cross-posted from: https://lemmy.ml/post/17303063
An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.
cross-posted from: https://lemmy.ml/post/17303063
An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.
Except for Bitcoin Lightning Network:
https://en.m.wikipedia.org/wiki/Lightning_Network
It’s also constantly getting un-diluted by people losing their keys.
Current estimates put the “lost coins” at around 25% of the total. That is twice as many as there are left to mine.
That’s been the plan from the beginning.
Mining halving has been defined with a rough estimate of adoption, volume, and technological advances. It’s why Lightning Network was developed, and why Ethereum has switched to a Proof-of-ownership mining scheme.
The estimate is rough and quite inflexible, which has lead to cyclic fluctuations around the period of halvings… but from a long term perspective, it has been working reasonably well for the first 10% of Bitcoin’s starting period.
I hope there will be no compensation for miners when the supply’s hard limit has been reached. To remove the profit motive completely would be excellent imo.