According to CNBC: Mining bit coin is not cost efficient any more. This means that miners will get offline. Thus the network becomes less decentralized and the 51% attack more likely. I believe a solution like the one by ChainBLX will be necessary also for Bitcoin (and others using POW) in the future. It reduces mining costs and guarantees decentralization. The key ChainBLX solution saves energy cost, speeds up the process, and rewards with asset based coins. All in all a more scalable and financially secure solution (e.g. asset based= reduced volatility of the currency) As I understand, POW is like the lottery. You have to have all numbers right to win and everyone has to guess till someone wins. ChainBLX consensus algorithm is more like a game and determines who wins by the first round. It keeps it random as all miners together add vectors which at the end determine the node who wins. It also adds transaction volume into the account hence reducing the chance of weak blocks from subchains.
Nope, miners will simply switch to Bitcoin cash or gold, which remain profitable and are mineable on same equipment
Yes, but the big difference is that without BTC mining there is nothing to keep the chain up and running for trading.
Then why didn't they switch to mining those other options once the hard fork occurred? The answer is that they prefer mining Bitcoin. Now if that becomes too expensive for miners, they could switch to BitcoinCash or BitcoinGold but it is not definite that they will. Miners will stick to mining the cryptocurrency of their choosing, whether it is because they have been mining it for a while or because they have vested interest in the crypto ie. having Bitcoins in their wallets. ChainBLX is offering an alternative which could appeal to these miners. I mean, why are we insisting on burning so much energy when it is not necessary? Bitcoin miners could move to whichever of these options they deem to work best for them.
Trump just banned the use of Venezuelan crypto Petro: https://www.theguardian.com/us-news/2018/mar/19/trump-venezuela-petro-cryptocurrency-ban-order Petro is a pretty ironic name
Profit = Cryptocurrency Value - Cost for Mining Cost For Mining is usage of valuable infrastructure and energy BUT Cost also = uncertainty. A premium has to be paid for volatility. THUS asset-based cryptos with less volatility = Lower Cost... and higher Profit Or as an analogy: If you like to smoke pot, and your local weed store does not sell pot any more, but instead something close to it, you may look around instead of continuing just to go there.