I'm surprised that the energy usage axis does not come up in this summary of his thoughts. Isn't that likely to be a factor in bitcoin's growth and long-term survival?
if there was some successful state-sponsored or populist uprising against bitcoin’s energy then the energy use will decrease and bitcoin will continue functioning as normal
it just incentivizes more efficient hardware or lower yield for miners
the network can decrease in difficulty or have steady difficulty forever
the value that the network can support is still several orders of magnitude higher, and there are at a lot of gigawatts of energy to tap into before it reaches said maximum
you are limiting one variable: power consumption, and people will have to work around that tighter than they already do
But that might provide a good excuse for the government to regulate Bitcoin in whatever way they choose.
Yes I am a Cardano shiller.
I've been using changenow.io and it always works. As always, don't send in really large transaction, but one by one, maybe like 3000 ADA each time (this is what I do).
bitcoin can almost double (2x) in value every 4 years without an increase of energy usage by miners (if you put a wide enough filter)
- I guess most understand that the reason is the supply halving finding place every 210.000 blocks (roughly 4 years), and nothing to do with technology/moore's law or anything else
- this will probably be true (more or less... lets say 1.8x -2x) for another 2 halvings
- then the rate [1] will decrease from about 2x to 1x while fees rapidly start to be the predominant source of revenue to miners, and less and less the newly minted coins)
[1]: rate of possible increase in value for the same amount of energy consumed
https://medium.com/coinmonks/blockchain-myth-5-proof-of-work...
https://www.truthcoin.info/blog/pow-cheapest/
https://medium.com/coinmonks/proof-of-work-vs-proof-of-stake...
That's a bit to read, but not a topic that one should just think he knows about (and these articles have quite a lot of overlap)