Hmmm. Very interesting post with thought provoking content @chbartist. As a Metallurgical Engineer, who spent 20 years in the mining industry, I would like to comment.
... the way cryptos work and operate is still not easy enough for it to become mainstream ...
Yes. agreed. And this is exactly what attracted me to this whole asset class to begin with, when researching whether or not to become a "crypto" investor. I was fascinated by the concept of bitcoin being "virtual gold."
So, here is a question. If it was "easy" to find and mine gold, would not then everyone would have a "boatload?" And, therefore, we would find it's value greatly diminished? To the point of near worthlessness?
Would any of us argue the original concept behind the creation of bitcoin was brilliant? To the point the technology spawned from it is still in its "infancy" in transforming the way we live? A critical part of the original concept, to me, was taking steps to ensure there would never be more than a finite amount. And, then just like gold "in the real world," it would become harder and harder to "find" whatever gold had yet to be discovered. Again, absolutely brilliant to come up with a virtual recreation of what we find in nature!!
That said, you bring up an excellent pragmatic, "real world" aspect of carrying this idea to its logical conclusion. The pure cost of mining. So ... Is that truly a problem?
...Let's be honest, if mining Bitcoin ever becomes unprofitable for miners, then we can rest assured the blockchain will fail.
Not sure I can agree with your point / concern here @chbartist. It begs the obvious logical (to me) question. If mining ceased altogether, what would become of the bitcoin already "in existence?" Would it "disappear?"
I make no profession of being a "crypto wizard," but this makes no sense to me. Would not what has already been "mined" still be "around" and supported by the blockchain's ledger? If the answer is "no," then I would sure like to be enlightened on why ...
Again, from my background, it makes perfect sense, depending upon the market for bitcoin (or any other similarly designed crypto), that mining would cease at times when it became unprofitable. And start up again when the price made mining more attractive. To what degree would it be "attractive?" Well, that is the great power of free markets and the individual exercise of our free wills, which I for one passionately support ...
Hope this doesn't come across as critical @chbartist. Not my intention. Just "competing in the marketplace of ideas," along with everyone else in our great, new Steem Community.
Again, I really appreciate the thought provoking content. I have upvoted it and am now following you! 👍 😊
RE: Is mining on the way out?