• commie@lemmy.dbzer0.com
    link
    fedilink
    English
    arrow-up
    3
    ·
    11 months ago

    Bitcoin transactions will get more expensive over time unless bitcoin changes their code

    other events could precipitate a decrease in power used per bitcoin transaction.

    • Overzeetop@beehaw.org
      link
      fedilink
      arrow-up
      4
      ·
      11 months ago

      Again, it would take a substantial change to the code or reality. The options are to change the block size (more transactions per block), alter the difficulty curve (which is intended to limit growth in the limited bitcoin supply), alter the way blocks are solved (massive theoretical mathematical breakthrough or, possibly, a move from asic to quantum computing), or switch away from proof of work. The first increases the storage of the blockchain (substantially for a substantial reduction), rewrite - and get approval - to change the difficulty steps which had been a hallmark of the system, the third is magical thinking, and the fourth completely undermines the egalitarian ethos of the coin.

      I’ve heard of no substantive move on any front to alter the plan because, for now, it working. And the true believers are generally libertarians who have faith that market forces will correct any shortcomings organically. This usually results in everything working perfectly right up until it doesn’t, at which point the wheels come off and the bus slams into the class of kindergarteners crossing the road.

      • commie@lemmy.dbzer0.com
        link
        fedilink
        English
        arrow-up
        2
        ·
        11 months ago

        the network is self-adjusting. if hash power begins to decrease, the network will decrease difficulty to maintain the target of 10 minute block times. lots of things could lead to decreased hash power. the whole network could be run with a cleverly configured raspberry pi

        • Overzeetop@beehaw.org
          link
          fedilink
          arrow-up
          1
          ·
          11 months ago

          the whole network could be run with a cleverly configured raspberry pi

          Which would defeat the entire purpose of a distributed blockchain. I’m ribbing you, of course, on that ;-) Bitcoin was not built for efficiency and the very basis of distributed proof of work trades efficiency for security. The more “successful” it gets, the larger the incentive to waste power in a fight to win each block reward becomes - by design.