I think that the halving isn't necessarily a bad thing now, but it will be, eventually.
I believe there should be a continuous reward, at the end, instead of a 21 million cap.
I do respectfully disagree. The blockchain would never be where it is today without the halving AND cap.
The continuous reward is transaction fees.
it was said that the halving was not necessary if the the value was already big enough to allow miners to profit from free
for example if the value since the beginning of bitcoin, was 100k per coin, there was no point in the halving, there was already plenty of profit for the mienrs, and then in the fee era they would continue to do profit
The value of bitcoin (against USD) is (almost) completely irrelevant. What matters is the cost per transaction, and the number of transactions.
The number of transactions is limited by the blocksize, and people are very reluctant to increase that.
So that means either mining rewards will not be enough, or the fees per transaction has to be extremely high.
If transaction fees are extremely high, then bitcoin will not be able to do a lot of things, like micro-transactions, or even "normal" payments like visa/pay-pal, or remittances, etc. Some of bitcoin's biggest value propositions.
It is possible that bitcoin will be kind of like a digital reserve gold, used mostly for investment purposes, so and that eventually people will only move tens of thousands (or even millions) of dollars worth' of bitcoin per transaction. In that case, they wouldn't mind a transaction cost of a few hundred dollars.
But I just don't see the benefit of having a hard cap on the number of bitcoins. There is no real benefit. If the emission rate tapers off to match the estimated amount of coins lost, I think that would be perfect.
Basically we're supplementing mining income with coins that can never be retrieved.
you say that the price is irrelevant and then say that either the mining reward will not be enough etc..., contradiction here, you need essentially 3 things like you said, many tx per sec, high value, or high fees
fee does not need to be high, they can remain as they are now, if the value in the future, increase, so you see the value is very important
miners need 100x the value of the current fee(they are earning 32 btc right now from fee, this is about 1/100 of the 3600 coins per day, from mining), to profit in the fee era
this means that the value of one coin need to be 50k, or you need 100x more tx(not possible with the limit etc...) or you need 100x higher fee(in bitcoin)
or you can have a combination of both, like 10x more higher fee and 10x more higher value, 10x more higher fee put us in the 100k(satoshi) range, with 10x more higher value, means that 1 transaction will cost $4, not that much...
