BTC unsustainable

[Anonymous No.16661856]

How is Proof of work sustainable in the long run? If it gets harder and harder to mine BTC, the cost of mining grows exponentially and if the price doesnt follow, the network becomes compromised. At some point, will there be infinite difficulty and cannot be mined? What will happen at that point?

[Anonymous No.16661859]

>>16661856
It's not sustainable. BTC maxis are merely delusional

[Anonymous No.16661877]

>>16661859
>altcuck

[Anonymous No.16661883]

Then less efficient miners will drop out, leading to a greater share of the block rewards for those who keep mining.

There are enough miners with free electricity to keep the network going fren.

[Anonymous No.16661886]

>>16661856
There isnt infinite difficulty. If blocktimes are too slow (mining power is reduced) difficulty will re-adjust. Thats not a problem.

Miners are paid by a subsidiary (12.5) plus tx fees. This subsidiary is halved every 4 years. If price doesnt follow, BTC security is fucked. This is why BTCs fundamentals are just dumb. Its limited 1 MB blocksize restraints transactions, which will limit the potential gain in miner rewards.

BTC will probably not live without a protocol change.

[Anonymous No.16661900]

>>16661883
This is how China will have complete control over bitcoin

[Anonymous No.16661917]

Well as long as people do get on board and adopt btc things should be fine right? It's the retarded boomer that mailny hold back adoption and the younger generations are coming of age.

[Anonymous No.16661931]

>>16661917
Actually there is less active wallets for BTC now than pre 2017 bull run. This signals a complete failure for adoption

[Anonymous No.16661940]

>>16661917
Btc doesnt scale well enough to be adopted. Fees were literally $50 pr tx. Not one smart guy looks at that and says good idea

[Anonymous No.16661943]

It's not sustainable. If there were trillions of dollars flowing through the network, miners would need to be wasting even more than that in electricity in order to secure the network. Imagine if miners mined super efficiently and barely spent any money on electricity - an attacker could spend a few million to disrupt a gigantic trillion dollar network. Even the system in its current form may not provide sufficient security if an attacker can rent enough hashpower.

[Anonymous No.16661955]

>>16661886
Pretty much everyone is in agreement that 1mb blocks are not sustainable in the long run, but there's nowhere near enough demand to justify increasing it right now. $20 fees for a week peak 2017 bubble did not permanently clog the mempool.

[Anonymous No.16661958]

>>16661943
Getting enough hash power to do that atm is almost impossible

[Anonymous No.16661964]

>>16661931
People are holding. Over 50% of bitcoins haven't moved in over a year. I personally use bitcoin the same way that normies use their savings account.

[Anonymous No.16662034]

>>16661964
>the digital gold meme

This is not bullish, fren.

[Anonymous No.16662058]

>>16661964
you know bitcoin is not wealth right?
to get wealth you have to sell to someone and take their wealth
you're not saving anything

[Anonymous No.16662226]

>>16661943
>if an attacker can rent enough hashpower
how?
to do what?
to shoot himself on the feet?
what is the economical incentive to do that?
price would tank
>b-but he can short
good luck getting paid by bitmex nigger for manipulating the market with a network attack, it will never happen, order submission errors happen only when you are the one losing money

[Anonymous No.16662230]

>>16662058
Of all the pajeet arguments this is the most pajeet

[Anonymous No.16662274]

>>16662226
No one would know you're the one doing attack, as far as Bitmex can tell it's just a random shorter. Order submission errors don't happen when you submit the order before periods of high activity.

[Anonymous No.16662297]

>>16662274
ok then, go ahead and try, what could go wrong with this plan?

[Anonymous No.16662464]

>>16661856
>and if the price doesnt follow
kek if your grandmother had a dick she would be your grandfather

[Anonymous No.16662483]

>>16661856
This is why 0xbitcoin will inevitably rise - it combines pow supply with pos security. The only reasonable and sustainable solution.

[Anonymous No.16662484]

>>16662297
you can't rent enough hash to attack btc but you could possibly do it to sv

[Anonymous No.16662623]

>>16661856
>too slow for transactions
>too volatile to be a store of value
>only profitable for 3rd world miners
its name is the only advantage BTC has, and even that could turn against it, I'm pretty sure there's a significant amount of normies who associate Bitcoin=price crash, and will actively stay away from it re-entering crypto
and every news about "X using Xblockchain" is never about BTC, so it seems pros/intitutionnals aren't too crazy about it eieither when it comes to actual use/deployment
>normies have a bad image of it
>pros prefer other projects
a this point BTC is a speculative asset, I agree with those who think it'll pull the next bull runs, and remain for a while as a measuring stick for other cryptos, but without adoption, it won'be like that for long.

