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RE: Bitcoin Mining Apocalypse? Programmer explains.

in #bitcoin3 years ago

There are already technically better cryptos out there than Bitcoin and I will be astounded if Bitcoin does not lose its market dominance in the next 20 years, let alone 100!

But hypothetically there is always the possibility that if the miners are crumbling due to block halving, there may be a new Hard Fork proposed to remove the block halving and stabilise the mining reward. It sounds like sacrilege now to remove the 21 million limit but it can happen and if the alternative is a collapsing network with fewer nodes and security compromise it may be a lesser evil.

We have a lot of time to figure it out. Lets just make sure we survive the 2017 Hard Forks first! :)

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I honestly don't see that ever happening. Bitcoin can't even agree on scaling solutions, so there's no way there will be consensus on removing the main thing Bitcoin maximalists all agree on.

There doesn't need to be a consensus. Just take a look at the recent forks. It just takes a faction to decide they want to change the code and they can break away. Then if the original Bitcoin fails because of miner apocalypse and/or compromised security then the ones left standing are the fork who killed the block halving.

100 years is a long time to see something happening. 100 years ago we didn't even have TV, let alone the internet....

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