So bitcoin mining will produce fewer and fewer coins over time

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>>3374079

Yeah, except that mining is the process that allows there to be transactions. When there is no more mining, no one will be able to trade bitcoin for anything. Checkmate.

>So what exactly is the purpose of bitcoin?
decentralized digital currency

>>3374091
So when do I jump ship? I have a solid chunk of my portfolio in btc right now, and I feel like in the long term i should get out of it and into eth or something else

but I still feel like btc has space to rise in the short-medium term

>>3374099
Okay but how does that work in the context of requiring the price to constantly increase to keep mining profitable?

So gold mining will produce less and less gold over time

therefore to be profitable, the value of gold must go up

therefore, either gold keeps rising in price, or it crashes and miners pull out

So what exactly is the purpose of gold? Seems like a massive pyramid scheme that eventually goes bust

>>3374124
difference is Gold doesn't stop working when you stop mining it you utter moron.

>>3374150
in the far future the "miners" will be mining for the purpose of collecting transaction fees than discovering the next block

>>3374175
more* for the purpose

>>3374099
Visa processes thousands of transactions a second, Bitcoin can handle a couple dozen at best a second. So that's a major issue.

The price fluctuation is what keeps people investing currently but is absolutely unsustainable for a currency.

An ever growing crypto quantity will continue to fragment bitcoin, which might be limited in quantity but the number of ICOs isn't. Look how many are being introduced currently.

>>3374124
Yes, it kind of is. Issue is, gold is tangible and truly limited. Bitcoin, while limited itself, can be replicated with other ICOs in a sense and continue to ever expand the market and gives people the ability to move from it to something else once mining dries up. With gold, you do have other precious metals, but they're also limited to how many elements we can find in metallic form and what industrial use those metals have.

This is also probably why China is cracking down on ICOs as when the bitcoin mines dry up, people will just jump to the next coin that can be mined and Bitcoin will die. When the gold mines dry up, well you'll see people looking at Silver and Palladium as they do already, but what's really after that?