Post
Topic
Board Economics
Re: Bitcoin halving to be canceled?
by
SebastianJu
on 27/11/2015, 13:53:46 UTC
It is a mandatory step in the development of the network and prosperity of bitcoin. So yes it won't be cancelled.

The title is misleading and since it suggest a eventual cancellation which is not true. A better title would be. Should the halving be cancelled?

That's what I think should happen and assume will happen ("unless miners want to kill bitcoin"). My logic is flawless, lol. If the halving is so beneficial for the "prosperity of bitcoin", why not cancel the miners reward altogether?

Fly me to the moon

Because halving was implemented to give an initial reward for miners to provide their service. This reward brings bitcoins into existence too. Though it is only temporary until bitcoin adoption is so high that the fees are high enough to compensate miners.

Well, if the ones that want to keep 1 megabyte blocks win then this won't work out. The fees could not rise anymore because we have more and more adoption, adoption would be stopped because only a certain amount of transactions could be confirmed. Instead they would try to make bitcoin transactions more expensive by everyone competing to get his transaction confirmed. That obviously will make bitcoin very unattractive.