Economy Bitcoin Doubters, Come Eat Your Crow

[Prokofievian]

The whole bitcoin death spiral narrative.

The negative press lately is that when enough miners shut off the coin will die because the difficulty will be too high to ever find another block.

Every 2016 blocks the difficulty will re adjust based on the amount of hash power. It will go up with a raise of hash power and it will go down when there is a decrease.

Anyone that understands the protocol realizes that not a real concern

Ah, I gotcha. My internal thoughts on the matter was that the hash rate would decrease (as it has, significantly) to a point where mining would become profitable again, or that some other equilibrium point would be reached via some combination of rising transaction costs and decreased difficulty.

 

[P0NYBOY]

What if there are no miners?

 

[Seano]

What's up with all you bitches talking about eating birds?

Some birds are delicious.

 

[THEfightsAREfixed]

What if there are no miners?

then there is no bitcoin? people mined bitcoin when it was worth 1$, some people will never stop running nodes and bitcoin for reasons not economical

the death spiral theory doesn't factor in that people have miners they switch on/off relative to how efficient the mining rig is and what the price is, their current electricity cost, etc. It's not as simple as all the miners will just shit their machines off and then pack up their bags and head for the hills, the miners hope that other miners turn their machines off because every 10 min they are competing for the bitcoins paid out by solving the next block.

 

[P0NYBOY]

In distributed computing, when the pool of available processors gets smaller, it takes longer to "do the work".

Does this impact transaction times?

 

[scoopj]

Low of 3211 today. Just a bump in the road?