Comment by MBCook
10 hours ago
> The amount of work in mining is way higher than is required to prevent another party from being able to overwhelm the Blockchain.
Isn’t that exactly the point? Bitcoin incentivized wasting resources. It is, according to your own comment, unnecessary to use so much computing to keep bitcoin going. But it’s being used.
The level to be secure is much lower that.
If Bitcoin were worth much less the network would still be secure even though the mining reward would only be enough to pay for a fraction of the current processing.
If Bitcoin does not double in value every four years, the mining reward will reduce in real world terms.
Claiming the mining resources required will be at the current level or higher perpetually requires also making the claim that you think that the value will increase exponentially forever.
Nothing increases exponentially forever.