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RE: [CATV VIDEO] Talking Dash Brazil With Rod Ambrissi
Am I the one only who sees the fatal flaw in the system? The currency is based on the update of the ledger, which needs miners to keep getting updated. Miners are only doing it because right now, the value of bitcoin received by mining is greater than the cost of electricity needed to do the mining. But what happens when that is no longer true? Miners don't have an incentive to mine, the ledger stops being updated and the currency becomes worthless. It's inevitable.
In the case of Dash, there is a built in difficulty and reward adjustment system. If miners leave and the hashrate falls, the adjuster will automatically increase the reward to attract more miners. When the miners come back the adjuster will level off the reward again.
Also, the unique nature of Dash's DAO means that we could even offer incentivized mining through the blockchain proposal system. Looking long term, the transaction fees should overcome any shortcoming as well.
Ah that is possible but since bitcoin isn't centralized, who would be responsible for paying the miners? This sounds very similar to communism and there's a reason communism doesn't work.
The network itself pays the miners through the code, or the decentralized masternode network can vote to incentivize mining directly.