The reason for my post should be seen in context, and philip has frequently repeated his nonsense that bitcoin is likely going to show broken incentives in around 2050/2060 because the mining rewards are going to be so low that miners are not going to want to mine bitcoin and they will be incentivized to mine POW shitcoins such as litecoin and doggie coin.. and saying dumb shit like that.. so I am reinforcing his dumb ideas through my post.
Bitcoin will grow much more in price then. The block reward will be 0.02441406 in 2052. Currently, the miners getting around $187K for a block; who knows what will be the bitcoin price in 2052? Maybe 0.0244 won't be worth $187K. Maybe this is what he is fearing.
my fear is second layer will not be fixed properly.
if a block is 0.0244 btc and it is worth 244,000 that would mean a coin is 10 million.
the smallest fee is about 227 sats. so the smallest you pay for a fee is. $ 227
This means btc will need tweaks to work.
I am not going to get into miners growing and growing to protect btc.
but if coins are 10 million and say 20.5 million are mined we have a cap of
205 million at ten bucks
2050 million at one hundred bucks
20.500 billion at one thousand
205.00 billion at ten thousand
2.0500 trillion at 100 thousand
20.500 trillion at 1 million
205.00 trillion at 10 million
so a you want lots of miners to protect 205 trillion
lets say gear does 5 watts in 2056 much like cars and miles per gallon there is a limit to how low watts a miner uses.
so if gear does 30 now the same amount of units and power the diff jumps to 320 trillion but no extra value
to the entire network’s infrastructure.
mining infrastructure must grow to protect the new higher cap.
make it stagnant and the value of the cap is poorly protected.
so if market cap is 550 billion and grows to 200 trillion by 2052.
miner infrastructure of 10 billion should be. 4 trillion
55 to 1 . coin to gear now.
50 to 4 coin to gear in the future.
roughly 400 to 1 more infrastructure and 6 to 1 efficient means diff is not 6x it is 2400x
right now we burn about 10,000 megawatts an hour.
we are not going to scale to 24,000,000 megawatts.
just one problem.
and if cold fusion works and we have that much power why spend it mining a vanishing coin
when ltc/doge is designed to never vanish.
BTW This is why JJG always attacks me as he knows that long term on paper right now.
LTC/Doge has a better design than BTC.
but beta was said to be better than vhs.
So BTC can still prevail.
I stack more BTC than Doge and LTC.
Betamax was technologically, ever-so-slightly better than VHS; the tapes were smaller, there was less noise and the resolution was slightly, theoretically higher. It also had first mover advantage by ~2 years. The problem? It was proprietary - controlled by one corporation: Sony and their licensing fees kept the price higher. JVC (Japan Victor Corp) released VHS as an opensource collaboration and so VHS won out... of course they're both dead now
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