Author: Dave Scotese 2020-03-23 18:39:05
Published on: 2020-03-23T18:39:05+00:00
The discussion revolves around the long-term plan for ensuring the security of the Bitcoin network if the block reward drops too low. It is noted that miners currently profit from block rewards and transaction fees, but once the block reward drops to zero, the hope is that transaction fees will keep mining expensive enough to prevent attacks on the network. The idea of an adjustable block reward is proposed, where bitcoin holders could vote to decide the "should" value of the block reward, balancing the concerns of diluting the currency value and incentivizing mining. However, this idea is criticized as fundamentally broken because a zero block reward is necessary to maintain the meaning of "bitcoin" and avoid creating a fundamental contradiction in the use of the term. It is suggested that the value per byte stored in the blockchain will increase over time, and there may be holding companies with specialized scripts that cost $500 - $1000 to add to the blockchain and allow them to handle transactions for thousands of customers.
Updated on: 2023-06-14T00:09:34.972519+00:00