[Anonymous No.16662768]

>>16662483
0xBTC is interesting because it separates relying on miners to secure it and still has the pow distribution method. As long as Ethereum doesn't eat pavement, 0xBTC should be researched more and invested in. There's so many things you can do with it that the original Bitcoin can't do. And there isn't some central owner or a specific person that is the face of 0xBTC. Anyone that mines or buys the tokens share it together. What it needs is multiple applications for real world use and a proper market surge off of that.

Miners stop mining 0xBTC, it still stays alive. It's one of the genuine projects in the space that /biz thinks is a scam, but it can't be because it wasn't printed out of thin air like so many projects.

0xBTC for cash
ETH for gas

Lava network is up and running and that works. Offchain relayer tool that pays someone in 0xBTC for paying your gas fee.

If you can't respect that what the 0xBTC community is doing, you don't get how crypto should be. Open source development of creative ideas using blockchain.

[Anonymous No.16662774]

>>16661859

[Anonymous No.16663308]

>>16662768
What do you mean biz thinks it's a scam? People almost never talk about it on biz

[Anonymous No.16663347]

>>16663308
From time to time when a thread pops up about it, it's a "pajeet scam that rahesh and his family bought". They claim Infernal_toast is an Indian, it was pre-mined, it's another Bitcoin rip off, and a bunch of other crap. You can go to github and etherscan. Read the code and see there's no proof of 0xBTC being a scam. It's the first mineable token.

https://www.reddit.com/r/ethereum/comments/8oiy90/explanation_of_the_first_mineable_erc20_token_eip/

I'll say this is not a shill. Presenting honest truth about it and how it's a well designed crypto. Bitcoin on the Ethereum blockchain. Just need the ability to use it and apps can be created that allow erc20 tokens to be spent on real world stuff.

[Anonymous No.16663498]

>>16661883
So much for "decentralized"

[Anonymous No.16663552]

>>16663498
Jesus what the fuck is that from

[Anonymous No.16663586]

>>16661931

adoption has been never on the table lmao

it is just a speculative virtual asset.

Do you fucking realize that none (zero) of exchange's trading goes trough blockchain, only transfers to and from?

this is what BTC really (not in your imagination) is.

[Anonymous No.16663595]

>>16663586
>BTC is something you buy on exchange and transfer to your personal wallet

Wow great insight there, thanks for this contribution

[Anonymous No.16663645]

>>16661856
>>16661859
If you do not understand POW and why an attack on the network is designed to be a poor choice, read here:
https://nakamotoinstitute.org/mempool/the-proof-of-work-concept/
>>16661940
>>16661955
You mention high fees but do you realise that senders choose how much they pay for a transaction? It is charged in btc/Kb and even right now I could decide to pay $100 for a transaction. I could also decide to pay $0.01. Your argument is that of a misguided altcoin lover.
People are constantly mentioning a hashrate bubble and an unsustainable system. But these are poor concerns because hashrate is at it's cheapest since the inception of POW. And it is thanks to bitcoin. ASIC manufacturing and development has given birth to miners many 100s of time more efficient than the first design and the network shows no sign of failing.
The real concern for me is the algorithm itself. It is only a matter of time before collision in SHA256 is discovered. At that milestone, the protocol will need to change and will pave a very uncertain future for bitcoin.

[Anonymous No.16663668]

>>16663552
Looks like she let her knees lock. That's a very bad thing to do with those kinds of machines, since it can lead to what you're seeing in that gif

[Anonymous No.16663787]

>>16663645
Aren't the odds of a sha256 collision basically 0

[Anonymous No.16663816]

>>16663787
Now they are. But when SHA1 was created, average instructions per second was around 100 million and it was considered secure, this was '93. Now CPUs are averaging around 300000 million IPS and people compete to find flaws in SHA1 using these advances in technology - see Eurocrypt 2019. Sure 25 years is a long time time for an algorithm and sha256 may be far more advanced and last far longer but as said, it is only a matter of time.

[Anonymous No.16663831]

Thanks everyone, after reading this thread I bought $100,000

[Anonymous No.16663835]

>>16663787
it's not 0 but very low
if you're trying to attack a specific hash, assuming calculating to halfway is enough, with current BTC hashrate, the time to achieve that would surpass the time our universe existed (not by a lot though!).

