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Old 07-15-2017, 12:38 PM
SamuelA is offline
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Join Date: Feb 2017
Posts: 2,921
Quote:
Originally Posted by Francis Vaughan View Post
Yeah, delay times are an interesting thought.
The $1 is still paid in Bitcoin, not real money,
You just made a serious cognitive error there. You made a second one in assuming the miners have to find bitcoins or they will all quit. If every transaction pumps 1 real dollar (and yes, it's a real dollar, read some economics books and work it out) to the miners, a smaller number of miners will remain mining. The mining system's main purpose is actually to act like a voting system for verifying blockchain transactions. As long as a big enough pool remains such that 1 group doesn't control a majority of the hashing power (which would give them the ability to falsify transactions), bitcoin continues to work. I don't expect bitcoin to last forever, either, but the reasons you gave are not what would bring it down. The price of bitcoins is determined by supply and demand, and the demand is from black market buyers. Mining is completely irrelevant to determining the price of bitcoin, save the effect of mining reducing that price slightly.

Last edited by SamuelA; 07-15-2017 at 12:41 PM.