(sorry for the long post) I think this is the right time for this, glad to see that BitFury is thinking ahead. I often hear people say that the fees must increase to support the big miners once all the bitcoins are mined or the block reward is too small to be significant.
I don’t think this is the only scenario. If you think about it, the more you increase the fees, the less people will be using it. So, will big miners really make enough money from the fees to sustain themselves? Do big miners really want to bet the farm on the assumption that transactions will reliably increase enough to sustain themselves? I think there are too many variables to calculate the fees appropriately anyways. Microtransactions will suffer and all the fun applications we can do with microtranactions goes away.
This might prompt some big miners to have to close shop. I hope current miners have an appropriate exit strategy in place anyways so that they don’t get too wrecked in the process, but this is where mining might go back to being more decentralized, and this is where I see this BitFury product start to make alot of sense.
Not as a light bulb though, but I would like to see it in a more always on device like your internet router, or even in the distant future by your ISP in the internet modem they provide you. Think of everybody plugged into the internet as a mini bitcoin miner. As long as the impact on your electric bill is insignificant, you wouldn’t even have to know that there is a mining device in your house. There will be mining, but there won’t be big miners.
In a scenario like this, there will be no incentive […]
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