I don't see us getting that significantly lower over the next decade, but I'm just a shitposter and not a scientist.

I'm still retarded/paranoid so I balance my BTC into multiple addresses so some divine luck faggot on keys.lol won't steal all muh cones

[Anonymous No.16663844]

Read the white paper. Scale up means you scale up transaction fees which means you also scale up security as the proffit incentive allows greater investment into mining hardware.

[Anonymous No.16663869]

>>16661856
Its not sustainable. I've made many threads about this and the cost to 51% attack the network must go up with the price of BTC. Once you get to the prices that some of these BTC maxi's claim are possible, you will see why its not sustainable.

Cost of electricity usage must follow the price of BTC. BTC currently uses about .2 percent of worlds electricity. If BTC does a 140x and hits 1 million dollars, then BTC will end up using about 140x more electricity.

This means BTC would be using about a quarter or more of the worlds electricity.

Even the bitcoin wiki says this is an issue, PoW is not sustainable, just move on to PoS chains for long term holds.

Here is the wiki link:
https://en.bitcoin.it/wiki/Weaknesses#Energy_Consumption

Many retarded BTC bagholders will tell you "Oh they will make more efficient asic miners or they will make more energy efficient power plants". None of this matters. It is about the COST of using the electricity, as I have told maxi's 10x now. So if electricity is 10x cheaper, then BTC needs 10x power to sustain its current price.

[Anonymous No.16663945]

>>16663869
You have a problem of being too far ahead of everyone else. Or at least thinking you are. Ideally you want to be ahead by just a little.

>Cost of electricity usage must follow the price of BTC
if that's true, how come in the 2017 bullrun, BTC was 20k, and mining hashrate was nowhere close? The hashrate was about 1/8 of what it is now, and the price was 3x higher.
Don't tell me electricity has gone down to 1/20 of the price since then, or that asics (that were already pretty advanced) are 20 times more efficient.

I'm suggesting that electricity usage plays catch up with the price, "security deficit" is a thing I guess. So while you might be correct, if you're so far ahead in thinking, than everyone else, how will you sell them your bags?
https://cloud.highcharts.com/embed/ywoqita/

[Anonymous No.16663978]

>>16661856
Has anyone noticed how brainwashed corecucks are?

[Anonymous No.16664004]

>>16663978
Has anyone noticed how brainwashed BSVtards are?

[Anonymous No.16664031]

>>16663498
>girl breaks her knees
>first things first
>grab her boobs

[Anonymous No.16664068]

>>16664004
Yeah fair point kek

[Anonymous No.16664192]

Number go up?

[Anonymous No.16664202]

>>16663945
>if that's true, how come in the 2017 bullrun, BTC was 20k, and mining hashrate was nowhere close? The hashrate was about 1/8 of what it is now, and the price was 3x higher.
>Don't tell me electricity has gone down to 1/20 of the price since then, or that asics (that were already pretty advanced) are 20 times more efficient.

If the price stayed that high for any real amount of time, and no one started mining, then people would have jumped ship due to security concerns. More likely, if it stays there people start mining more and price catches up. This is what is designed to happen with BTC for security purposes. But if no miners fill that gap between price and cost to mine, the chain essentially becomes less secure.

> if you're so far ahead in thinking, than everyone else, how will you sell them your bags?

My plan isn't to make quick swings. I am currently stacking a variety of coins that I think will have have a decent amount of enterprise/public adoption in the next 4 years. If we get another hype bubble between now and 2025, I guess I can dump my bags then.

Retail traders got scared out of crypto, on this board people bought stuff like LINK so they don't realize how rekt the average person is in this game. The announcements we are getting now are 10x better news than what we had in 2017 and there is no price action.

As someone who didn't invest in 2017 and wasn't aware of crypto until then, I'm glad for the massive influx of shit coins. Most normies can't tell the difference between Chainlink and Dragonchain. There are still great projects just no one is buying them now except for a few of us.

Most BTC investors are just buying like people bought up GE after the late 90s tech bubble burst. Sure, it held value better than anything for a bit, but eventually microsoft ended up back on top. People often just buy something established and has stood the test of time, and not really thinking about growth potential of that asset.

