Bitcoin system collapses in the near future - page 2.

DannyHamilton

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit.
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Further reduction?

Further reduction in what? Why would it matter if some miners abandon their business?

Amph

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well fee are already very high and value is high too, what make yu think that the value will not continue to increase and the fee will follow the same fate? i cna't see anything that will make this trend reversed

actually right now it's the opposite because miners now are earning more than 500 btc in fee, which is too much currently, they don't need that with the current value of bitcoin

also if the price remain the same as now you have already a very solid secure network

DOGE12321

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As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

Topic: Bitcoin system collapses in the near future - page 2. (Read 1070 times)