"You don't need to introduce inflation, but you have to do something if you want to avoid the security problem when block rewards run out."
Discussion
Says who? What will be the price of Bitcoin at that time?
The 21M Bitcoin will be mined until year 2140. We don't need to rush. Let time show if incetives work.
You will start having problems way before it runs out. Probably in the next few halvings.
Even if transction count and fees go up you will still end up in #4
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when everything is a hammer, all you see is nails.
shitcoiners are all the same, they are resentful of the success of bitcoin and don't understand how simplicity can beat sophistication. it just does. if you pulled your head out of your arse and look at history that's how it always works.
Your assumptions make no sense. You say:
"4) Nothing changes "scenario A". Thriving fee market. Tiny set of wealthy users are able and willing to pay massive fees."
Current fee is 1 sat/vByte and transactions are the cheapes of all monetary networks. People move millions for less than a buck. So if nothing changes, as you mention, where did you get the idea about massive fees? Especially with high number of transactions which is representatvie of thriving market? 0 logic.
Because no one uses the chain. Bitcoin is at an ATH and still no one is using it. Think about what that means. Everyone is either hodling, on exchanges, or with custodians (not paying mining fees).
How would miners be getting paid with very little on chain activity, but little to no block reward in the future?
#5 is what would happen if we had the current circumstance down the road
The chain is used now and will be used even more in the future. No one hodls forever. Bitcoin is money. People live and will spend their Bitcoin for their living.
Both users on-chain and on LIghtning Network will increase leading to increase to transaction volumes and fees profitability. The free market is doing its thing at adjusting participants and efficiency.
Then you'll run into #4
Lightning doesn't pay mining fees to secure the chain so it doesnt matter with what we're talking about
Miners are free to run lightning nodes. In addition they have their own on-chain incentives. Also opening and closing LN channels do pay fees on-chain.
Lightning is the opposite of what you would want.
It entirely eliminates transaction fees for miners that go thru it's network. Or it greatly reduces fees if they do decide to run one node.
I don't think many miners are going to go through the trouble for a few cents a month.
LN channels do pay fees on-chain.
Lightning Network is the way to get every human being to use Bitcoin as medium of exchange. Small value transactions.
There will be enough market for on-chain high value transactions. Miners incentives work.
Sorry but what you think is irrelevant. What I think too. What is relevant is the reality.
All my bets are on Bitcoin though. Its the only Hope for Humanity.
No they dont. If I pay you on lightning miners don't get any of those fees.
Lightning doesn't scale to every human non-custodially/permissionlessly.
You're right what we think is irrelevant. What happens will happen.
Opening and closing lightning network channels pay on-chain fees to miners.
Its good we agree on the last point : )
Yes, but the whole point of lightning is to very rarely open/close channels and mostly transact over lightning.
For once we agree on something
Lets call it a day on a good note.
I wish you well. Let us be free, have our choices and what happens will happen.
it doesn't make me as mad listening to the cult of monero but i still pretty much mute them all and usually don't engage with them. you can't bring reason to a person who is a fanatic about something. their brain is full of phobias against the principles that actually are important.
"you can't bring reason to a person who is a fanatic about something"
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