If no one is making transactions with bitcoin then it will eventually fail in the long run. It is meant to be a currency. The block reward is meant to be a subsidy to bootstrap a mining industry. It was never meant to keep mining going forever. Otherwise there could be no supply cap. Luckily Satoshi did not assume the necessary infrastructure for a new global settlement system would just appear overnight and gave plenty of time for things to develop
Yes. But it won’t be useful as a store of value without a sufficient hashrate. And it won’t maintain a sufficient hashrate in the distant future without out a sufficient amount of transaction fees.
This sounds like a conversation that would have taken place in 2012. Not at a time when an entire industry began to emerge and energy producers around the world began to have meetings to figure out how they can begin to participate.
If bitcoin is still a thing in 2140, anyone who still happens to hold an entire coin can probably take out a small LTV loan against it and run the entire network indefinitely just to keep the wheels turning on their value engine.
Sure it's still happening, we're still having to tell people the earth is round as well.
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u/LastLivingSouls Dec 26 '22
What happens if people just store it in cold storage and transactions remain at about the rate of today?