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The way I understand it, and in this realm I actually am less than a noob, the miners provide most of the processing power for the transactions of the coin due to incentives for processing payments while mining. But since these last 2 million coins have basically become unicorns (expected to be mined until 2140) won't the guys who have the server farms just move to a new coin to mine?

Is there an infrastructure to deal with the currently mined coins without miners adding their resources to the blockchain? And what happens to existing coins if the current server farms are not available? ELI5 this shit guys 'cause I really don't understand how people dump a bunch of their fiat into something that might not even function in the future.

Honk honk.

The way I understand it, and in this realm I actually am less than a noob, the miners provide most of the processing power for the transactions of the coin due to incentives for processing payments while mining. But since these last 2 million coins have basically become unicorns (expected to be mined until 2140) won't the guys who have the server farms just move to a new coin to mine? Is there an infrastructure to deal with the currently mined coins without miners adding their resources to the blockchain? And what happens to existing coins if the current server farms are not available? ELI5 this shit guys 'cause I really don't understand how people dump a bunch of their fiat into something that might not even function in the future. Honk honk.

(post is archived)

[–] • 1 pt

When coins are paid out then the traffic becomes the profit. You get paid for being a node.

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But do you get paid enough is my question and what happens to the coin if miners leave?

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Miners never have the coins.. coins go in wallets. Wallets never disappear unless the network is completely gone.

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Should remain at about the same level of compensation. Which isn't a lot. BTC miners REALLY make their money by mining coins, yes, but the $$$ comes when those coins go up in value..

i.e: it costs you $10 to mine $11 worth of btc today.. But next week if btc is worth $13, you made extra $$ on top of mining.

If miners leave, the remaining miners make more $$. If LOTs leave, then they will lower the difficulty and speed up the smaller network.

[–] • 1 pt

All valid points my friend. However, how are crypto going to work when there is no power? If the idiot elites get their way, the only power we'll be allowed is solar wind and geo thermal, there will not be enough power to juice all the cars and keep the lights on so crypto wont work if the power is intermittent at best.

[–] • 1 pt

I was just curious without the whole shtf situation. People are dumping current money into bitcoin but is there an infrastructure in place to protect their investment?

I don't know, that's why I asked.

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I think the blockchain will still require reconciling and checked. I would think that they would just roll in to a new coin.

[–] • 0 pt

Bitcoin ATMs is the answer to your question.