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User Info Fish! Fish, I Tell You, FISH!; entered at 2018-01-12 10:00:14
Posts: 151170
Registered: 2007-06-26
You're not missing anything Aethor.

The fundamental problem with "mining" bitcoin is that the more people do it and the longer it goes on the harder it gets (the "tougher" the hash is) and the fewer coins in a block.

This means the price has to keep going up all the time or mining becomes uneconomic. If mining becomes uneconomic the entire scheme collapses since miners are the only means by which transactions can clear as the system is designed (miners perform transaction verification.)

Without miners there is no value of any sort as there's no means to clear transactions!

Oh, did I mention that as transactions go up so does the complexity of verification (number of steps to be performed) and the size of the blockchain itself, which you must pass around in order to receive verification?
2018-01-12 10:00:14