Cry harder shitcoiner, almost crying as hard as Charles hoskinson with the news Cardano is being labelled a security. Grown man in control of a "shitcoin" screaming and crying online. Yeah, that's the sort of shitcoin/company I want to invest in.
Weather you like it or not Btc is "precious", scarce and desirable. Don't convince me of your shitcoinery, start convincing countries who are adopting it. If you want your shitcoin to flourish and pump then plead your case with the powers that are bring it to the forefront.
Start with Argentina, El Salvador you're too late. Eth and other shitcoins are classified securities there.
BTW, what's going on with Eth? That was set to flip btc, I mean with all these changes surely they'd get one right that would catapult their price way past 100k? I'm sure in time I'll be proven wrong and many countries will adopt it .
You must have a hard time reading, I've addressed this. Btc mining pools are composed of many individual miners that come and go. They aren't in control of the hashrate, it's miners from all over the world. Miners dont control the network. Seems pretty decentrilised to me. The cost factor to initiate a 51% attack would send a country bankrupt and we would see it coming from a mile away.
What happens to Eth when it hits 10-20-30k? How many people can afford to be validators with 32 Eth? It's almost as if the more Eth grows the more centralised it becomes to those with wealth. Sound familiar?
Why are you talking about profits and no more btc mined? That's 100+ years from now when you and I are long dead and the financial system will be vastly different than the one today. So, who cares?
Give me a break. Bitcoin was developed because of government overreach and FIAT devaluation. Now BTC MaxiPADS are championing the SEC to go after competing projects. Do you want to know why someone like Michael Saylor is doing this? Because the fucker wants to pump his own bags. He reckons altcoins are stealing gains from Bitcoin. He'd rather see all money flow into Bitcoin, and only Bitcoin. Not because he is a swell guy, or because Bitcoin is so amazing. It's because that's what he bought into and he can't jump to other projects without incurring a capital gains tax. He's committed to Bitcoin now 100%. So he is going to talk it up 100%.
After BTC halving in 2032, the block reward will be 0.78125 BTC. 4 years later, in 2036, it will be at 0.39 BTC. By 2048, the block reward will drop to 0.04882812 BTC. That's 24 years from now. If BTC is worth $1 million, the block reward would be worth $48.828.12 in 2048. Not sure how much electricity is required to mine one block, but this site claims:
The average household electricity cost to mine 1 Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08)https://cointracking.info/blog/bitcoin-halving/https://www.coingecko.com/research/publications/bitcoin-mining-costEnergy costs will probably go up significantly in the next 24 years. It will be interesting to see how much it would cost to mine 1 Bitcoin block in 2048, when the reward will be a payment of 0.04882812 BTC. Perhaps Bitcoin is $10 million by then? Who knows. But it does make you think about how sustainable the Bitcoin POW model will be even well before the last fraction of a BTC is mined. And this will become an issue much sooner than 100 years from now.
Regarding ETH Staking:
You can stake ETH on Lido, Coinbase, Binance, etc. with less than 32 ETH. Yes, it is risky on an exchange. Life is risky. When I was mining ETH via POW, I burned through two outlets. But they were in metal boxes and the circuits were also in conduits. So nothing burned down. But my point is, that everything has a risk attached to it. Risk takers are the ones that have the potential to make or lose money more so than someone who is only content with a 9-5 job. That's just the way it works in life.
Even though liquid staking exists for smaller players, there are plans to upgrade staking to promote even more decentralization.
https://crypto.news/vitalik-buterin-unveils-major-overhaul-of-ethereum-staking-to-enhance-decentralization/I mined on many pools. I also bought hashing power on NiceHash and redirected the hash power to my Ethereum miner address. The NiceHash power was lumped in with my own personal miners, only it was much bigger. For reference, with around 40 high powered GPUs, you would have a hash rate of close to 1.5 Gh/s. With NiceHash, I had 80 Gh/s at my disposal, or more. The hash power was purchased with Bitcoin. The more hash power you requested, the faster your BTC deposit was depleted. I also had my GPUs mine for NiceHash, In this case, the roles are reversed and other customers purchased hash power and my miners worked for those customers. NiceHash paid me in BTC. The point is, NiceHash could redirect all that hash power as needed. Even though it was a pool, they could control where all the collective hash rate went.
From ChatGPT:
In a decentralized and trustless system like Bitcoin, mining pools operate based on the principle of following the rules of the Bitcoin protocol. The hashrate of a mining pool is the combined computational power of all the miners within that pool. While mining pools can't directly redirect the hashrate of individual miners without their consent, the pool itself can make decisions on how to allocate its collective hashrate.
Mining pools typically allow miners to connect their mining hardware to the pool's mining server, and they work together to solve cryptographic puzzles and validate transactions. The pool's operator can influence the distribution of work among miners, but this is usually in accordance with the principles of fair and transparent mining.
However, if a mining pool were to act maliciously or against the best interests of the Bitcoin network, it could potentially engage in activities that redirect or concentrate the hashrate in a way that is harmful to the network's security. This could include conducting a 51% attack, where a single entity or a coalition of miners controls more than 50% of the network's total hashrate, potentially allowing them to censor transactions or double-spend coins.
It's important to note that such actions would likely be detrimental to the long-term value and integrity of Bitcoin, as the decentralized nature of the network is a key feature that contributes to its security and resilience.
In practice, reputable mining pools are incentivized to act in the best interest of the Bitcoin network to maintain the trust of miners and users. Miners also have the option to choose which pool they want to join, and they can switch to a different pool if they disagree with the pool operator's policies or behavior.
