So I've been thinking about this "number go up" technology and it got me thinking about future price implications based on mining profits.
In the year 2056 the block reward will be 0.01220703. Today the block reward is 6.25, or in nominal dollar terms, equates to roughly $266,600 every block worth of value produced. To produce the same NOMINAL value per block in the year 2056, Bitcoin would have to be worth $21,839,874.
This implies that Bitcoin HAS TO (as in doesn't have a choice) increase in value or it will slowly die because miners will turn off over the years lowering the security of the network. Bitcoin doesn't have the luxury of just cruising along at $50k or even $500k for 2 decades because miners will inevitably turn off due to lack of profits, thus compromising the network and it's value proposition.
Is this logic flawed? Or is this basically how mining profits operate? I'm sure I'm missing something glaringly obvious in here regarding network fees or what incentivizes miners.
And if my logic is flawed, could you please explain how miners would operate successfully if Bitcoin is only say $1,000,000 in the year 2056? Let's assume the USD is still around and probably just worth a lot less.
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