They don't. They'll go bankrupt to miners that are profitable. There's always miners that are profitable. Renewable energy exists...
Discussion
Ok sure but your implying that there is an infinite growth to energy production? really what we care about is the ratio between nation state energy capacity and network capacity for energy generation
You're still thinking a nation state attack is possible. It's not. If they do, they spend massive amounts of resources for no gain when we just fork them off the network.
And yes, actually we do have infinite growth to energy production.
If it becomes less and less relevant, number doesn't go up then the expense may not be that large. I.e. monero
Fake L2 / centralized coordination creates an incentive problem with miners for sure. With any meaningful scale they'll have incentive to vertically integrate miners and coordinators to start play games where they mine their control transactions and not competing ones or exits.
But that aside, if things remain where they are with sub-sat fees, and price languishes relative to the subsidy with future halvings, the nature of hash rate will inevitably change but not necessarily decrease.
The big industrial miners right now are already starting to pivot to AI, the arb is starting to come out of stranded energy. The subsidy also currently draws in institutional investment that will pay a premium for "uncirculated" coins that have a known provenance and can't in the future be linked to "illicit activity". With each halving this strategy becomes more expensive for these institutional accumulators.
That's not necessarily negative for overall hash rate, ASICS keep coming and each new version is cheaper than the previous one.
Things like Heatbit are a glimpse into where the hashrate will move to once institutional miners start move on, application where heat is the primary output and Bitcoin just subsidizes THAT. Greenhouses, water heaters in your house etc.
This would be better than the status quo today vs. a few very large pools anointed by institutional (nation-state?) capital.
Interesting insights. Hopefully we can solve the bridge problem or come to a consensus on integrating one.
I get into my solution, Lightning.Pub, a bit on the full interview
It's a recognition that casual users are going to end up trusting somebody, so we need to make the tools that allow that to be distributed to the local extreme of the family/small-biz
I'll give it a listen. What about bip300 and bip301?
Bunch of nonsense, they're a little older than the new wave of Fake L2s and have been beaten up already. Ex https://petertodd.org/2023/drivechains
Paul can't even get basic Lightning principles right, shitcoiner clown of the highest order.
i'll give it a read
This is the right approach by putting trust where it should always have been: family, friends, local business where you actually know them. Trusting faceless corporations and institutions is an abomination that, along with fiat, created the problems we are trying to fix.
Theoretically but engineering wise there is a limit and even if it is infinit its about the ratio