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81 sats \ 15 replies \ @Undisciplined OP 9 Aug \ parent \ on: How Governments Can Easily Kill Bitcoin bitcoin
I think Professor Krattert was making his point tongue-in-cheek.
Yes, I assumed that. I am just playing out the thought experiment.
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I had similar thoughts as you, while watching.
Part of the case he's making has to do with how long bitcoin goes between difficulty adjustments. Someone else was talking about this recently and I don't know enough to say whether they're right or wrong.
If demand plummeted and the vast majority of miners left suddenly, Bitcoin might stop being able to function well and it could take a very long time to get to the difficulty adjustment.
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You should check out Preston's podcast with Bob Burnett. He predicts over the coming years you will essentially have a futures market for blockspace the same you do for oil where companies can smooth out the variance in revenue.
Now if there was no demand for block space there would be no need or demand for this type of market but it was an interesting conversation and somewhat adjacent to what we are talking about, which is why I brought it up.
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Sounds interesting
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A futures market for hash rate
There are a few markets for buying hash rate like nice hash.
I even won a BCH block!
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Lower
I forget the exact number. I received a fraction of what the entire mining team received. I purchased 12 dollars worth of hash rate. My reward was 50 dollars.
I can double check the exact amount in my nice hash account
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I should have been clearer. I won a fraction of my block commensurate with my investment or contribution.
Essentially I paid 12 dollars to join a mining pool
Edit: the only reason I joined a BCH mining pool is that it’s easier to win a block reward or a fraction of it
Most miners leave temporarily. If most left permanently new miners would enter or existing miners would increase their hashrate
Too many miners have made large capital investments
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