Baron
ET Founder
Miners will still earn transaction fees after all BTC has been mined, but considering that the last Bitcoin won't be mined until the year 2140, you'll be dead and gone before that even happens.
If you think the Fed will stop hiking, look at Bitcoin
- Thread starter Maverick2608
- Start date
What are the possibility that mining becomes unprofitable befor that?
It is supposedly getting harder to guess the answer to the problem.
Hash rate (The number of guesses per second) seems to be increasing.
Random shills shilling random shills. Not worth the effort. Every skeptic is another reason to be bullish on btc and other tokens.
Oh, but I hear from Cathie Wood fans that she's done her research, and there is this very new 'explosion' in perpetual-life technologies that will boost longevity tech into the stratosphere. So what is this old boomer talk about being dead in just a hundred or so years? Stay tuned for the new Philosopher Stone fund she's got coming out.
Just because someone owns a tanker truck, doesn't mean that they are "backing" the price of the commodity they are trucking.
The fact the people have to keep using these vague associations to claim widespread support show just how weak the price support for Bitcoin is.
A more sensible way to claim support would be to look at the activities of various whales like FTX, but that doesn't really tell the story they want. So instead people start talking about peripheral nonsense that doesn't affect the value, like how many hashes a computer network can calculate. Which is about as related to calculating value as the amount of horsepower that tanker truck has.
No. I'm talking about real world usage scenarios. The kind of things that are extremely important if you plan to use Bitcoin as a real currency rather than a get rich quick pump and dump scheme.
Normal people care about whether or not they get scammed out of money trying to buy a laptop, not about hearing "Well it's your fault, you should have convinced him to ship you the laptop first without payment and then paid when you received it" As if a seller wouldn't be begging to get ripped off in that situation instead. The instantaneous, irreversible nature of these transactions is garbage for someone who wants to run a normal business instead of running an extortion racket via ransomware.
I expect Bitcoin to become the Netscape Navigator of cryptocurrency.
Last edited:
Baron
ET Founder
Really? You need to think this through more.
If you wanted to buy a tanker truck of orange juice to be delivered next week, but there were no tanker trucks or other delivery options to ship it to you (or anyone else), then the commodity itself would spoil and be worthless.
Your problem is that your trying to isolate pieces of the puzzle like they are somehow not part of the whole, but you can't do that.
The tanker truck is just as necessary as the orange juice itself for the commodity to have value, just as the miners are a necessary part of the bitcoin network to bring value to BTC itself.
Sure, but the orange juice has an underlying value. The tanker truck makes the valuable commodity accessible to a broader market, which in turn adds to it underlying value. What is the underlying value of BTC, apart from the network that makes it accessible? How do you arrive at its specific dollar value at any point in time if not for the greater fools in the market willing to take it off your hands?
Baron
ET Founder
I'm sorry you feel that way but it just couldn't be further from the truth. My family has a 70-acre citrus farm and let me tell you what the value of 500 boxes of Navel oranges is worth with no ability to immediately ship them to the processing plants for juicing. ZERO.
I took the time to check out the publicly traded miners. I couldn't find one that was profitable.
Interest rate hikes probably aren't helping.
But I think you understand my point. It is a consumable commodity favored by many in and of itself. Transportation makes it accessible and, therefore, marketable.
You're saying BTC's infrastructure gives it its value. That's like saying that having a banking system in place determines the value of a currency. A banking system in place may be a necessary factor, but it is hardly sufficient in arriving at its exchange value with other currencies. So what, apart from the crypto infrastructure that makes exchange possible, gives BTC its specific fundamental value in the same way that fundamental economic factors determine the value of a currency?