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Lurkin

2,100 Posts.

6

13/09/19

09:10

Post #: 40407879
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Originally posted by k3tan: ↑

Each halving has seen a rise in the price of bitcoin, so when you conclude "miners are going to be half as profitable" is not true. The rise in price of bitcoin offsets the reduced bitcoin miners receive. There have been 2 instances where the block reward has dropped in the past. One from 50 to 25 bitcoins per 10 minutes and 25 to 12.5 bitcoins per 10 minutes. Miners have not 'switched off'. Infact, it appears they've 'switched on'.

Also, Bitcoin doesn't handle 5 transactions per minute, it handles 5-7 transactions per second. Solutions such as the Lightning Network are being worked on to deliver instant payments for the masses.

I suspect the masses are not taking advantage of the Lightning Network yet because we're in the 'store of value' phase of adoption. People with Bitcoin are holding on to them in expectation that it will be worth more in the future. The "sov idea is quite silly" doesn't seem silly for these individuals.

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Opps,my bad per second is correct.
I guess we will have to see this halving as to what will happen.

so you agree with me that the price of btc has to go up significantly to pay the miners
otherwise they will switch off?

the lightning network is bunk.
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