I cant even imagine what the price of bitcoin will be by then!
Topic: .. - page 3. (Read 3681 times)
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)
You can't have the last full Bitcoin. The exact number of Bitcoins to be produced is 20999999.97690000
My idea is so.
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
the blockchain has a half life every 4 years there is not "switching" of protocols. but miners will make more of a demand that people add fee's (it will become complsary
in 140 years once it gets to 20999999.97690000 (thats when there is only a 1sat reward per block for that last 4 year period) it will stop producing a block reward. then miners will rely on fee's only as their subsidy.
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.
i dont think worrying about what is happening in 140 years time is worth anyones brain power. we just need to concentrate on the next 5-25 years and let our kids figure out the following 25 years
in 140 years once it gets to 20999999.97690000 (thats when there is only a 1sat reward per block for that last 4 year period) it will stop producing a block reward. then miners will rely on fee's only as their subsidy.
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.
i dont think worrying about what is happening in 140 years time is worth anyones brain power. we just need to concentrate on the next 5-25 years and let our kids figure out the following 25 years
once bitcoins are all mined. it is turned into PoS! Ironic isn't it?
No its not. Miners will still create blocks, it will still require work to create them, thus its still PoW.
once bitcoins are all mined. it is turned into PoS! Ironic isn't it?
Actually, yes...it is.
In regards to my initial question:
How can the last coin be mined if there is no reward? Hence, there must be a reward in order for it to be mined.
Rewards half over time, thus the total amount possible is 20999999.97690000 without a fork as was allready posted.
If difficulty levels are theoretically at their historically highest levels in 2040...the cost in resources would be so high that the reward would need to be worthwhile for someone to justify mining it. Thus, the purchasing power of each Bitcoin would theoretically have to be such that despite the resources required to mine, it would still be profitable to do so.
Is there a possibility that LESS than 21 million coins will ever be mined? Probable?
Is there a possibility that LESS than 21 million coins will ever be mined? Probable?
No, that would require miners to stop mining, thus transaktions to stop getting confirmed, thus bitcoin to die. Or a fork, but everything is possible with a fork. If there are no more rewards, the fees take over. There are plans to increase the blocksize [1] over time to allow more TX per block, thus higher "income" from fees.
[1] https://bitcointalksearch.org/topic/a-scalability-roadmap-813324
Is it even possible?
It's all kind of self-perpetuating...how can the last coin even be mined?
It's all kind of self-perpetuating...how can the last coin even be mined?
Price of bitcoin will either need to go to astronomical level or hash rate has to go down by many folds factor down the road for mining to continue.
And yes, the last block will be mined even if bitcoin price go down to less than 1 dollar.
once bitcoins are all mined. it is turned into PoS! Ironic isn't it?
Actually, yes...it is.
Actually, no ... it's not. The network is then sustained on transaction fees.
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In regards to my initial question:
How can the last coin be mined if there is no reward? Hence, there must be a reward in order for it to be mined.
How can the last coin be mined if there is no reward? Hence, there must be a reward in order for it to be mined.
It is its own reward. Kind of basic. Of course, it won't be an entire coin.
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If difficulty levels are theoretically at their historically highest levels in 2040...the cost in resources would be so high that the reward would need to be worthwhile for someone to justify mining it. Thus, the purchasing power of each Bitcoin would theoretically have to be such that despite the resources required to mine, it would still be profitable to do so.
Well, you've got that right - between the last fraction of a coin reward, and the transaction fees, it should cover the energy costs. I think the mining community will have figured out a just-marginal profit margin by then.
Quote
Is there a possibility that LESS than 21 million coins will ever be mined? Probable?
No. Well, not in the sense that all the bitcoins (slightly less than 21 Mill) will be mined. If nobody else is going to mine them, my descendants will.
once bitcoins are all mined. it is turned into PoS! Ironic isn't it?
No its not. Miners will still create blocks, it will still require work to create them, thus its still PoW.
once bitcoins are all mined. it is turned into PoS! Ironic isn't it?
Actually, yes...it is.
In regards to my initial question:
How can the last coin be mined if there is no reward? Hence, there must be a reward in order for it to be mined.
Rewards half over time, thus the total amount possible is 20999999.97690000 without a fork as was allready posted.
If difficulty levels are theoretically at their historically highest levels in 2040...the cost in resources would be so high that the reward would need to be worthwhile for someone to justify mining it. Thus, the purchasing power of each Bitcoin would theoretically have to be such that despite the resources required to mine, it would still be profitable to do so.
Is there a possibility that LESS than 21 million coins will ever be mined? Probable?
Is there a possibility that LESS than 21 million coins will ever be mined? Probable?
No, that would require miners to stop mining, thus transaktions to stop getting confirmed, thus bitcoin to die. Or a fork, but everything is possible with a fork. If there are no more rewards, the fees take over. There are plans to increase the blocksize [1] over time to allow more TX per block, thus higher "income" from fees.
[1] https://bitcointalksearch.org/topic/a-scalability-roadmap-813324
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