Bitcoin incentive questions
How do incentives work to keep miners validating blocks in Bitcoin once there is no more block reward? Will transaction fees be enough to keep people incentivized to run the system? And if not, what are the chances that the core developers change the standard fro a 21 million BTC hardcap to include more supply? I'm worried that there aren't checks and balances in the Bitcoin system that would stop this from happening, therefore making the whole "store of value" argument eventually moot because devs could just change the hardcap.
Hi Ben, I think it always follows the law of supply and demand. And at that time, what can be certain is that transaction fee must cover at least the cost of mining, or else no miner wants to do the job. Up to now, we do not know how much its gonna cost to mine a block in the next 100 years, but I guess its gonna drop dramatically with solar energy disruption. For the fork, any dev can do whatever he wants, but if the modification does not bring any value to the community, then no one follows, and he can be alone with his own version. Just sharing some of my thoughts ;) Hope that helps Crystal
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