Anyhow, let's talk in 5 years?
I'm not here to debate the profits or moneymaking schemes. My only thesis is that Bitcoin has value, and one of the drivers of that value is it's decentralized and global nature.
>What's going to happen when/if the cost of mining goes above the value of the bitcoin?
There are simulations/discussions on this, and we're not sure.
But the thing is, for the cost of mining to be over the value of bitcoin it would require a huge coordination of miners. Even now, when we saw Bitcoin lose a lot of value it immedietly resulted in a big amount of miners moving to other cryptocurrencies. This then resulted in difficulty reducing, and profits rising back up to previous levels.
But I will admit that, similar to a black swan event, a "bitcoin mining death spiral", could be possible.
What a privileged thing to say. Please reconsider and think a bit more broadly, what could be the value of a system that is globally accessible and not controlled by a central authority. Then you will realize how immensely valuable an unique this resource is.
Yes, but by using blockchain and proof of work we strive to create a system where centralization is the primary state as a result of mathematic equations and game theory. It doesn't need a higher force to govern it. It's inbuilt.
Ahh, so you more have a fight with Bitcoin, rather than crypto in general?
If you're looking for what makes Bitcoin special, the answer is Time.
Time has allowed it to have many many man-hours of development worked poured into it, improving it, making it more resistant. Throughout the years multiple inefficiencies have been removed, and security breaches have been fixed. This is an advantage.
Time has allowed its community to spread and grow, building into a powerful decentralized network. Do not underestimate the power of network effects.
Time has molded its name into the eyes of people and into the history of the world. Everyone has heard of bitcoin. This is incredibly powerful. (Can also be argued to be a negative point though)
You bring up miners as an example of bitcoin having no value, yet that is exactly where the value is. Decentralised mining is how bitcoin keeps its core value of being decentralized. The miners are thus being paid to upkeep this feature. Miners don't need to speculate on the value of Bitcoin, their profits in the long run will be equal to the value of this feature.