The amount ofđź’©coiners hammering the longer-term security budget questions is never-ending.
Anyone have any good response articles to this? I'm tired of typing out my own arguments in tweets over and over again
Discussion
I don’t have an article, but here’s my thinking. It’s simply a non-issue.
Future scenario 1: Lots of people are using bitcoin, so there are plenty of fees being paid to prevent attack
Future scenario 2: Relatively few people are using bitcoin, so no one would waste time and money attacking it
Agreed fully. Only question I have is, in response to this screenshot... In the situation were Bitcoin has obtained nearly all monetary value in the world (can no longer rely on future growth in price to incentivize miners) , would the fees have to increase so much that the main chain would be unusable by the average person?
lmao nano dude so wrecked
Yea it’s super frustrating. But steel your resolve, because scamtown is just getting started. I just focus on giving good information to people who I know in real life and who are actually interested in learning more
That supposes that there are only a handful of super expensive transactions taking place. I don’t think that’s what a free market would trend towards. If the fees were so exorbitant, what stops another miner from coming in and undercutting it by just a little? It would still be crazy high right? Of course, someone comes in and undercuts them because it’s still a great deal. And this trend continues until the market lands on a price that covers costs of securing the network plus enough profit to make it worth doing. Just like everything else in the market.
His projections make it seem like there won’t be anyone new entering Bitcoin. What, when it reaches golds market cap everyone has already bought Bitcoin? Not everyone owns gold, so why would that be?
Let’s check back in 2044!
Yes, although I wouldn’t characterize it as unusable. It’s use will be for moving value of at least a thousand or so of todays dollars
đź’Ż
I'll be pleased to pay for the transaction finality in the future.