On: El Salvador makes Bitcoin legal tender

[WanderPanda]

It is also only 2140 if you believe that the market cap can double with the halvening schedule every four years. I see the upper bound (around gold market cap) in 3-5 halving cycles. After that the majority of the security has to be financed by tx fees

[rawtxapp → WanderPanda]

I'm referring to block rewards, the miners will get block rewards until 2140, price of Bitcoin doesn't matter.

[paulgb → rawtxapp]

Miners will get an exponentially decreasing amount of block rewards until 2140, but even 20 years from now the (BTC-denominated) size of the block rewards will be substantially lower than they are today.

The price matters because they are BTC-denominated. If the price of Bitcoin doubles every 4 years, the security of the system can stay at parity with what it is today (assuming the real value of transaction fees stays roughly the same).

[madacol → paulgb]

Onchain fees constitute ~10% of current miners income, and that will probably increase, not decrease

[paulgb → madacol]

As a percentage, it will certainly increase, but in real value? I’m not so sure, especially when on-chain transactions are competing with Lightning.