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RE: Where does all the money come from on Steemit fully answered -- Can it continue? -- Absolutely yes!
After 20 years, will there be enough new steem created to pay the witnesses sufficiently enough to keep their servers running? Or will earnings be so scarce that they pack up and begin mining some new token? Without witnesses, there IS NO BLOCKCHAIN. I can see the cash grab being great now and for the next few years, but later? I'm not so sure. I've asked the question several times and so far, nobody has been able to tell me how the witnesses will be paid enough to keep going.
Excellent question!
I really believe there will be due to increasing market value of the knowledge base and this type of business activity that forces new money into the platform.
I'm going to do a full post on the results of my findings and why I think we'll keep on trucking even after 20 years.
Thanks, that would be great. I suspect either the few coins paid would have to be worth a lot each, or the method of paying the witnesses would need to be changed. However, if fiat currency collapses, there won't be that influx of fiat and the ONLY currency in circulation will be the cryptocurrencies. Something else to take into consideration when making your conclusions.
Very nice point on the collapse of the fiat. Not sure any of us is smart enough to forsee the future, but I do believe crypto will eventually be the only money in existence.
Thanks again.
Fiat HAS to collapse. In it's current form it is unsustainable. Inflation outstrips savings and will become worthless.
There is no scarcity. The amount of coins increase with each block produced.
And there is no limit to How much coins can be produced.
The table above shows 23 M coins produced the 1st year and only 6 M produced in the last year. That makes them far more scarce in the future. I still don't understand why you think there will be MORE coins produced when the table shows otherwise. With more demand for the coins, the coins produced would be spread out even thinner than now. With constant inflation, and supposing it was the ONLY coin in circulation, the value of each coin would become deflated and saving would be counter-productive just like fiat money. Of course I would likely be dead by then, so it wouldn't affect me as much as future generations.