Thread for people who don't entirely understand Bitcoin

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I started this thread for people to ask the questions that don't have to do with bitcoin price or adoption. I occasionally have a question about the mechanics of it but either forget to post the question or don't want to hijack a thread that has a different focus. Feel free to hijack this one for any random question that doesn't have to do with price prediction or whether it will be adopted or not.

My question: The network of miners is what supports the system right? What will happen once all the BTC has been mined in 2140 and there is no longer an incentive for people to maintain the network? Will the network crash? Will some sort of governing body step in to support the network?

I know 2140 is a ways off (I'll definitely be long gone) but in the grand scheme of things it's not that long for a currency to endure.
 
This is the reason I believe Bitcoin will one day be replaced with something else. Mathmaticly, it cannot continue to run it's course forever.

15 million coins are already in cold storage right now, and then to think we got etfs looking to fight over the 3 million left that's out there? Not to mention the 2 millioin that haven't even been mined yet...
 
This is the perfect place to share this AI version of Jameson Lopp...

https://www.delphi.ai/jameson-lopp/

2023-11-16 2232.16.png
 
What is an "AI version" of Jameson Lopp? You mean he didn't actually write that stuff?

Okay, well, anyway, someone, or something, wrote:

"Even if the exchange rate crashes, the rest of the system eventually compensates for that. Miners adjust, block production gets compensated for, and the system continues to function."

Until it doesn't. That sounds suspiciously like the theory behind an algorithmic stablecoin.

Does everyone remember Terra/Luna?

Having said, that I will concede that Bitcoin is fundamentally different from any other crypto product out there--even Ethereum. It was designed to function in a way that is independent and does not require a sponsor like other coins. I have a very, very rudimentary understanding of Bitcoin and crypto, and even I understand this.

But it doesn't matter. By 2140, Bitcoin mining and other activities will have completely destroyed the environment on this planet. Roughly one tenth of the world's population will be living in a bubble--a literal bubble that will protect them from outside environment, in which daytime temperatures will be 40 and higher.

The other 90 percent of the population will be struggling to survive outside the bubble, while producing food and consumer goods for the people inside the bubble.

In 2140, in won't matter whether your assets are measured in BTC, yen, yuan or something else. The only thing that will matter is whether you can afford to live in the bubble. Either you're in or you're out.
 
Drawdown Addict said:
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=40&HashingUnit=H/s&PowerConsumption=1500&CostPerkWh=0.19&MiningPoolFee=1

You don't have to wait until 2140 for miners to give up. The Bitcoin network is maintained by exchanges, not miners. If there weren't plenty of companies trying to milk cryptoboys you wouldn't have any interest in Bitcoin right now.

It is all about getting that extra cash from someone, fiat cash, by the way.
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Could you clarify? It sounds like you think that there can’t/won’t be an issue with maintaining the network after the incentive is gone. How would it work?
 
long said:
What will happen once all the BTC has been mined in 2140 and there is no longer an incentive for people to maintain the network?
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It is a theoretically interesting question, but otherwise, why do you care what happens in 120 years from now? Chances are the next nuclear war will wipe any crypto network away.

You should be more concerned about halving, because that effects the miners' reward and users much sooner.
 
I really don't care if it is inevitable that bitcoin will collapse in 2140. But....if there isn't an explanation for that scenario I would start leaning more towards scam than supreme currency of the future. I started this thread to ask the questions that don't have anything to do with price or adoption. It's just a place for use newbies to ask the stupid questions without derailing the other discussions.
 
It's been 15 years since BTC came out. What is the REAL utility of the damn thing? I haven't seen anything. They kept trying to hype blockchain but still haven't seen the tech running anything significant. ETH and its programmable coin, we got dump monkey jpegs and a lot of idealistic fluster.
 
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