1 sat \ 3 replies \ @iguano 23 Oct 2023 \ on: "If all the people around tells you that you’re drunk - maybe you're just drunk" bitcoin
who is going to attack the system if ALL the miners revenue are cut in half?
I have written it already:
miners are able to earn only as much, as both these groups with opposite interests - are able to pay miners in their own (transactional or inflation) tax/fee
Stakeholders were paying mainly so far, and active users were de facto free-riders, paying even as tiny for transaction as 1sat/vbyte
With every halving this ratio of cost of the Bitcoin network security - is moving gradually from passive stakeholders to active users.
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Maybe I'm not as smart as you.
But how a miner that went out of business because they can't maintain operations (because electricity costs, employees costs, maintenance of equipment, upgrade to new technologies, etc.) can attack a network of miners that are still in business and CAN maintain operations?
It doesn't make any sense to me.
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as you can check around, I'm focused on network security (difficulty) regression
because decreasing security will erode Store-of-Value (purchasing power of Bitcoin) , what is advertised as the one of most impotant Bitcoin features/properties...
And potential other consequences - like for example if there is only 25% of network hashrate of the past ATH, and rest 75% of ASIC hardware is idle and ready to use, who knows if not in a malicious way - that's only another, additional consequence here.
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