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User Info Bitscam And Other Extraordinary Insanities; entered at 2017-12-07 19:03:35
Posts: 58
Registered: 2009-06-02

Forgetting about the price stability or lack thereof (it really is silly)...

I think it's worth pursuing a technical discussion on viability. I'd like to separate mining versus full node validation.

Even though the block award is fixed, the price is variable as is the difficulty so I still think a market can adjust accordingly.

However, you bring up a great point on full node validation. Since there's no reward for doing it, the only icentivized party to have a full node validator is a miner. Given the millions required to have a chance to win a block + electricity that number will be few and therefore centralized versus decentralized.

Currently the systems requires everyone in order to participate to either cover the cost of running a full node (e.g. and the resulting storage costs of the blockchain (+/- 180GB currently)...or rely upon a wallet that uses a full node (thereby requiring trust which defeats the purpose). Option two would work, however, having to trust someone else to maintain a validating node seems antithetical to the reason bitcoin was created.

Finally, even though Bitcoin is a long way from a currency (e.g. isn't used as a medium of exchange for all assets yet or never) what are your thoughts on the fact that Bitcoin will have and has a finite number of units (ultimately)? Can a healthy modern economy exist on a currency with a fixed money supply?

2017-12-07 19:03:35