Bitcoin has an inbuilt mechanism to make it exponentially harder to mine. That means the labor value to mine it will keep growing and that sets an ever increasing minimum price floor on the currency.
Is this a sensible way of making a currency? Hell no. Does this mean that bitcoin invesment as an asset will continue to endure for more years? Yes.
The only thing that could feasibly crash the bitcoin market is if most bitcoin users and miners move to a more sensible crypto that is designed for transactions and not investment.
Yeah but the miners will not all quit all of a sudden. If many quit but there are still enough left, the remainder will enjoy higher profits since they’ll crack more blocks (iirc miners compete for blocks)
Bitcoin has an inbuilt mechanism to make it exponentially harder to mine. That means the labor value to mine it will keep growing and that sets an ever increasing minimum price floor on the currency.
Is this a sensible way of making a currency? Hell no. Does this mean that bitcoin invesment as an asset will continue to endure for more years? Yes.
The only thing that could feasibly crash the bitcoin market is if most bitcoin users and miners move to a more sensible crypto that is designed for transactions and not investment.
iirc, it’s miners that process Bitcoin transactions, so if the miners all quit there’s no infrastructure left to allow for the exchange of Bitcoins
Yeah but the miners will not all quit all of a sudden. If many quit but there are still enough left, the remainder will enjoy higher profits since they’ll crack more blocks (iirc miners compete for blocks)