Bitcoin and Crypto Talk (Merged)(includes NFT)

SaintInBucLand said

If anyone knows exactly how the chain and ledger work and the fact that there are a finite amount of bitcoin, there will be a point at which there will not be incentive for people to use processing power to continue the chain/ledger. What happens at that point?

Sorry for such a technical post as I know many will not understand what I am talking about.

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Without doing the math, we will be long gone before that happens. Even assuming exponential growth, this will not take place before roughly 100 years. I think theres even a solution for this when it does happen.

The interesting thing about block chain/mining is its self correcting. If the bitcoin value goes low, and the expense of mining starts to exceed the income received from it, then you will see people exit the mining market. Which means lets bitcoins on the market. Which means they become more scarce. Which means their price goes up (assuming demand stays roughly the same). Which means miners are encouraged to re-enter the market, which causes the price to fall, etc.