I wonder if late stage adoption of bitcoin makes our current understanding of mining incentives look stupid.

right now there are big centralized mining companies trying to make profit. say there are no more block rewards and fees are so low u can’t make profit.

does that mean there is no incentive to mine? no

you mine so you still have a functional network, so your economic energy doesn’t just evaporate into the ether.

i’d rather have 4 billion bit axes than a handful of for profit mining companies.

i think mining completely decentralizes to match the decentealIation of nodes