What happens in 2140 then?

A lot of people don’t understand a lot of things. Education is the key. 📜

You put into words something I've been pondering about for a while. It always seems like the discussion for future mining rewards is calculated from the current system, not from a Bitcoin standard.

Okay, But block rewards go to zero. So then what

this is assuming a hell of a lot

how is this helpful and not just utopian thinking?

The Price of Tomorrow 🙂

satoshi talked about this, unlike gold where price follows cost of production, in bitcoin, cost of production (mining/hashrate) follows price. Bitcoin hashrate/network security will always find a balance according to price. If bitcoin doubles in price, double market cap, you can bet security (hashrate) will follow, the opposite is also true.

Cheers Jeff

It’s a ridiculous argument, and yet somehow, we still have to fight it. We hoped ignoring it would make it disappear, but that clearly didn’t work. They know Bitcoin doesn’t need their fee, they’ve always known. This isn’t about truth; it’s just another distraction, one of many. It’s deliberate! They flood the space with noise, trying to wear us down, hoping we’ll give up.

Peter Todd (aka Satoshi Nakamoto 😂) disagrees with you.

I like Jeff.

But.

this is still just "Bitcoin will succeed because it is inevitable. trust me bro"

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A key problem currently however is that vc's, mergers, stock offerings and regulations are massively clouding the mining space. It allows for mining at unsustainable costs for a given time. This won't last. Only then, will free markets play out.

Agreed. And the beautiful thing is people don’t even have to understand this for it to happen and for them to benefit from it.

#weallwin

Technical people don’t necessarily understands economics

If block rewards and current fees weren’t enough, then you might expect to see hashrate fall, no?

Bitcoin is money. That is all.

If minining fees are small - less transactions , wouldn't difficulty automatically adjust down ?

#askNostr

Cuz more compute will go to better ROI things like say running infrence ..?. ..less hashrate would force lower difficulty.. means less miners ..

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100% few are mentally prepared for the power of a truly deflationary currency…!

During the transition, countries that print their currencies can crowd out the private sector from mining, generating enough bitcoin to sustain operations moving forward, no? We know a true free market never exists alongside state actors that can manipulate said free market via currency, regulation, tariffs etc. Governments inevitably become the primary miners because they’re not subject to free-market forces due to the ability of being able to first print currency to maintain an advantage, and leverage the violence monopoly to ensure it regardless of economic forces.

I just don’t see how nation states (who have unfettered access to an amount of nuclear power that no private entity could ever compete with) aren’t entrenched as the largest mining entities forever (if they choose to be)

Most don’t understand how abundant the abundance is from tech driving prices forever lower. There is no spoon.

What if regulations goes rogue so that mining can't be profitable anymore or it's outright banned?

Those may have read the wrong book “the price of yesterday”

Thank you for saying this for the economically illiterate bitcoiners, Jeff.

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“But prices need to keep going up! Otherwise nobody would buy anything!” —A Certain Type of Person

Word. Bitcoin is a hard mirror to look at for many. But once you stare at it long enough, you see we all want the same thing.

Those people are incapable of extrapolating data over the long term… the bitcoin mining reward started at $0 and now it’s more than $312,243.00 despite the block reward decreasing from 50 bitcoin to 3.25 bitcoin over that same time period.

https://primal.net/e/nevent1qqsxe6uxaf7frmwmg33puhwrg6uxfgq2wycan6309ee02nhnykjxhrg46xhcy

I agree with you the problem doesn't exist. Miners will be rewarded in a big way even in 2140 with fees

A lot of devs are trying to solve for problems that are assumed and not realized.

It's fun watching someone else reason from the first principles of reality.

The point Jeff is making here is, "No system is better than it's incentives."

People ask, "What backs Bitcoin?"

Even though it's abstract, the answer is, superior incentives.

No person, group, society, nation, world, is better than their perceived incentives.

Without people, in some sense, Bitcoin ceases to exist. Bitcoin runs on energy, from people, because people are what connects the abstract system of Bitcoin to the energy of nature and spirit that make it run.

Why, fundamentally, are people willing to invest their lives into Bitcoin (and Nostr) to make them work to create the vision of the future they imagine?

Because it gives them a TRUE and ENDURING sense of Meaning.

And when you connect with Meaning, you're connecting to God Himself, the center of all things, the origin and propagator of consciousness, the One who is Goodness, eternally.

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Block subsidy will be enough for a time. How much time depends on how valuable bitcoin is. And in your view the subsidy will be sufficient as long as it’s above 0.

This doesn’t address the case of at zero subsidy…nor does it address the mathematical fact that the exponential decay of bitcoin supply is far far far far faster than any economy can grow.

important 👇

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Well said.

Ok, as usual, Jeff, I need to read this 3x. 🫤🧡

A deflationary story...

“But what happens when block reward drops to zero?”

Here’s the answer:

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Worth rereading…

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I love the phrase, "first global free market." Leonard Piekoff once said simething like... we've never had a 100% free market. If we did, we would have prosperity you can't imagine.

It turns out a free market did exist. We just didn't know it in 2012, at least I didn't know.