I sleep like a baby.
#Nostr is the social network of #freedom.
I told you so.
People around me keep telling to sell #Bitcoin, that is worthless. We are far from this cycle top.
Would you tip her? 🤔 #Video #Boobstr #Arse #Waitress
https://video.nostr.build/475c4a441b3e34d1068df94f8fc42f309a13f944a1f70a7a27d2c99bd45494ef.mp4
I would zap her.
#Bitcoin is trustless because humans can’t be.
In the End, it will be only one. 😂
Money is all about trust. Bitcoin is trustless because humans cannot be. Other life forms, most likely, dont even need money for that matter. They are so advanced that money is a wasye of energy.
nostr:note1nvj0dcnt0k6kudxfucr358llhaqgkxfsqpnwdgudzmvprw9vme2qnp6mvsThey are delaying the inevitable.
It actually has, however calculated till all Bitcoin is mined.
What can happen, is that the price of energy in terms of Bitcoin reduces, and thus the fees can increase proportionally to the decrease of block reward, keeping the system more or less as is. But this means that energy must be valued in Bitcoin and that energy prices will fall gradually in terms of Bitcoin.
Correct, but if energy reduces, then its easier to have 51% hash power and compromise security.
Of course you can say that, when that time comes, no one will want to damage the network, BUT the risk exists and will be higher.
Today, each block has an average of around 4000 transactions. If today reward of 3.12 Bitcoin would go to zero, that would mean that each transaction fee, to compensate, would be 80000 sats, around $75!
Assuming that in 2140, all the world wealth will be transfered to Bitcoin, and assuming that each Bitcoin would be valued in todays dollars at $23M, that means that each transaction of 80000 sats would be worth around $18k!!!!
Lightning can in fact reduce the number of transactions on the main network, but that is actually a danger, because less transactions, means more cost per transaction to pay miners.
This problem will start before 2140, when the block reward is low enough.
When that time comes they will not be called miners but will have eventually other designation.
I’ve been thinking a lot about the time when all #Bitcoin will be mined. When that happens, no more Bitcoin rewards for each new block added to the blockchain, instead, the reward to the #miners will be transaction fees.
In this scenario, transaction fees on the #Bitcoin blockchain will have to be very high to pay all the energy being spent to protect the network.
So, in theory, the main network will only be used for high networth transactions that compensate the high fees required, which means, #Bitcoin will price out transaction of low value, and thus discriminate people with few sats.
Any thoughts on this?
I want to have 4Tb for longevity. Can I do it with your setup?