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In other news, I am the King of England!!
   8mo ago
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Interesting talk, enjoying so far. The guy in the interview let slip he thinks 1MB forever provides sufficient security for global applications that need it.
He overlooks the ramifications of the halving on 2 fronts.
1) A 1MB chain won't transmission from a subsidised global security ledger to one where fee pay for security without Economies of Scale. If bitcoin is going to secure global systems then a limited block size wont be sufficient, you'll need to pay huge transaction fees for any reasonable level of security.
2) In addition the halving prevents the exponential use of electricity as adoption and price increase. Effectively the security subsidy is halved every 4 years. The result is the money to pay for electricity is halved every 4 years. It ends with Economies of Scale in transaction fees, competition ensures security will be paid for at the marginal cost of production.
3) I've included a third but it may still be discussed, mining demand for energy just creates more realistic prices for energy in the market. The halving function creates a Price Epoch a period of time where price growth is limited. When Bitcoin Mining starts taking energy away from the essentials in the market like running your refrigerator consumers will have a choice pay to mine bitcoin or pay for cold milk. The limited availability of energy puts a limit on the price of bitcoin. The price is what drives energy consumption. People are not going to spend more money mining bitcoin than they would to run their home internet. So there is an economy that puts a ceiling to the price in any given halving period. (over exuberance not withstanding.)
   8mo ago