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54733995 No.54733995 [Reply] [Original]

>people will stop mining bitcoin if it’s no longer profitable (or mining will eventually becomes consolidated in a few companies)
>if the hash rate goes down or we get too much consolidation then the network will become vulnerable to 51% attack
Uhhh… maxibros? How do we stop people from no longer mining if it stops making financial sense?

>> No.54734020

>>54733995
First nuclear powered US bitcoin mining operation is active. Nuclear energy is ridiculously cheap, so your FUD is nonsense

>> No.54734135

Claim quantum bitcoin, your haircomb is waiting

>> No.54734198

>>54733995
This is a taboo for Bitcoiners. They'll celebrate the next halving but at the same time they know it's a chain security issue in the long term. They just choose choose to ignore it because of $$$.
>>54734020
They signed an energy deal to buy at 4 c/kWh from a nuclear power plant. There's nothing special in that, houses (and mining rigs for that matter) have been powered by nuclear power for decades. After a few halvings they'll be unprofitable even if they get their electricity for free.

>> No.54734255

>>54734198
>4 c/kWh
2 cents, but the points still stands. It's nothing more than an energy deal and the protocol is still running on rented time (reducing budget for security).

>> No.54734406
File: 291 KB, 1902x2048, 1610106940449-0.jpg [View same] [iqdb] [saucenao] [google]
54734406

>>54733995

https://endthefud.org/

All answers to long debunked anti-Bitcoin fud.

>> No.54734455

>>54734406
Why are there no articles about halvings reducing the incentive to mine, eventually leading to Bitcoin's death if tx fees don't rise 100+x or it doesn't add tail emissions / PoS with a hard fork?

>> No.54734625
File: 42 KB, 984x309, asdasd.png [View same] [iqdb] [saucenao] [google]
54734625

>>54734455
Oh I found the “Block rewards will stop in the future and Bitcoin will lose all security” but all it has is picrel; three bullet points that say tx fees have increased over the years (not as fast as Satoshi expected i.e. as fast as halvings, balancing it out), assumes that "tx fees will increase because demands will rise" (which hasn't happened over the years and won't if fees have to 100X) and, last but not least, "Block rewards drop every 4 years until 2140 giving the network plenty of time to adapt to observed changes." JFC this just ignores that block rewards drop exponentially and basically deceives with the "we have time until 2140" argument. Absolute trash arguments only to make the link site look good with gish gallop tactics (no one is going to read/click all of them). Bitcoin BTFO.

>> No.54736284

>>54734625
Bitcoin will hit a death spiral

As mining activity starts to drop off, btc holders will panic and start to sell off their coins, this will push the price down. All this will do is further diminish the mining rewards and even fewer will mine, network security will drop to a critical level where 51% becomes feasible. As we get closer to a possible 51% you’re going to see an acceleration in btc abandonment and the death will be inevitable.

>> No.54736299

>>54736284
Yeah if you hold btc for the long run you’re pretty stupid ngl

>> No.54736316

>>54734198
you're just hoping that it's a chain security, it isn't because bitcoin will be worth so much it will always be profitable, stop projecting

>> No.54736396

The people or organizations most invested in bitcoin will be very highly incentivized to run nodes regardless of if it is profitable to keep the coin from becoming worthless.
Painting a bridge isn't profitable, but, if you own the bridge, you do it to keep it from falling apart.

>> No.54736421

>>54736284
is this real?

>> No.54736450

>>54736396
The problem is it will become centralized at that point, you need to convince lots of different parties to run nodes or you lose the decentralized aspect of it

>> No.54736479

>>54736450
Why do you think that? There are a lot of very disparate interests invested in bitcoin all over the world, and none would want to risk any of the others having control of the network.

>> No.54736789

>>54736284
A likely scenario. Smart holders see this coming way before it's an issue though (many see it already).
>>54736316
It would have to double in price every 4 years. It's simply not a sustainable security model. I'm not hoping or projecting anything, just stating facts. Halvings are hard coded in and fees aren't going up 100x (and staying there 24/7).
>>54736396
"Some organizations" is far from enough to keep the chain secure. If it becomes unprofitable to mine (even for the hyper-efficient economies of scale nuclear power plant miners), the chain is doomed.
>>54736479
Most miners don't care about the network, they only care about making profit from mining. If it's not profitable, they turn off their miners (or rent their hashrate to bribing attackers).

