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I had a 2am epiphany (self.Buttcoin)

Jhyrachy が 投稿

Butters are so desperate for price increase because they have a time limit to reach a sustainable price.

Once bitcoin mining itself will be no longer profitable, they would have to rely on fees. But if the price of bitcoin is not high enough, there is no way that people will keep mining. It's too cheap to saturate the network and this money must be divided by all the pools, it's no where enough for them to keep mine.

So their time is running out, or bitcoin explode and it reaches a value high enough to keep people mine, or it will plumb in a full of nothing pit of shit.

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[–]rydan 0ポイント1ポイント  (0子コメント)

No. If you want to understand Bitcoin's future just look towards Dogecoin. They had an elegant solution to the problem. Remove the coin cap. People say Bitcoin can never do that and it will kill the coin. Yet Dogecoin still exists to this day.

[–]jstolfi 0ポイント1ポイント  (0子コメント)

We wil see what happens at the next block reward halving. That should give us some clues about what will happen as the reward declines.

The last halving (from 50 to 25 BTC, on 2012-11-28) happened after a substantial price increase (more than 3 x in 6 months), so presumably mining was still extremely profitable for the major miners, and remained profitable even after the revenue was halved. No change in hashrate (~10 TH/s) was observed at the time.

On the other hand, if the price will not improve, the next halving should find most miners near the limit of profitability. The growth of the hashrate has slowed dowwn considerably since Q4/2014, which may be a sign that miners are not upgrading their equipment (or some miners are turning their equipment off while others are upgrading). If that is the case, the halving may trigger a noticeable drop in the hashrate.

Some bitcoiners expect that the price will start increasing after the next halving as the daily supply of new coins will drop bt half (from 3600 to 1800 BTC/day). However, at the previous halving the price actually remained flat or slowly declining at ~13 $/Ƀ for another 5 weeks, until another "bubble" started on 2013-01-04 (apparently pulled by BTC-China, that had just "acquired" Bobby Lee, and Bitfinex). Some traders explain that the halving did not have any immediate effect because it had been already been "priced in" before it happened.