On Tue, Oct 15, 2013 at 03:50:03PM -0700, Bill Stewart wrote: > Anarchism's a great thing, but if you're trying to run an actual economy, > you need to make it workable for economic reasons, not just ideological ones. > Now that mining takes actual work and non-trivial amounts of electricity, > and there are enough bitcoins on the market that you can just buy them, > people are only going to do it if they can make a profit.
Difficulty is adaptive, so it will go down if hash rate goes down. It's not a one-way ratchet. > (If the market gets big enough that there aren't enough bitcoins > circulating to meet demand, the price goes up, > and maybe mining becomes profitable again.)
