Bitcoin security would not be irreparably degraded if hash power decreased over the long run. The worst consequence of a gradually lower hash power / market cap ratio: it may require recipients of very-high-value transactions to wait more blocks before relying on them.https://twitter.com/mhluongo/status/1092559882056802304 …
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why is hash power supposed to decrease at long run?
It may if tx fees don't pick up slack from decreasing block rewards. Has been said to present a security risk, but I haven't actually read a good argument showing it would degrade security. Likely reflects oversimplified mental models of how hashrate contributes to security.
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is the tx/s rate increasing being considered in this analysis? Millions of txs, millions in fees being collected. I been always certain hash power will grow as far as adoption can.
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Generally tx value and fees grow with market cap, and fees will grow disproportionately more once block space starts filling up again (as it did in late 2017), so this is yet another good reason to not get so worried about the tx-fees-to-low-to-fund-enough-hashpower scenario.
End of conversation
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As long as the USD value of bitcoin is increasing, then the hash power won’t necessarily drop despite decreasing block rewards, right?
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