Re:Understanding Blockchain in plain English (~3500 words)
by model_s on Friday June 30, 2017 @12:32PM
(#14671804)
I would imagine that at some point, maybe in 100 years, mining may not reward you more than the cost of electricity to mine. Miners won't bother continue--how will bitcoins continue to be hashed? thanks apeace!
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Re:Understanding Blockchain in plain English (~3500 words)
by pyroinferno on Friday June 30, 2017 @03:56PM
(#14673270)
The invisible hand of the market. In 100 years, if bitcoin transactions are still of value, then miners and people making transactions will come to an agreed upon transaction fee that will be suitable for both parties. And If miners drop out, transaction fees will go up.
Re:Understanding Blockchain in plain English (~3500 words)
by mamoriamohit on Friday June 30, 2017 @01:43PM
(#14672365)
Transaction fees will keep increasing (because of demand) and we would have moved to renewable electricity by then (free electricity), therefore miners continuing mining.
That's my opinion.