Post
Topic
Board Bitcoin Discussion
Re: Do miners really think destroying Bitcoin will make them rich?
by
aso118
on 24/03/2017, 08:59:46 UTC
Note that deep down, miners wouldn't mind bigger blocks right now, as their income is still mainly block reward.  They are thinking after the next halving.  Sooner or later (bitcoin's fundamental design) fees will have to replace block reward.  That can only happen if transactions are scarce.  So transactions HAVE TO BE SCARCE FOR BITCOIN TO FUNCTION in the long run.
That was in the system since the beginning, but as long as there were big block rewards, people weren't thinking of that.  The last block halving has signalled the beginning of the end of that period when transactions were cheap.  Now, they have to become expensive to pay for PoW.

Transactions have to be scarce (at a high cost) or become numerous (at a low cost).  Smiley
Right now, Bitcoin's price may shoot up if the block size issue is resolved. Then the miners will be more than well compensated (through the block reward) for lower transaction fees.