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16491977 No.16491977 [Reply] [Original]

How the fuck is the bitcoin network supposed to stay secure when the mining reward drops too much after a couple halvings? That hash rate is going to drop like crazy and the whole chain is going to get 51% attacked in the future. Retarded monetary policy.

>> No.16491993

Transaction Fees

>> No.16492006

>>16491993
Will that be enough though?

>> No.16492010
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16492010

>>16491977
Bitcoin will be just fine.

>> No.16492016 [DELETED] 

>>16492006
Nobody knows. Nothing like bitcoin existed in the past.

>> No.16492021

>>16491993
If bitcoin goes up too much like to a new ath then it wont work right. It will take days for confirmations.

>> No.16492031

>>16491977
the idea was that by the time this happens bitcoin would be the new standard
nakamoto underestimated initial interest and the insane power of the banks to control regulatory standards
altcoins will die in a big court crunch in 2020-2022 and then JPMORGAN COIN will dominate the space
you don't get to participate in the ICO though so don't worry about it

>> No.16492042

>>16491993
Bullshit. Bitcoin can't handle the volume required to rake in enough transaction fees to offset costs.

The only way bitcoin will survive the next few halvings is if the price of each coin continues exploding to compensate for the fewer coins being shelled out. But once it hits zero it's game over. That 21 million limit will have to be removed at some point it's ridiculously stupid.

>> No.16492043

>>16492006
Nobody knows. Nothing like bitcoin existed in the past.

Enjoy being on the cutting edge of both economy and IT

>> No.16492045

>>16491977
>>16491993
>>16492006
are you people all retarded? bitcoin's mining difficulty adjusts and it becomes easier to find blocks if miners leave the network. therefore, someone will always be around to mine, even if it's people mining with CPUs. they'll collect block rewards and transaction fees

>> No.16492051

>>16492006
Maybe. That's why satoshi said

>20 years from now there will either be a lot of transactions or non

It is also he is so intent on scaling bsv. An massive amount of transactions are needed in order to have enough fees to make it worth while for miners. Massive adoption can only happen if the fees are small like on bch and bsv. The high fees on btc makes it cheaper to use the old banking system. Scaling is key for bitcoins survival

>> No.16492065 [DELETED] 

>>16492051
But the network can't handle a large amount of volume without fees getting ridiculously high, which then kills the volume. Satoshi did not account how little volume the chain can actually handle.

>> No.16492066

>>16492042
>That 21 million limit will have to be removed at some point it's ridiculously stupid.
>t. Schlomo Shekelberg

>> No.16492095
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16492095

>>16491977
Wow you finally understand why ETH has no hard cap
>>16491993
Retard.

>> No.16492101
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16492101

>>16491977
>>16492042

>> No.16492130

>>16492045
Yea but with the advent of ACIS miners that get stronger and stronger, having a load of miners dropping due to the halving increases the risk of a 51% attack given how centralized that shit already is. If the miners see the chain has no future due to not enough rewards they will attack it.