Bitcoin is made so that even if the price and mining profitability drops by 90% it will adjust the difficulty to keep it profitable. I know it takes time to adjust but i'm pretty sure there would be people willing to wait it out. When you bought mining gear you're not going to throw it out just like that.
Think about how people are reacting in a disastrous event. They are never organized and doing the same logical thing together.
Topic: People stop mining ? transactions will not happen . Is there a way out ? (Read 230 times)
November 01, 2017, 01:23:29 PM
November 01, 2017, 01:13:51 PM
What a ridiculous notion. It literally takes one miner for the blockchain to continue, and the idea that only one miner would be left to gain over $75,000 in BTC every ten minutes is absolutely absurd.
Bitcoin is built on a Nash equilibrium. The concept is that when everyone works in their best interests (to gain coins is their incentive), the network continues to operate and stays secure.
You could equally say "if everyone in PayPal simultaneously quit, what would happen to PayPal?" except the prospect of it happening to BTC is even more ridiculous because far more people in decentralised locations are mining it.
Bitcoin is built on a Nash equilibrium. The concept is that when everyone works in their best interests (to gain coins is their incentive), the network continues to operate and stays secure.
You could equally say "if everyone in PayPal simultaneously quit, what would happen to PayPal?" except the prospect of it happening to BTC is even more ridiculous because far more people in decentralised locations are mining it.
This person knows what is up ^^. Simply put it would be wayy too profitable for a handful of individuals and if some evil organization did come up with a plan to abandon bitcoin a small few would reap the rewards. Fear not
your bitcoin will continue transacting on the network given the world wide web stays in tact
November 01, 2017, 12:53:40 PM
I would like to know.. Incase mining become non profitable/ some kind of an organized withdrawal funded by some one .. Developers should or can find an alternate way to make bitcoin transactions possible. which technically not possible ?
So how bitcoin legacy can continue ?
new coins
1. Why not bitcoin main holders install a powerful machine to go on commuting and distribute new coins
You should not worry, people won't stop minig, because they have invested in miner equipment which is really expensive, so they need the income. The question is what coin they will mine, but we will have more information about it only after the coming forks. Those people who haven't bought expensive equipment for mining, they have already left more or less the bitcoin chain and are mining mostly alts, so it doesn't matter for bitcoin. We need to hold on, survive the forks, and we'll see... .. Developers should or can find an alternate way to make bitcoin transactions possible. which technically not possible ?So how bitcoin legacy can continue ?
new coins
1. Why not bitcoin main holders install a powerful machine to go on commuting and distribute new coins
November 01, 2017, 11:52:33 AM
What a ridiculous notion. It literally takes one miner for the blockchain to continue, and the idea that only one miner would be left to gain over $75,000 in BTC every ten minutes is absolutely absurd.
Bitcoin is built on a Nash equilibrium. The concept is that when everyone works in their best interests (to gain coins is their incentive), the network continues to operate and stays secure.
You could equally say "if everyone in PayPal simultaneously quit, what would happen to PayPal?" except the prospect of it happening to BTC is even more ridiculous because far more people in decentralised locations are mining it.
Bitcoin is built on a Nash equilibrium. The concept is that when everyone works in their best interests (to gain coins is their incentive), the network continues to operate and stays secure.
You could equally say "if everyone in PayPal simultaneously quit, what would happen to PayPal?" except the prospect of it happening to BTC is even more ridiculous because far more people in decentralised locations are mining it.
November 01, 2017, 11:46:22 AM
I guess if that did happen people might mine their own transactions or miners might charge a fee for their pool to contribute to that block. But this is why difficulty is a thing to prevent it becoming non profitable.
November 01, 2017, 11:45:02 AM
I would like to know.. Incase mining become non profitable/ some kind of an organized withdrawal funded by some one .. Developers should or can find an alternate way to make bitcoin transactions possible. which technically not possible ?
So how bitcoin legacy can continue ?
new coins
1. Why not bitcoin main holders install a powerful machine to go on commuting and distribute new coins
.. Developers should or can find an alternate way to make bitcoin transactions possible. which technically not possible ?So how bitcoin legacy can continue ?
new coins
1. Why not bitcoin main holders install a powerful machine to go on commuting and distribute new coins
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