well, LOL away there, don’t forget to cackle.
Do you have any factual financial response or are you just a troll who thinks the last person to post is right?
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The battle cry of the FOX News Zombies “Be Afraid or you will end up like Venezuala!”
Outted as a QAnon right wing whacko.
Predates crypto and is actually easier to track in a public ledger than with banks operating outside jurisdiction.
Why would criminals use a public ledger for that? They alread have untrackable paper money.
All this software is open source and can be audited by everyone. And do you actually think with the possibility of billions of dollars that the incentive isn’t there that people constantly do that sice it’s inception?
Bitcoin is pretty much gearing up to become the foundation of the future financial system. A country banning it means they will drive all the innovation in the space away and cripple their own economy in the process. I’m sure some will try, and immediately pay the price.
So you live in what, Somalia? 
And that’s a good thing? Naïve.
I’m naive because I run software where I can check how it works? Ok.
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The scenario can’t happen assuming miners stop mining when profits drop. But if miners stop mining this raises one of the other doomsday scenarios: the hashing difficulty is adjusted downward significantly, lowering the difficulty of hijacking attacks, but the hardware still exists to solve hashes at the higher difficulty. All it takes is one successful attack to destroy confidence in the integrity of the blockchain and crash bitcoin’s value to zero.
Bitcoin is pretty much gearing up to become the foundation of the future financial system.
It really isn’t. Bitcoin has major structural flaws and nobody with any sense is going to commit any significant investments to it.
I’ve been a software engineer since 1989. What you just said is a total joke.
Because open-source software is a double edged sword. It means that you can audit your software, but it also means that the people trying to wreck the software can audit it and find things to exploit. That’s fine when you just want a cheap replacement for Photoshop, it’s a rather significant security risk when you’re trusting that software with (part of) the financial system and there is no government support to correct fraudulent transactions/database errors/etc. If bitcoin is attacked successfully anyone who loses money loses it permanently and there’s nothing they can do about it.
(And the market knows this fact, so a successful attack on bitcoin likely crashes its value to near zero.)
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Finally someone who is not all starry eyed and blinded by the cool new shinny thing.
Prophetizing isnt my best ability, but I think this will not change much:
Add to it pandemics, asteroid impacts, revolutions, future wars, stock market and economy crashes, AI singularity , etc, etc…
I dont have good advice.
What constellation is that?
–Gadget gets a new sign every time she’s cloned…
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The key difference here is that if AWS or whatever goes down and brings down the stock market any fraudulent transactions, lost data, etc, can be reversed. The end result is possibly some inconvenience for down time and delays to fix everything, but everything does get fixed. If bitcoin suffers a successful attack any losses are permanent. Sucks to be you that you just lost $10,000, but the federal government doesn’t protect bitcoin and couldn’t reverse the transactions even if they wanted to.
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Thats truth bitcoin is data, and data can be lost access to.
If more people lose access, the ones who still have it will rise in power. That brings one thing to my mind.
If I would be Musk, I would buy a lot of Bitcoin, then start making other people lose access to their Bitcoin, in the end I would hold all the Bitcoin and be the richest person, able to redistribute it as I wish.
Well, that could work before people start using Titcoin or some other crypto…
Of course the inevitable result of this would be bitcoin’s value crashing to zero and Musk would be left with nothing. The goal of an effective attack on bitcoin would be to cash out as much as possible into real currency before the effects of the attack crash bitcoin’s value, not to hoard bitcoins for more than a few seconds.
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Hehe, I know. People can always invent new currency if the old gets boring and doesnt really work.
The real losers look like this:
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Ok, let’s assume for a moment we life in fictitious universe where the rewards didn’t just increase by a significant factor that more than overcompensates the halfing and where fees aren’t already a significant part of the mining reward.
Not all miners will stop mining at the same time. The ones with the most expensive energy bills will quit first, and that may already be enough for the rest to be profitable again.
But let’s assume an even more unrealiatic scenario where the majority of miners quit. Yes that would indeed make it more vulnerable to 51% attacks.
And let’s now assume since they quit mining because it wasn’t profitable they somehow now waste tons of energy justbecause to mount a 51% attack…
Such an attack would be immediatly discovered and there are actually multiple ways how the network can respond and mitigate such an attack by adjusting the rules. Bitcoin is not just a dumb set of rules but a network of users. In case of a common threat they will consent pretty fast on new rules to cripple the attacker.
A lot of intelligent people have thought about this and there are plans in place to respond should it ever come that far, which I highly doubt. But it wouldn’t be the end, just a bump in the road.
Ok
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Ok boomer
Layer 2 LN depends upon Layer 1 settlement, the main blockchain, even without “rewards” they will get fees, the fees on layer 1 will rise, if you want cheap transcations, use Layer 2 LN. Bulk settlement will be done en masses, so cheaper fees on Layer 2, and bulk settlement fees on Layer 1, you can still use Layer 1 but it will cost more. Then again you will also get the angel miner that will under cut. Miners also get to pick the cream of the fees from the pool, they decide what transaction fees to take, others will RBF to get into a block as we do today. Earnings on Layer 1 won’t stop. We’ve had this before, we’ve also had much less miners in the past, it still existed. In fact with the rewards falling, we’re getting more hashpower in, more miners, more investment and more growth in Layer 2 nodes. It is also not limited to LN for Layer 2. There are other side chains.
And then, you have future developments. This thing isn’t static and is evolving.
We’ve had crisis before in Bitcoin, and other chains, they didn’t die. In fact they came out stronger.
Be my guest, sit it out, scream gurn and shout. Stomp your feet, whatever. I don’t make my decisions of your howlings. Cry wolf as much as you want.
I actually remember the GPU / FPGA crisis back in the Bitcoin CPU days. Then the pools, then, oh fork wars. Survived that one too.
If we don’t have this dissruptive technology every so often, we get stagnent. Banks et al don’t change unless forced. This is the forcening.
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