What exactly is bitcoin halving? - page 2.

Amph

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Quote from: jacee on October 22, 2015, 09:41:45 AM

Quote from: Hugroll on October 22, 2015, 09:37:44 AM

also when the halving happens, the price goes up. the transaction fees should also theoretically scale up, meaning the miners can suffice income with transaction fees

Uuh, based on what I've read and my understanding to what they've said, the rising of bitcoin price is only a theory and thus don't really has anything directly from the halving. Undecided

if the demand remain where it is now, it must rise due to the halving otherwise it will die in two halving at best, so yes it is correlated, principally because there will be less dumping from miners

jacee

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Quote from: Hugroll on October 22, 2015, 09:37:44 AM

also when the halving happens, the price goes up. the transaction fees should also theoretically scale up, meaning the miners can suffice income with transaction fees

Uuh, based on what I've read and my understanding to what they've said, the rising of bitcoin price is only a theory and thus don't really has anything directly from the halving. Undecided

Hugroll

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also when the halving happens, the price goes up. the transaction fees should also theoretically scale up, meaning the miners can suffice income with transaction fees

jacee

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Quote from: tom555 on October 22, 2015, 03:40:37 AM

i dont really understand about bitcoin halving,still wait for the best explain.

Man this thread is full of clear explanations of what halving means. Are you sure you read them? If yes then you should understand it clearly. Undecided

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Quote from: chennan on October 21, 2015, 07:43:51 PM

Quote from: jacee on October 21, 2015, 07:33:01 PM

So to conclude, there is really no reason why bitcoin price will go up after the 2nd halving?Only the supply and demand will really affect the price. But what if the price will not go up then what if the miners would not be interested into mining anymore because of the lesser reward, wouldn't that be a bad sign for bitcoin? Undecided

Essentially, yeah... that would be a bad sign for bitcoin. But I would say even if the user base stays the same, and the demand is kept relatively where it's at right now, I would say the price will still go up... because the amount of available coins produced by miners will go down, therefore making it more scarce.

Though, you can't really tell if bitcoin (or any other coin for that matter) will end up being very successful just based on price in fiat. Even though that is one of the major indicators, that's not necessarily all of the things that indicate success... full nodes being ran, market size, business adoption, etc. etc. the list could go on.

How exactly does bitcoin become more scarce when rewards halve? There is still coins coming in every 10 minutes, essentially making bitcoin less scarce.

The only reason bitcoin would become more scarce, is that people are hording the coins without intention of ever spending them (like gold owned by countries, hidden deep inside banks, never to be touched).

tom555

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i dont really understand about bitcoin halving,still wait for the best explain.

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Quote from: jacee on October 21, 2015, 01:14:19 PM

So in the speculation board I see posts that says bitcoin price will go up ince the halving occurs. What halving is really? How does it affects the price of bitcoin? Kindly please explain as I don't have any idea what these are. Cheesy

Halving as others have mentioned is the day that Bitcoin distribution in new blocks is decreased by 1/2
Also known as a rewards decrease in the block
This reduces the supply of coins and makes the remaining coins worth more since new ones are generated at a far slower rate.

Quote from: jacee on October 21, 2015, 07:33:01 PM

So to conclude, there is really no reason why bitcoin price will go up after the 2nd halving?Only the supply and demand will really affect the price. But what if the price will not go up then what if the miners would not be interested into mining anymore because of the lesser reward, wouldn't that be a bad sign for bitcoin? Undecided

So far every halving has resulted in a boost in price for Bitcoin because of supply and demand increasing relatively during that transitional period.
The impact does get larger each halving though but its speculation as is.
Miners do not mind as long as their mining gear is still making them profit if its not they will turn off their units or keep them on speculating on price rises.

Amph

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Quote from: jacee on October 21, 2015, 07:33:01 PM

So to conclude, there is really no reason why bitcoin price will go up after the 2nd halving?Only the supply and demand will really affect the price. But what if the price will not go up then what if the miners would not be interested into mining anymore because of the lesser reward, wouldn't that be a bad sign for bitcoin? Undecided

fortunately, miners have some margin on their profit, they could, if the price will no rise, reduce the dumping a bit and to put less pressure on the market, and hoping for some increase in the demand

while still maintain some profit, however i think that some of them at that point would begin to leave the scene slowly..

chennan

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Quote from: jacee on October 21, 2015, 07:33:01 PM

So to conclude, there is really no reason why bitcoin price will go up after the 2nd halving?Only the supply and demand will really affect the price. But what if the price will not go up then what if the miners would not be interested into mining anymore because of the lesser reward, wouldn't that be a bad sign for bitcoin? Undecided

Essentially, yeah... that would be a bad sign for bitcoin. But I would say even if the user base stays the same, and the demand is kept relatively where it's at right now, I would say the price will still go up... because the amount of available coins produced by miners will go down, therefore making it more scarce.

