Right you did but your not comprehending what you are reading.
That right there tells you that they still need to mine but they will no longer receive coins but transaction fees only.
Here is what it says if you read further.
** If Bitcoin in 2140 largely serves as a store of value, rather than for daily purchases, then it’s still possible for miners to profit—even with low transaction volumes and the disappearance of block rewards. Miners can charge high transaction fees to process high-value transactions or large batches of transactions, with more efficient “layer 2” blockchains like the Lightning Network working in conjunction with the Bitcoin blockchain to facilitate daily bitcoin spending.**
So they still need to mine but only for transaction fees.
Your still not understanding. Back in 2017 Coinbase had not gone public on the stock exchanges. Tesla did not have any bitcoin on it’s balance sheet. Fidelity didn’t allow trading in Crypto or hold any Crypto ETF’s. Canada did not allow ETF’s to be built on Crypto. There weren’t over 38,804 Crypto ATM’s all over the world.
How do you know? We already said you do not have to trade any of these Crypto’s on any exchange. So any trading volumes you are looking at are only a guess. Also many people just hold Bitcoin and Ethereum is used for gas money so a lot of the volume is lost on both of the coins.
I am going to bookmark this chain albaby and every year we will come back and look at it. It should be interesting to see who is correct. You thinking Cypto will not be around or negligible and me thinking Crypto will thrive and grow bigger and bigger starting new business’s.
I understand all that. None of that makes crypto especially important or significant, relative to the national economy. There’s literally millions of cardholders that use and millions of merchants that accept the Discover Card (to pick a roughly same-sized financial enterprise). If Congress decided to ban the Discover Card, it would cause inconvenience - and obviously massive economic harm to the Discover Bank and its business counterparties. But Congress could do that without materially affecting the national economy. Easily.
The same is true of crypto. If Congress passed a regulation that barred or crippled the use of crypto in most circumstances, it would certainly be bad for the folks who installed those crypto ATM’s. But so what? There were hundreds of thousands of cigarette vending machines across the U.S. at one point, in nearly every bar and restaurant. More than there are crypto ATM’s. Then the FDA banned them in nearly all circumstances (after several states did so first). That was hard for the vending machine owners, and cost the establishment owners some easy rent money. But that didn’t stop it from happening when the government finally made up its mind to all-but-end that practice.
It might cause problems for companies like Tesla that would have to divest themselves of their crypto holdings. But nothing insurmountable. Sure, Congress would consider those likely negative effects in deciding whether to pass such a regulation - but that’s true of almost every type of regulation. Not because crypto is just too big to regulate.
Sounds good. Any predictions on what the most significant new business we’ll see developing around Crypto in the coming year? As I mentioned upthread, almost all of the economic activity around crypto has been enabling people to speculate on the value of tokens - platforms like Coinbase and OpenSea that are used to trade and lend those tokens. Those services have been pretty well established. What’s the next one?
Can you give us a real-world example? Is there some sort of BNPL scheme that works better with crypto? Is there some sort of security trading vehicle that works better with crypto? Is there some sort of electronic bank that works better with crypto? etc? What’s the SoFi of crypto?
Of course it is. That’s why I was asking for specifics. Fintech is enormous, and the only tiny slice of it that I recall discussing with you was remittances. We never really talked about Chainlink - you mentioned and linked an article about it as an example of a crypto business, but never really got into details (they’re a “picks and shovels” company, right, doing oracle software for blockchains?). You never really got into what they actually do or why they’re important (other than helping people, as I mentioned upthread, successfully speculate on tokens).
I guess my reason for asking a further question can be best illustrated by another question: can you give an example of a crypto business that wouldn’t be categorized as fintech? It’s rather an enormously broad term, after all.
Again, just curious what you thought the next (or rather, first) big thing with crypto might be - and “fintech” is just so enormously broad that it’s not really much to go on.
Yes but it is much smaller than what I actually first said. I can’t be sure exactly what they are going into because there is so much innovations coming in this space.
Which fintechs that are using crypto would you invest in today? After all, getting in early is the key to outsize returns (Amazon, Apple, Google, etc) for companies that will experience massive growth.
There isn’t one Mark, I am not trying to tell anyone what to invest in, rather I am trying to bring up information on the technology. The feedback has helped me to understand this technology. I feel I have a better understanding of it now than I did 6 months ago.
My “better understanding” is that the arm waving is going into overdrive, but Bitcoin is off by 65%, other cryptocurrencies are off even more, that “blockchain” is a really cool technology that no one has a significant use for yet (except to make more blockchain, apparently), and that the best minds in “fintech” still don’t have a concrete application for any of this, except to get more people to invest in it because, FOMO.
I invested in AOL in 1995 and Cisco too, because I had some idea of what their technologies might lead to. (To make sure this is not a ‘glory me’ post, I also bought Lucent and @Home for the same reason. Right technologies, wrong companies.)
Here we are, a decade or so later, and nobody can give a straight answer to “what is crypto good for” except “buying more crypto”, and blockchain looks like a vastly energy intensive Vis-A-Calc that everybody can see, always. OK.
Meanwhile crypto has failed to make any significant roads into the consumer space, companies have dabbled but mostly held back, and the number of corporations dropping blockchain increases as daily as the calendar count.
So yeah, I have “a different conclusion” too. Of course I’m always willing to change my mind, as I did with AOL and Cisco when the string ran out, and I’ll keep watching, but until the hand-waving becomes a concrete product or process that seems likely to advance its acceptance, I’ll just be quietly here on the sidelines.
Now there is 4 long term losers, no wonder you are so gun shy. Cisco still hasn’t made it back to it’s highs in 1999. I would stick to bonds too if I was you.
