Post
Topic
Board Economics
Re: Bitcoin halving to be canceled?
by
deisik
on 11/11/2015, 21:10:11 UTC
The problem will solve itself. The reward over time is only as low as many miners take part in the mining game. Lower the reward and many miners will switch off their unprofitable miners. Which means the remaining rewards will be split through the remaining miners, which means they will earn more.

I don't particularly disagree with the said. In fact, I already mentioned something to that tune somewhere in the thread earlier. There are two major issues with this, though. First, this problem is apparently the flaw in design (an arbitrarily set number), at least, the way it is set up to work (if anyone begs to differ, think about how non-optimal (or, better, disruptive) the halving is/will be). Second, the disrupture in Bitcoin operation may be fatal to it, meaning it may never fully recover from this halving...

I don't see why this halving should be different. I mean even when 50 or 70% of all miners are switched off then, it doesn't matter at all since the remaining miners will earn more because they don't need to share. I think because of that no problem can arise.

I don't know how the matters stand at the moment, but in August there was a transactional glut, i.e. there were a few thousand unconfirmed transactions that didn't get confirmed in time (up to 50,000, if I'm not mistaken). I got caught too, my ~1 BTC transaction hadn't been confirmed for 2 days. I guess it was a deliberate effort by miners to stimulate the price, since I saw a lot of new blocks with only the miner's TX in them...

Therefore, it is hard to predict what the miners can be up to