Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckMd<div class="post">The problem with your analysis is that you assume that all for-profit minters will have the same profit margin. They won't. Among other things, larger minters will have economies of scale in their favour, making them more profitable.<br/><br/>In addition, as Bitcoin grows, people will develop dedicated hardware that maximizes the khash/dollar spent. In addition, people will tune the software in more and more precise ways to squeeze slightly more khash/second out of the same hardware. The people who invest a large fixed cost to do that will receive a correspondingly lower variable cost per Bitcoin minted in return, so they'll be able to mint at price levels that would drive others out.<br/><br/>Finally, at the point that this becomes an issue, everyone will be including transaction fees with their transactions to incentivize minting.</div> text/html