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People that think that the only way that #bitcoin mining can survive is extra fees from inscriptions, don’t understand free markets, nor the difficulty adjustment.

If all prices fall to the marginal cost of production in a free market, and bitcoin is the first global free market that has ever existed, then block rewards are alone enough to keep a robust market for mining.

Why: because relative to Bitcoin (open, decentralized, secure, protocol, bounded by energy) the rewards are the same in 2130 as they are today because all prices are falling forever.

It’s hard to even imagine the abundance in that world or “money” that you would need because your reference frame is now and the past, but can you imagine our descendants (from that place)- ever changing back to this one.

Just a friendly reminder that creating different incentives, changes behaviour.

Hanshan 8mo ago 💬 9

I like Jeff.

But.

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

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Discussion

2Pac 8mo ago

I think it is more a deep understanding of free market capitalism which drives up production and drives down prices. Jeff’s not stupid.

Hanshan 8mo ago

Jeff is not stupid, true.

But neither is he a prophet.

if Bitcoin eats all economic activity I agree with the premise

I'm just saying thats an unspoken assumption in the OP

Satosha 8mo ago

Bitcoin eats all economic activity! .. even God can't do that .. that's why he created us :-)

ManyKeys 8mo ago

"People that think that the only way that #bitcoin mining can survive is extra fees from inscriptions, don’t understand free markets, nor the difficulty adjustment."

This is very true.

Plus we have solo miners, I'm putting up more 3 TH/s myself and this trend will only increase.

Hanshan 8mo ago

ok?

I didnt say that Bitcoin can only survive with fees from inscriptions.

Autumn Sun ☀️🌘☯️ 8mo ago

Btc has a somewhat strong cult following.

C 8mo ago

I still think BTC success is inevitable because of what it is, what it does, and the world's need for it. I'll stop believing in it when central banks stop creating more fiat, or when governments have a way to steal it on a mass scale.

Hanshan 8mo ago

the legacy system is very experienced at subverting technologies that threaten it.

i agree the success of something better than fiat is inevitable.

but assuming that it's Bitcoin that succeeds and it will happen in the next 50 years

assumes a lot about externalities nobody can control.

Force2B 8mo ago

If you think there is risk it won’t succeed, simply hedge accordingly