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@ Jeff Booth
2025-05-03 15:03:07
People that think that the only way that #bitcoin mining can survive is extra fees from inscriptions, don’t understand free markets, nor the difficulty adjustment.
If all prices fall to the marginal cost of production in a free market, and bitcoin is the first global free market that has ever existed, then block rewards are alone enough to keep a robust market for mining.
Why: because relative to Bitcoin (open, decentralized, secure, protocol, bounded by energy) the rewards are the same in 2130 as they are today because all prices are falling forever.
It’s hard to even imagine the abundance in that world or “money” that you would need because your reference frame is now and the past, but can you imagine our descendants (from that place)- ever changing back to this one.
Just a friendly reminder that creating different incentives, changes behaviour.