All y'all need a lesson in open-mindedness. Capitalism and communism are both doomed to fail if people run around treating each other the way you guys are treating each other.
If there's not enough transaction activity on-chain generating many small fees in balance with frictionless value exchange utility etc. Bitcoin will die.
So as the block reward lessens the miners will seek profit from trx. fees. If the trx. fees do not make them a great enough profit to justify running the machinery then game over.
Would u say then. that this is why companies like CoinGeek & nChain are advocating for 0-fee trxs. in order to maybe lure in new users and spark more on-chain activity. Prep. 4 future.
A node must contribute work, not just hold a copy of the blockchain. No work = no power. Dummy nodes can be faked on the cheap so they should be ignored.
How will the power of mining nodes change once all the Bitcoin has been mined? Also, how will the power of mining nodes transform as the block reward becomes less and less?
My biggest takeaway from Thursday's meetup was the feeling that this movement is still in it's infancy. If you understand PoW you're in the tiniest minority. Perhaps less than 10,000 people on Earth really get it.
Would like to hear your understanding of PoW. I don’t want to be part of the not less then 10,000.