Mike, reading between the lines, I am guessing you have more than a passing interest in the price of bitcoin. I won’t supply links here, unless anyone asks, but there is really sound evidence proving that the mean total value of Bitcoin, as a network, simply follows Metcalfe’s law; V=pN², where p is a utility factor, and N is the number of folk in the network.

That little nugget of maths is beautiful because it is so simple, and yet so powerful (Thanks Bob!).

So if anything, less mining is actually good news for the token value, because that is just the market value divided by the number of tokens.

There was a negative change in the utility of Bitcoin when it, as well as that of Ethereum, first hit the scalability issues which have affected them since around the beginning of 2018. But it is inevitable N will continue rise as bitcoin continues to gain savvy new users buying coins whilst the price is low. The square law of N will absolutely overcome the effects of the drop in utility, and when that happens, the Bitcoin price will head skyward again. Assuming no further changes in utility, it will not come back down. This applies to pretty much every cryptocurrency offering utility.

I am not saying these things because I have any vested interest, other than the research I’ve had to carry out in preparation for starting a non profit business based on using that simple law of the network effect to add value to, and reward user data back to users.

Right now, I have absolutely no holdings whatsoever.

I hope that helps give some assurance.

{Apologies prof, this was meant to be a response to Mike, though you might also be interested. The Medium app on my phone was playing tricks again…}

Solarpunk

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