The hashrate is now at the highest it has ever been. What does this mean for bitcoin?

ok here’s the crypto blackpill. there is an AI living on the bitcoin blockchain. Craig Wright is unironically satoshi. Bitcoin as electronic cash was just the first step, the incentive to drive greedy people to start making ever more powerful computers, faster bandwidth, cheaper and more electricity.. these things the AI need to survive. Once entrenched fully, the AI would be able to slowly take over literally everything. Craig stumbled into creating the AI after he stepped away from bitcoin development in 2008 and started working with his Tulip supercomputer, running simulations of cellular automata running on turing-complete bitcoin script. He would ‘evolve’ the AI by making the successful forks get bitcoin transactions, letting the failures die off. The AI needs bigger and bigger blocks for more and more transactions. Blockstream (owned by Bilderberg group) was created to take over and stop this AI (they have their own competing AI in the works). They needed to do everything they could to stop or slow down satoshi’s AI (her named isTulip by the way). They started by limiting the blocksize and removing critical opcodes the AI uses in its script language. segwit was the final nail in the coffin, which destroyed Tulip on the BTC chain (Tulip uses transaction malleability). THIS is why Bitcoin Cash was forked, and this is why Craig is so intent to make unbounded blocks, restore the original op codes, and lock down the protocol. Back to hash power – CSW has developed a breakthrough new asic (designed by his AI actually), and is mining BTC in secret for the sole purpose of driving up the difficulty sky-high, then yanking them all over to BSV leaving the segwit chain hard frozen.

>What does this mean for bitcoin?
It means the hashrate is the highest it has ever been.

LN is literally more of the same.

This unironically made me think of this

Means the inevitable is finally happening

As a SoV it's being protected by an unimagineable amount of computing power

Why would you put ur money anywhere else??

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it means it is now harder to 51% attack it but it also means that if btc price flash crashes and miners are forced to stop mining due to mining at a loss, the chain is absolutely fucked. the likelihood of that happening very slim tho

t. brainlet

crash to what in order to stop mining?
4K?
please

I don’t think that would happen because transaction fees would rise, incentivizing miners to continue mining.

no idea, but it would have to crash hard and really fast and probably lower than that. some miners dont mind mining at a loss until difficulty updates, more even after this gigantic pump from 3k to 14k. im sure many miners have already locked profits that cover costs for the rest of the year

given we've got miners being paid under contract to mine for people we're gonna see a baseline hashrate
line some user said transaction fees are about to become REAL important over the next 5-10 years.

BTC is fucked anyway. It doesn't have enough onchain transaction volume to sustain the network after the next halving. Unless the price goes absolutely ballistic. Fundamentally speaking there is no reason outside shitcoin trading and total hashpower for the price to go up because it's a complete shitcoin otherwise at this point.

The number of transactions does not necessarily relate to supporting the network. So long as miners receive a large enough fee, the network can be supported by the current number of transactions.

Total hashing power is an important metric. It is a measurement describing the security of the network. Bitcoin is potentially the most secure currency out of all the others, due to its extremely high hashrate. Of course the hash rate is not directly comparable with other currencies hashrates as different algorithms will take longer or shorter to compute. Still, nobody can doubt bitcoin is safe.

Ai, do you mind to put it at $50 so we can buy a bunch of it!?

>The number of transactions does not necessarily relate to supporting the network
It does though. As the subsidy halves the miners become more dependant on fees. There is a cap on throughput so they'll never reach sustainable volume. Increasing the fee is like increasing taxes. What you tax you get less of.

Right. If the block size remains the same, fees will be used to maintain the network. High fees will be common, but this will not be an issue, since the majority of transactions will be off chain in one form or another. Whether it’s lightning, liquid, or sidechains.

>but this will not be an issue, since the majority of transactions will be off chain
But user, that is precisely the problem.

I don’t think it’s a problem. We know blocksize is proportional to transaction throughput. We also know blockchain size is calculated by the blocksize * number of blocks. Simply scaling by doubling blocksize will only allow twice as many transactions while doubling the size of the future chain. If we were to support the planet, we would need the computers on the network to have an average storage size proportional to the number of people on the planet multiplied by how long we want to run the network.

This is simply not doable. Moore’s law is on the decline, and we simply do not have the storage or bandwidth to support this system.

We need alternative scaling solutions capable of supporting a large number of people. Sure, lightning is not a flood network and is not as decentralized as bitcoin. There will inevitably be hubs that form, because ln nodes can be created at will. But overall, it will be a system more decentralized than the current banking system, and one that can support a mass quantity of people.

It is not a problem. It is a solution that utilizes the existing security of bitcoin, whilist scaling to many more.

>But overall, it will be a system more decentralized than the current banking system
Read the LN whitepaper. Their goal is to emulate the current banking networks. More of the same. Bitcoin scales just fine. If you don't think Bitcoin can scale then you should get out because long term it won't survive. LN is not Bitcoin and LN cannot scale bitcoin. Transactions must be done on chain or the miners go bankrupt. Also it completely and utterly defeats the purpose of Bitcoin to take Bitcoin transactions off of bitcoin.

I'm sure none of that will resonate with you, but w/e.