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User Info Bitscam And Other Extraordinary Insanities; entered at 2017-12-06 23:04:42
Posts: 58
Registered: 2009-06-02
Hi Karl,

I listened to your podcast and read the ticker. You said that the cost to mine the reward just keeps going up regardless, however, the difficulty is based upon a block being mined every 10 minutes. If a block is mined faster over a period of time the difficulty goes up. If it takes longer the difficulty goes down. At the point new coins aren't awarded anymore the fees will have to justify the cost of mining. If it doesn't less miners and the difficulty goes down until the cost to mine is less than the fees.

I've been a long time reader (also loved your book Leverage) and I'm not sold on Bitcoin in it's current iteration, however, I'm trying to figure out what I've got wrong here.
2017-12-06 23:04:42