Though, you can't really tell if bitcoin (or any other coin for that matter) will end up being very successful just based on price in fiat. Even though that is one of the major indicators, that's not necessarily all of the things that indicate success... full nodes being ran, market size, business adoption, etc. etc. the list could go on.

jacee

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So to conclude, there is really no reason why bitcoin price will go up after the 2nd halving?Only the supply and demand will really affect the price. But what if the price will not go up then what if the miners would not be interested into mining anymore because of the lesser reward, wouldn't that be a bad sign for bitcoin? Undecided

chennan

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Quote from: Agaguk24 on October 21, 2015, 06:34:11 PM

Quote from: dothebeats on October 21, 2015, 02:53:48 PM

Quote from: jacee on October 21, 2015, 01:31:00 PM

Quote from: gentlemand on October 21, 2015, 01:25:58 PM

Some people think that the subsequent reduction in supply will drive up the price. I don't really buy that. There's already enough coins out there to meet demand and of the coins traded every day, the volume is multiple times more than the mined coins arriving. If demand rose significantly then it might be a factor but outside sentiment, which is more important than anything so it does count, I don't think there's any other reason for it to rise.

I understand the supply and demand thing. So what you mean is that the price increase after the halving does not have a solid proof that it will really increase at all? Huh

No certainties. Pretty simple, I must say: if demand stays the same or increase, value will increase; if demand decrease and supply decrease, price will go down. Also in the second scenario, miners that won't profit in these terms would likely leave the scene for a while or leave completely.

I am very wary of halvings, as I have seen the negative effects of halvings in many other coins before. Bitcoin is too small compared to the general economy to work completely like a commodity: halving reduces the excitement brought by mining - this reduced excitement could have a negative impact on price.

I'm not so sure if this really will necessarily reduce the "excitement" of mining for miners, but it will hurt them for sure. But that's not to say that they will necessarily stop; they just might start to look elsewhere to move mining farms for cheaper electricity costs, or better ways to improve consumption of energy, like investing in solar energy for example.

But all in all though, there is just simply too much money invested by mining farms for them to just completely stop in general. I know the basic economics of how a business is maintained and run, and once you go below a certain threshold of incoming currency where the business is steadily losing money, then it's not sustainable any more and the business will have to close... but when a "normal" business closes, they will sell off property, assets, and other things to make money back. It will be hard for miners to find people to buy a fuck ton of ASIC's and other mining hardware, or at least, I would think so at least... maybe if they sell it at a ridiculously low price.

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Quote from: jacee on October 21, 2015, 01:14:19 PM

So in the speculation board I see posts that says bitcoin price will go up ince the halving occurs. What halving is really? How does it affects the price of bitcoin? Kindly please explain as I don't have any idea what these are. Cheesy

so essentially the block reward is going to be halfed, and this should mean that the supply of bitcoin entering the market goes down and if demand stays the same the price should increase

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Quote from: dothebeats on October 21, 2015, 02:53:48 PM

Quote from: jacee on October 21, 2015, 01:31:00 PM

Quote from: gentlemand on October 21, 2015, 01:25:58 PM

Some people think that the subsequent reduction in supply will drive up the price. I don't really buy that. There's already enough coins out there to meet demand and of the coins traded every day, the volume is multiple times more than the mined coins arriving. If demand rose significantly then it might be a factor but outside sentiment, which is more important than anything so it does count, I don't think there's any other reason for it to rise.

I understand the supply and demand thing. So what you mean is that the price increase after the halving does not have a solid proof that it will really increase at all? Huh

No certainties. Pretty simple, I must say: if demand stays the same or increase, value will increase; if demand decrease and supply decrease, price will go down. Also in the second scenario, miners that won't profit in these terms would likely leave the scene for a while or leave completely.

I am very wary of halvings, as I have seen the negative effects of halvings in many other coins before. Bitcoin is too small compared to the general economy to work completely like a commodity: halving reduces the excitement brought by mining - this reduced excitement could have a negative impact on price.

WhatTheGox

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Quote from: highaltitude20322 on October 21, 2015, 06:27:26 PM

I think the price is going to go up after the halving. There was a bit run up in anticipation of the ltc halving too. With more efficient hardware it is going to be interesting!

