The Bitcoin community knows that Bitcoin has a design loophole, that is, how to get miners to maintain the Bitcoin chain after the block reward is stopped. they believe the answer is transaction fees, and a huge transaction fees can balance the miner’s income,which drive miners to maintain the bitcoin chain.
If in the past 15 years, as the value of Bitcoin has risen, the number of transactions on the Bitcoin chain has increased or remained flat, indicating although the value of Bitcoin has risen, holders still need to spend, or As the Bitcoin economic system expands, the number of transactions increases.Finally, we draw conclusions that Bitcoin transactions can cover miners’ income in the future.
If in the past 15 years, as the value of Bitcoin has risen and The bitcoin economic system expanded, the number of transactions on the Bitcoin chain has decreased or decreased sharply, the value of Bitcoin has risen, and people tend to store instead of spending, it indicates that Bitcoin transactions will not cover miners’ income in the future.
Suppose that Bitcoin has become a national strategic asset in 2150, like gold now, people tend to use fiat currency or other cryptocurrencies that do not retain value, and there is no transfer on the Bitcoin chain for a month,what is more, there is no block reward at bitcoin chain in 2150, what will happen?This is the significance of the long-term tail emission of Grin Coin for security maintenance.
I found Grin Coin’s Transactions Statistics grincoin.org,which is a great website.Has anyone found bitcoin’s transactions statistics for the past 15 years?
Find Bitcoin transaction statistics for the last 15 years, or make a different point of view, I reward 500 grin,Valid for 1 week.
Most probably is driven by human greed, or the fact that all major Bitcoin influencers will all be dead by 2150, so it’s not their problem. The Bitcoin ponzi has done well its job, and made this people from 2010 - 2030!? rich people. The rest and what will happen later is not their problem, though I find it amusing how they don’t understand this simple problem and how people have invested millions of dollars in this coin, and the price continues to go up.
After replacing humans with robots in most areas, ordinary people will need to earn a living somehow.
GRIN can become a tool for earning a living.
Purchase 5-10 asics with the money earned in the online game, as in the movie “Ready Player One”, 2018 (It’s just my futuristic fantasy).
You indeed see Bitcoin is very far from having achieved sufficient block subsidy from transaction fees, it is not even 10% on average. It gets even worse when you factor in the halving, since you would expect the percentage of block subsidy by fees to double every halving. This is not the case. You especially see a low block subsidy from transactions in the bear market. A reasonable counter argument would be that at those times the value of transactions must be less, hence less security/subsidy is needed.
If bitcoin would not have been so de-inflationary, more people might use Bitcoin for economic activity and hence subsidize the security through transaction. It is still possible, but based on the statisistics hoping that transaction fees provide sufficient block subsidy in a few years is “hopium”. What I think is most realistic is that a few large Bitcoin holders will subsidize mining activity to keep the security sufficient, which is acceptable, but very centralized.
Personally I think that within 2-3 halving Bitcoin might enter the danger zone. Personally I will slowly convert some of my savings from Bitcoin to Grin. On the long run (decades) Grin is a much safer bet IMO.
For transparency and clarity, this is not financial advice. I do not plan to change all my Bitcoin to Grin, but I am planning to increase the percentage from the current
~2% to ~20% over the next 10 years or so.
Which means you also have to secure a gorillion worth of transactions. The economics for security should scale with the value of transactions you are securing.
but It’s different for bitcoin chain transactions and transaction fees, If one Bitcoin is already $10 million,0.001 bitcoin of transaction fees is ten thousand dollars.The number of bitcoin chain transactions could be small,but transaction fees could be Great value by Fiat currency measurement.Miners still have an interest in maintaining the Bitcoin chain,When the price of Bitcoin is very high.
if there is no transactions or less transactions for a long time,while bitcoin price don`t go up,the bitcoin chain could be danger.
Same thinking, when the last coin will be mined, more unknown problems will appear for sure. Can’t imagine how the last person would take the hot potato.
I see many people talked on socials that they will keep BTC for their children ^^
I also am building some BTC funds and Grin funds for my kids. The combination of high transaction fees (even on Lightning if you want your own channels) plus the decreasing security fees, those are major concerns with regards to Bitcoin.
It does not mean Bitcoin will fail, perhaps Lightening will catch on, perhaps aggregation of opening or closing channels will be possible, lets stay positive. There are some brilliant minds both in Grin and Bitcoin, who knows what solutions they will come up with for these Bitcoin problems.
Grin means fairness, equal rights of currency
Each generation has its own time, and each generation has its own Grin
If bitcoin, the next generation of children has not been able to get the issuance of bitcoin.
generation of mine can mine to get bitcoin, and the next generation of kids have to pay the whole lifeto get bitcoin.
