Why the hell does anyone care what's going to happen in 2140? Are you a vampire planning your future retirement?
There are many reasons. Country regulators for example care about what would happen after the last bitcoin has been mined.
Topic: .. - page 2. (Read 3681 times)
Ok, yeah, I guess I wasn't concentrating on the transaction fees.
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Like I said:
"Some of you were just a little bit wrong. Some of you seem to have made up entire protocols in your imagination and are now pretending like your imaginary protocol is Bitcoin."
In your case: just a little bit wrong.
What did I say that was wrong?
When you said this:
I wonder what size mining countries (as opposed to the mining farms we see today) and what expense will be seen - all to mine those last 4 years of satoshis!
"YES I MINED A SATOSHI!!!"
"YES I MINED A SATOSHI!!!"
You implied that the only thing the miner would receive for solving a block would be a single satoshi.
The miner won't say: "Yes, I mined a satoshi!"
They'll say: "Yes, I mined lots of transaction fees!"
Ok, yeah, I guess I wasn't concentrating on the transaction fees. But I can still say someone bragging about mining a Satoshi!
What did I say that was wrong?
When you said this:
I wonder what size mining countries (as opposed to the mining farms we see today) and what expense will be seen - all to mine those last 4 years of satoshis!
"YES I MINED A SATOSHI!!!"
"YES I MINED A SATOSHI!!!"
You implied that the only thing the miner would receive for solving a block would be a single satoshi.
The miner won't say: "Yes, I mined a satoshi!"
They'll say: "Yes, I mined lots of transaction fees!"
correct me if I'm wrong but wont the last block reward be a single satoshi? (plus fees)
In general, the block reward is the total amount the miner receives.
It consists of the sum of block subsidy plus the sum of the transaction fees of all the transactions included in the block.
Therefore, there will be no last reward, unless bitcoin eventually dies, and in that case it is impossible to know how big the last reward will be.
I assume that you are actually asking about the last subsidy.
If that's what you meant to say, then you are not wrong.
As a matter of fact the last 210,000 block subsidies will all likely be 1 satoshi each.
Wow!
Just wow!
There is so much misinformation and misunderstanding and just plain incorrect statements in this thread, I don't even know where to start correcting them all.
Everyone who *thinks* they know how this works and has made a statment based on their belief needs to go get educated before they answer any more questions for anyone on this forum. You are just spreading misinformation and confusion.
This includes:
Devin Chow
R2D221
lucky88888
shorena
jbreher
trader001
franky1
chenka563
Fioraver
sandykho47
fryarminer
lightfoot
Bitcoin Magazine
Some of you were just a little bit wrong. Some of you seem to have made up entire protocols in your imagination and are now pretending like your imaginary protocol is Bitcoin.
Just wow!
There is so much misinformation and misunderstanding and just plain incorrect statements in this thread, I don't even know where to start correcting them all.
Everyone who *thinks* they know how this works and has made a statment based on their belief needs to go get educated before they answer any more questions for anyone on this forum. You are just spreading misinformation and confusion.
This includes:
Devin Chow
R2D221
lucky88888
shorena
jbreher
trader001
franky1
chenka563
Fioraver
sandykho47
fryarminer
lightfoot
Bitcoin Magazine
Some of you were just a little bit wrong. Some of you seem to have made up entire protocols in your imagination and are now pretending like your imaginary protocol is Bitcoin.
SWEET!! IM A RETARD!!
What did I say that was wrong?
Wow!
Just wow!
There is so much misinformation and misunderstanding and just plain incorrect statements in this thread, I don't even know where to start correcting them all.
Everyone who *thinks* they know how this works and has made a statment based on their belief needs to go get educated before they answer any more questions for anyone on this forum. You are just spreading misinformation and confusion.
This includes:
Devin Chow
R2D221
lucky88888
shorena
jbreher
trader001
franky1
chenka563
Fioraver
sandykho47
fryarminer
Bitcoin Magazine
Some of you were just a little bit wrong. Some of you seem to have made up entire protocols in your imagination and are now pretending like your imaginary protocol is Bitcoin.
Just wow!
There is so much misinformation and misunderstanding and just plain incorrect statements in this thread, I don't even know where to start correcting them all.
Everyone who *thinks* they know how this works and has made a statment based on their belief needs to go get educated before they answer any more questions for anyone on this forum. You are just spreading misinformation and confusion.
This includes:
Devin Chow
R2D221
lucky88888
shorena
jbreher
trader001
franky1
chenka563
Fioraver
sandykho47
fryarminer
Bitcoin Magazine
Some of you were just a little bit wrong. Some of you seem to have made up entire protocols in your imagination and are now pretending like your imaginary protocol is Bitcoin.
correct me if I'm wrong but wont the last block reward be a single satoshi? (plus fees)
There. Is. No. Last. Block.
