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1  Bitcoin / Development & Technical Discussion / On bitcoin's very long term future without miner rewards on: January 03, 2021, 08:15:37 AM
I've been thinking about the future of bitcoin in the decades to come. Like many of you I think that bitcoin will become the world's reserve currency, if it weren't for one little problem: miner reward. I know this problem has been discussed in the past, but I have not seen much discussion in the present. There is a great paper on the topic https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf, which shows how unstable the ecosystem becomes once block rewards are taken out of the equation. Fees will not replace rewards in the sense that incentives change. How do you think it will affect future development, and when do you think this will have the first concrete manifestations both in network dynamics and price?
Do you think it will fork in other versions where there is always a tail reward like in other cryptocurrencies? If that were to happen it would destroys bitcoin's case as having a finite supply.
These issues are far ahead and I'll probably be dead before they will actually become tangible issues, but I think it's important to discuss anyways.
I'd love to hear opinions from someone who's more knowledgeable than me, so thank you in advance for any reply.
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