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Bitcoin, year 2100.

Consider this. What if Bitcoin goes to $100,000 (or whatever), and stays there. Let's say the block reward is crap... like, really crap. Couldn't we have a deescalation in the arms race?? Why does the arms race have to only move one direction? Couldn't it become unprofitable to buy ASIC's, so people start using GPU's again? And then at some point, it just isn't worth the electrical costs to mine with a GPU at all, so all of a sudden people start securing the network with... any computer running bitcoind... mining becomes the same altruistic, green, feel-good thing that running a full node now is.

Bitcoin | 👁 954 | Posted 2018-03-28 | Share on Facebook | Twitter | Google+

| Modified: 2018-03-28 | Author:

9 Comments

grzegorzhasse 2 years ago

No, the scenario you described is not plausible. From a hash-per-joule perspective, ASICs are several orders of magnitude more energy-efficient than GPUs, and the gap is even larger between ASICs and CPUs. There will be fewer participants in the global mining competition, but they will all still be using ASICs. Difficulty will be adjusted downwards until it is profitable.

davidcwilliams 2 years ago

Ive heard this idea before. But I dont know why anyone would think that we would ever be without the need for money.

-Claymore- 2 years ago

I hope that in 2100, we won't be needing money any more.

davidcwilliams 2 years ago

Ha! I get it.

speedo-burrito 2 years ago

By the year 2100 you think we'd have built a more functional crypto. Oh wait, we already have many times over...

jsells39 2 years ago

Same

idrinkforbadges 2 years ago

Ask someone from the future, especially about the Citadels

bitbat99 2 years ago

2100 I'm dead by that time.

abdada 2 years ago

As long as there are at least 4 people mining with their vintage TI85 calculators' processors, bitcoin will be fine. You just need enough folks mining so that nobody controls 51% of mining power. If it means 4 people are doing bitcoin mining math calculations by hand with a pen and paper, it's enough. Technically you could even have 3 miners total using old 8088 PCs from 1981, but 4 would be a bit safer so there's no 51% issue.


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