[Anonymous No.16664220]

>>16663945
BTC already has a limiting factor (energy usage) so why would I want to be in that? It won't be at 10% world electricity usage that people realize its a problem. Most likely at 5% or more the FUD will be insane and the project abandoned. It is all based on speculation and currency. People just buy BTC because it goes up. Once the end of growth comes into sight, what will happen?

[Anonymous No.16664313]

>>16664220
>People just buy BTC because it goes up.
What are you a pajeet? You can't send gold across the world in a few seconds

[Anonymous No.16664395]

>>16663869
>>16663869
the price of the electricity is not the only thing that goes into a 51% attack. you'll also need 100s of millions of USD sunk into hardware that youll make worthless after the attack. not saying its impossible but anyone beside a state actor or rothchilds wont be able to take the hit. you'd likely need your own power plant as well (this shouldnt theoretically depreciate)

[Anonymous No.16664502]

>>16664004
It's actually frightening that retards like bitcoincashSV followers genuinely avoid fact checking claims.

[Anonymous No.16664963]

>>16664313
Btc is terrible at sending money. Last bull run proved this. Even most maxis aren't bold/dumb enough to call it "digital p2p cash" anymore. The new marketing is "store of value". Why would you buy into a store of value that has a hard cap due to energy usage? As soon as it gets remotely close in price to that amount it will collapse. I like crypto but PoW is for hobby tier crypto. PoS is for world wide adoption.

[Anonymous No.16664978]

>>16664313
>You can't send gold across the world in a few seconds
You can transfer legal ownership in mere seconds.

[Anonymous No.16664986]

>>16664313
absolute state of maxis. you've been memed into pure retardation

[Anonymous No.16664998]

>>16664978
Ha. Good one bro

[Anonymous No.16665015]

>>16663347
>not being on biz when 0xBTC was created and literally marketed as a “let’s create a token to scam Redditors with a PnD” token. PnD ensued, devs then did bare minimum to avoid jail. End of story.

It is actually a scam. I watched from the sidelines but anyone who says this isn’t a scam I’ll never understand.

[Anonymous No.16665092]

>>16665015
Define the branches of what a scam is. The intent behind 0xBTC wasn't to scam anyone. It was just as experimental as Bitcoin. It's Bitcoin written into a smart contract coded in solidity. There wasn't a satoshi mining 1,000,000 tokens for himself. It's not a sure shot to wealth because of the time it was released. If the first mineable token came out right when Ethereum came into existence, then it would have been a huge success. There's too many "I need to make money off crypto. When moon?" boys in crypto instead of those that are trying to improve the ecosystem. We're all gonna make it type of people are here, that's it.

What do you mean sidelines? You watched it go from a dime to almost 5 dollars? That's usually what happens to new tokens. Pump and dumps don't make or break anything. That's the way day traders and so called investors capitalize on this unregulated market based off hype and buy the rumor/sell the news schemes. 0xBTC has no adoption yet because of how it started off with no push or pull. I'm trying to say take a look at it and create apps. If you can code on Ethereum, check it out. Create a decentralized Ebay with a DEX interface. It makes sense to use as money.

[Anonymous No.16665153]

>>16664963
>PoS is for world wide adoption.
but good PoS is also very hard to make
it's either dPOS, centralized, and/or combined with PoW

[Anonymous No.16665228]

>>16665092
dude youre trying way too hard, we're not buying your fucking shitcoin, get it through your thick skull
a fucking parasite token that's only as secure as ethereum and he thinks it's the real bitcoin lmao

[Anonymous No.16665251]

>>16665092
>Create a decentralized Ebay with a DEX interface.
Ok
I work fully remote
and expect 120$ an hour

[Anonymous No.16665279]

>>16661856
>will there be infinite difficulty and cannot be mined

[Anonymous No.16665281]

>>16664963
>Btc is terrible at sending money.
no it's not it's about a 100 times better than international wires cost wise and in speed also.

[Anonymous No.16665290]

>>16664963
also pos or pow doesn't
change anything in performance or throughput.

[Anonymous No.16665304]

>>16664395
it's only realistically possible on a minority shitfork like sv but even then it's harder than most people would think because other miners reactions are an unknown in the equation.

[Anonymous No.16665323]

>>16663869
>I've made many threads about this
yes and you have been btfo every time.
you don't get mining or bitcoin yet you feel the need to talk about it constantly.
no electricity does not secure bitcoin as there is only a tiny amount of electricity produced going into bitcoin mining. hahspower secures btc as most sha256 hashpower on the world is mining btc.