Nitpicking but
>if we turned off all bitcoin miners today, bitcoin would go to zero instantly
isn't true. You couldn't trade them normally with the miners off but you could start mining up the day after - it only takes a couple of computers really.
>if we turned off all bitcoin miners today, bitcoin would go to zero instantly
isn't true. You couldn't trade them normally with the miners off but you could start mining up the day after - it only takes a couple of computers really.
So if we turn off all the bitcoin miners, it wouldn't be possible to transact. All you could do is look at it, like a read-only excel sheet.
"Well yea you could do that change to tank the value, but imagine if you just undid it huh???"
The point was without mining entirely, there is no value
Once established, the idea is that transaction fees are used and the distributed nature of the network causes a natural competition to be the most efficient so miners can charge the lowest fees while making a profit.