Topic: Decreasing rewards - page 4. (Read 3895 times)
Minors will always collect transaction fees. In the future, the transaction fees will become a bigger part of the block reward.
But maybe such concept was beyond the brilliant mind of Satoshi.
Or maybe you're just butthurt you didn't start mining in 2011.
Which do you think is most likely?
I believe the S-curve would be the most fair reward model for a crypto currency
X-axis = time
Y-axis = block reward
Phase 1: few early adaptors, low reward totally but still huge reward per miner
Phase 2: many new users and higher reward, still huge reward per miner
Phase 3: stabilization and curve going down to low inflation, many miners and users, low reward per miner
Number of total miners:
X-axis = time
Y-axis = block reward
Phase 1: few early adaptors, low reward totally but still huge reward per miner
Phase 2: many new users and higher reward, still huge reward per miner
Phase 3: stabilization and curve going down to low inflation, many miners and users, low reward per miner
Number of total miners:
Why was Bitcoin designed in such a way that the rewards from mining decrease over time?
The current system is designed to give a lot to very few in the beginning
and then continue to give less and less rewards as the network grows.
After N years, who makes up the backbone of the network? The first few (assuming they didn't cash out)? Or the thousands or millions of new miners? That's a rhetorical question by the way.
A system in which the reward increases over time (relative) could still be designed in such a way to benefit the early adopters and at the same time spread the wealth among more users (I don't have a specific proposal off the top of my head before someone asks). But maybe such concept was beyond the brilliant mind of Satoshi.
The current system is designed to give a lot to very few in the beginning
and then continue to give less and less rewards as the network grows.
After N years, who makes up the backbone of the network? The first few (assuming they didn't cash out)? Or the thousands or millions of new miners? That's a rhetorical question by the way.
A system in which the reward increases over time (relative) could still be designed in such a way to benefit the early adopters and at the same time spread the wealth among more users (I don't have a specific proposal off the top of my head before someone asks). But maybe such concept was beyond the brilliant mind of Satoshi.
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