But to answer your question: Yes the last reward that is not from Fees will be 1 Satoshi.
so by the time this happens, bitcoin will be a worthless currency and transaction fees will be enormous
Hahaha!! That's one way of putting it.
Hopefully there will be more reward in fees than the lousy Satoshi of new BTC!
Reality is that there will be so many transactions that the transaction fees will far surpass the fresh BTC very early along. (As in within the next 50 years, my guess.)
Is there a possibility that LESS than 21 million coins will ever be mined?
Yes, all things are possible. Probable?
Actually, yes, I think it is rather probable. Given our technology curve could very well create an abundance society which makes currency obsolete before 2140. legendary
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Core dev leaves me neg feedback #abuse #political
correct me if I'm wrong but wont the last block reward be a single satoshi? (plus fees)
There. Is. No. Last. Block.
never said there was.
correct me if I'm wrong but wont the last block reward be a single satoshi? (plus fees)
There. Is. No. Last. Block.
But to answer your question: Yes the last reward that is not from Fees will be 1 Satoshi.
so by the time this happens, bitcoin will be a worthless currency and transaction fees will be enormous
correct me if I'm wrong but wont the last block reward be a single satoshi? (plus fees)
There. Is. No. Last. Block.
But to answer your question: Yes the last reward that is not from Fees will be 1 Satoshi.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Also remember difficulty can go down as well as up. We had a difficulty change of 1% a few days ago, apparently miners left the network at the same rate as new ones came in. The last satoshi of the last bitcoin will be mined approximately 10 minutes after the next to the last one.
That's how difficulty works. As long as there are 2 people mining with 386sx computers, a block will drop every 10 minutes.
C
That's how difficulty works. As long as there are 2 people mining with 386sx computers, a block will drop every 10 minutes.
C
using gavins idea of 50% increasing the block datasize limit per year. right now the block is capable of 2k-4k tx's, in 20 years 100k-200k tx's and in 100 years... well the sky is the limit.
If a block now is capable of 2k-4k tx's and the blocks grow in size by 50% per year then, in 20 years, a block will accommodate:
Code:
(2k-4k tx's) * 1.5 ^ 20 ~= 7M-13M tx's
oops 10 years= 100-200k, (over 50mb a block in 10 years)
Ah, I see. No problem.
By the way, Gavin did mention the idea of having the growth end in 20 years here in A Scalability Roadmap. The question of a desirable ultimate transaction limit was raised here too.
Of course not, because the real target is only 20999999.9769 BTC
Or they add more block so it's possible exact 21000000 BTC
But, who would mine with tiny reward & extreme diff.9
And i hope bitcoin not become PoS / something else
because miner only rely on tx fee
Expect, bitcoin price in future is high / all pool miner increase tx fee
Or they add more block so it's possible exact 21000000 BTC
But, who would mine with tiny reward & extreme diff.9
And i hope bitcoin not become PoS / something else
because miner only rely on tx feeExpect, bitcoin price in future is high / all pool miner increase tx fee
dont worry it wont b POS.
POS is to distribute coin to whoever already has coin and has no relation on speed/security of making blocks.
EG mark karpeles can grab 5% of any fee subsidy just with 1 raspberry pi connected to his hidden stash.
mining will continue with current POW. but when there are 2.5 billion transactions per 10 minutes just a 1 satoshi fee would still be 25bitcoin subsidy.
although miners are getting greedy now, pushing people to add fee's when 25btc is adequate. (if they were not stupid to sell at a loss, and hoard instead) we would see a small demand that in 2 years time when the reward halves the price of bitcoin will jump, to compensate the halving. and we might see a 1% increase of fe demand as a bonus. so as long as miners dont start demanding 12.5bitcoin in fee's in 2 years, but a 0.125btc total per block (0.00005 per tx average) which as more tx's are allowed per block, this decreases the fee per tx rate, but increases the total tx per block due to transaction volume increases, we should be fine.
all depends on miners greed
Of course not, because the real target is only 20999999.9769 BTC
Or they add more block so it's possible exact 21000000 BTC
But, who would mine with tiny reward & extreme diff.9
And i hope bitcoin not become PoS / something else because miner only rely on tx fee
Expect, bitcoin price in future is high / all pool miner increase tx fee
Or they add more block so it's possible exact 21000000 BTC
But, who would mine with tiny reward & extreme diff.9
And i hope bitcoin not become PoS / something else
because miner only rely on tx feeExpect, bitcoin price in future is high / all pool miner increase tx fee
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