493 karma · joined February 26, 2016
If BTC is not dead by then, it will likely have some sort of active user base, meaning non-zero fees.
If the fees are low, verifiers will stop verifying.
If enough stop verifying, the prize pool grows (more network congestion leads to higher fees). This eventually stabilizes at some equilibrium (likely leading to a weaker chain, if profit is the only motivator).
It's also worth noting that if BTC has seen enough adoption to be sustainable for the next 100 years, there are likely many many stakeholders who could/would mine for "altruistic" reasons. E.g. financial institutions and other large holders have incentives to keep the network stable.
Hell, maybe by then they get enough people on board for a BTC 2 that's some weird Ethereum competitor. It's really hard to theorize on that long of a time horizon.
https://miro.medium.com/max/3836/1*C_ImLXQdMOGljMRhLcV-Yw.jp...
Edit for a bit more clarity: Inflation / Deflation is relative to a "base asset" which is considered unchanged in value. For USD this is normally a standard basket of assets (foreign currencies or a "market basket").
Edit: This wasn't intended to be a hypothetical- I agree BTC uses significantly more per transaction, but I'm curious how it compares to the entirety of a system like Mastercard divided by number of transactions (including all employee/office space/commute/etc energy consumption). There are clearer/fewer inputs for Bitcoin for sure but that doesn't mean we shouldn't account for the total environmental cost of a behemoth like Mastercard.
Bitcoin can never and should never replace our current payments network as it simply cannot scale in its current form. But, I do think people simply look at the cost to run the technology itself and assume that's the total environmental cost of a system.
[0] https://www.quora.com/Can-2-publicly-traded-companies-have-t...
Edit: I was wrong :)