasn't trying to make a point with "here's what ChatGPT says" - I looked up the economics of BTC for the first time and I was shocked that its demise is built into the protocol (I didn't use ChatGPT to prove a point, I was more trying to find out where it is wrong). Seems that if nothing changes, mining may become uneconomical as soon as 2028. If that's the case I'm kinda' shocked that there's no panic among BTC holders.