>> No.54736854

>>54736789
accounting for the devaluation of the dollar and the year 2140, price doubling every 4 years on average is realistic

>> No.54736973

>>54736854
Inflation adjusted price (purchasing power). A miner won't mine if electricity costs $10/kWh and Bitcoin can't pay that. Doubling 5 times puts us at gold marketcap, 8 times at global GDP levels. This isn't even 30 years in to the future and it's delusion to think we're going to go even close to that.

>> No.54737091

>>54736973
delusion the same way it was delusion for bitcoin to hit over 50k when it was under 1 cent
you don't realize what it means for the dollar to devalue, there's no inflation "adjustment" to do, the price of x vs y is the purest measurement you can have
20 years is a lot of time really and the marketcap of gold will also increase, you talk like if everything will stay at 2023 level
it's realistic

>> No.54737148

>>54736789
So it is your opinion that the groups who own in excess of 1 billion in bitcoin will allow that to become worthless because they will either refuse to run nodes or not dedicate enough compute to them to stop attacks? Who the fuck is going to buy even asics besides the people invested in it when mining is worthless? What risk of a 50% attack could exist when they will have the only hardware capable of it?

>> No.54737160

>>54737091
>same way it was delusion for bitcoin to hit over 50k when it was under 1 cent
No. Going from infinitesimally small marketcap to anything is easy. Hurr durr ten billion quadrillion percent. Now try doing that to an asset that starts from $500B. You're absolutely retarded if you think Bitcoin can double its purchasing power 30 times. You have absolutely no conception of exponentials.

>> No.54737205

>>54737160
since we're comparing it to the depreciating dollar, there's nothing unrealistic
if you wait long enough the dollar will have zimbabwe like devaluation numbers

>> No.54737213

>>54737205
>cost of a corvette in silver JPEGGY

>> No.54737325

>>54737148
>will allow that to become worthless
They don't want it to happen and they have the incentive to mine altruistically but it will be in vain. It only increases the cost to attack by the same amount, which isn't enough. An attacker could even wait until the honest miners run out of money if they're mining on a negative profit. Halvings are inevitable. Abandoning Bitcoin is the better option if the protocol is showing signs of dying. Give the hot potato to someone else.
>Who the fuck is going to buy even asics
The attackers or no one. They'll probably want to rent the hashrate instead though. But they are pretty much electronic waste after that. SHA-256 solving is useless besides Bitcoin mining.
>when they will have the only hardware capable of it?
Only hardware online. If an attacker attacks new hashrate pops up to compete. An ultra-centralized Bitcoin like this has already lost its purpose.

>> No.54737363

>>54737205
If that's all you care about then fine. You can enjoy being a millionaire when the dollar collapses. Maybe someone nostalgic will trade you a slice of bread for your millions of dollars worth bitcoin. He might want to wait a few weeks before handing over the bread though since the chain will be trivially cheap to fuck with.

>> No.54737422

So are you guys planning to live till 2140 or what?

>> No.54737441
File: 607 KB, 717x755, anons currency.png [View same] [iqdb] [saucenao] [google]
54737441

>>54733995
you don't, they just borrow to keep mining until the next bull run
>https://www.reuters.com/legal/transactional/bitcoin-miner-core-scientific-borrows-70-mln-replace-bankruptcy-lender-2023-02-01/
there are other reports of other companies that go along just like this article but i'm too lazy to look

>> No.54739271
File: 168 KB, 402x420, 1620408110155.png [View same] [iqdb] [saucenao] [google]
54739271

>>54733995
>Don't trust mining anymore
>Don't trust staking anymore
>Don't trust futures anymore
>Don't trust NFTs anymore
>I'm only gambling ducks on PARTY

PARTY is literally making me a Genshin player because it's the only project that's giving me actual money rn...