Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]

Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf] by thinkmassive on Saturday December 09, 2017 @02:00AM (#15884658)

We’ve already witnessed transaction fees exceed the reward (see block 494045). I wouldn’t be surprised if that’s happened again during the past 3 days when getting into the next block cost 500 sat/byte.

The solution for BTC appears to be off-chain scaling, such as Lightning Network.

The end of mining rewards is beyond our lifetimes, but I wouldn’t be too surprised if there’s a successful hard fork to continue the final 1 Satoshi reward indefinitely.

[ Parent | on HN ]

Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf] by Klathmon on Saturday December 09, 2017 @06:06AM (#15885274)

That's my favorite part of Bitcoin, the fact that it can evolve over time.

If it's found that deflationary really won't work, and it's genuinely hurting the usage and adoption of the currency, and it's in the current users of bitcoin's best interest to do so, it can be turned into an inflationary asset.

Flaws can and are fixed in it, and because those changes can't be pushed through by some appointed authority without overwhelming majority from all involved parties, you don't need to worry about this ability to drastically change being unfairly pushed upon you.

[ Parent | on HN ]