If litecoin can almost exactly double and hold steady bitcoin has about 3 times the chance for that since its actually a used legit network. Great example of whats coming.

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I think the price is going to go up after the halving. There was a bit run up in anticipation of the ltc halving too. With more efficient hardware it is going to be interesting!

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Quote from: gentlemand on October 21, 2015, 05:01:38 PM

Quote from: WhatTheGox on October 21, 2015, 04:53:25 PM

All the miners and anyone else in bitcoin's own personal infrastructure is far too invested in bitcoin so when the halving happens 50% of people cant just pull out so the price goes up without fail. Watch it happen.

So they're going to foot the bill for the price rise that saves them? That doesn't make a whole lot of economic sense. The price ain't gonna rise just because a group of people need it to.

The miners historically dont stop mining, look at litecoin etc also. So there is less coin available for people to buy on the market daily and the price rises because of that. The miners are committed if not on purpose. If the demand stays the same the price goes up, 50% of miners dont just leave. If the demand drops same time as halving that is a different story.

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Quote from: lama-hunter on October 21, 2015, 05:14:34 PM

Does anybody knows how long it takes from now? Would be great to know.

There you go - http://bitcoinclock.com/

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Quote from: lama-hunter on October 21, 2015, 05:14:34 PM

Quote from: jacee on October 21, 2015, 01:14:19 PM

So in the speculation board I see posts that says bitcoin price will go up ince the halving occurs. What halving is really? How does it affects the price of bitcoin? Kindly please explain as I don't have any idea what these are. Cheesy

Quote from: BurtW on October 21, 2015, 01:20:41 PM

For the first four years that Bitcoin existed miners were paid 50 Bitcoins per block. Then after those four years the amount paid to the Bitcoin miners was cut in half to 25 Bitcoins per block. This was the so called "first halving" now after the second four years the amount paid to the miner is scheduled to be cut in half again, this time to 12.5 Bitcoins per block. This is the second "halving". By design the amount paid to the Bitcoin miners will be cut in half about every four years until the year 2140.

Haha - It would be Nice if the Bitcoin price would rise again. I would simply would like to know if there are any connections with the Bitcoin rise over 1k$. Would be greatto have this on the next Bitcoin Halving.

Does anybody knows how long it takes from now? Would be great to know.

-snip-

Do you just mean the bitcoin halving in general? The next halving is scheduled to happen this coming up summer in 2016... so there is still time to accumulate as much as you can (or better yet, as much as you can without breaking the bank) before it begins... I would speculate we are going to see a pretty good price increase sometime during spring before all this happens; but with every great pump that happens, there will be a great dump to counteract that... so during that time, just be careful when you buy bitcoin.

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Quote from: jacee on October 21, 2015, 01:14:19 PM

So in the speculation board I see posts that says bitcoin price will go up ince the halving occurs. What halving is really? How does it affects the price of bitcoin? Kindly please explain as I don't have any idea what these are. Cheesy

Quote from: BurtW on October 21, 2015, 01:20:41 PM

For the first four years that Bitcoin existed miners were paid 50 Bitcoins per block. Then after those four years the amount paid to the Bitcoin miners was cut in half to 25 Bitcoins per block. This was the so called "first halving" now after the second four years the amount paid to the miner is scheduled to be cut in half again, this time to 12.5 Bitcoins per block. This is the second "halving". By design the amount paid to the Bitcoin miners will be cut in half about every four years until the year 2140.

Haha - It would be Nice if the Bitcoin price would rise again. I would simply would like to know if there are any connections with the Bitcoin rise over 1k$. Would be greatto have this on the next Bitcoin Halving.

Does anybody knows how long it takes from now? Would be great to know.

Otherwise im glad using the cryptocurrency for so much things in the internet. I think this thing will make it get bigger. Paypael is simply not legit.
Would be my pleasure to hear from your site guys Wink

regards
lama-hunter

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Quote from: gentlemand on October 21, 2015, 04:17:01 PM

Quote from: kingcolex on October 21, 2015, 01:39:25 PM

There weren't nearly as many users and companies involved in bitcoin during the last halving.

And a fair few have had the shit kicked out of them since the bubble. Perhaps the present crop are more cautious and are content to actually, like, use it rather than bet the house. It's gonna be a fascinating thing to watch.

I think it's going to be fun, there are tons of companies involved with Bitcoin now and hell we might even have an article the month of it in WSJ and cause a quick pump.

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