100 yrs to mine the last million bitcoin?

Skele

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Quote from: snaildvorak on June 05, 2014, 03:02:43 AM

I can't wait the time when the price of bitcoin is very stable.
So I can use bitcoin without worrying the price tomorrow will up or down. Cheesy

And that time is really nearly close, just turning the corner.

As soon as Bitcoin fever infects a truly huge companies like eBay, Amazon, Paypal, prices will jump and then stabilize...

ShakyhandsBTCer

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Quote from: jonald_fyookball on June 13, 2014, 12:11:32 PM

Quote from: Gianluca95 on June 13, 2014, 12:07:42 PM

I don't think that is possible.

Keep mind that when all of bitcoin will be mined, there will be powerful hardware to mine bitcoin.

So I think that is not a problem, the important is that bitcoin will can pay miners

Bitcoin will ALWAYS be able to pay miners based on the simple fact that
difficulty can decrease if necessary.

It will likely be a long time before difficulty will decrease as the cost of electricity is low compared to the block reward when analyzing data for the newest and most efficient machines.

Harley997

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Quote from: Gianluca95 on June 13, 2014, 12:07:42 PM

I don't think that is possible.

Keep mind that when all of bitcoin will be mined, there will be powerful hardware to mine bitcoin.

So I think that is not a problem, the important is that bitcoin will can pay miners

You should also remember that by the time the last "miner reward" is issued that the block reward will already be very small and the majority of the miners' revenue will come from TX fees.

Gianluca95

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Quote from: jonald_fyookball on June 13, 2014, 12:11:32 PM

Quote from: Gianluca95 on June 13, 2014, 12:07:42 PM

I don't think that is possible.

Keep mind that when all of bitcoin will be mined, there will be powerful hardware to mine bitcoin.

So I think that is not a problem, the important is that bitcoin will can pay miners

Bitcoin will ALWAYS be able to pay miners based on the simple fact that
difficulty can decrease if necessary.

Exactly, so there isn't any problem to mine Bitcoin also you must to use a powerful hardware to mine it

jonald_fyookball

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Quote from: Gianluca95 on June 13, 2014, 12:07:42 PM

I don't think that is possible.

Keep mind that when all of bitcoin will be mined, there will be powerful hardware to mine bitcoin.

So I think that is not a problem, the important is that bitcoin will can pay miners

Bitcoin will ALWAYS be able to pay miners based on the simple fact that
difficulty can decrease if necessary.

Gianluca95

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Activity: 1582

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Reputation first.

I don't think that is possible.

Keep mind that when all of bitcoin will be mined, there will be powerful hardware to mine bitcoin.

So I think that is not a problem, the important is that bitcoin will can pay miners

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: snaildvorak on June 05, 2014, 03:02:43 AM

I can't wait the time when the price of bitcoin is very stable.
So I can use bitcoin without worrying the price tomorrow will up or down. Cheesy

Over the long term to date the price of bitcoin has increased.

You may need to wait longer then "tomorrow" to see the increase, but if you can wait a year then it would increase (this has been the case to date with BTC).

Harley997

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Quote from: Ron~Popeil on June 09, 2014, 03:09:52 PM

Quote from: Harley997 on June 08, 2014, 10:22:20 PM

Quote from: CoinRocka on May 29, 2014, 10:32:14 PM

I just read that somewhere and thought it was interesting. Every media outlet says that in order for bitcoin to be used as a mainstream digital currency that the volatility must subside. My belief is that you will see the price volatility "subside" in a short 10 yrs time. Cool

I don't see what your subject has to do with your post.

You are correct to say that it will take a very long time to mine the last million bitcoin as halving of the block reward will make the "standard" block worth very little, however TX rewards will hopefully make up a large share of rewards (in theory a miner will earn something like 15-20 BTC in TX fees and .05-.1 BTC in block rewards).

You are also correct to say that for Bitcoin to be accepted by the masses (meaning 80-90% of the population the price of it must become must less volatile. With that being said there are a lot of niches that will likely wish to adopt Bitcoin prior to that happening. Micropayment is a prime example of this.

You have nothing to backup your statement regarding your prediction as to when the price of bitcoin will subside. Year over year the price volatility has decreased substantially.

Well put. Volatility will decrease naturally over time. Cheaper and more efficient mining hardware will also help keep it profitable as the rewards drop.

Thank you.

It should be noted that miners can only be more profitable when they are cheaper and more efficient when compared to other miners. If all miners become cheaper and more efficient then the whole network will be the same, and the profitability of each individual miner will be the same.

Ron~Popeil

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Quote from: Harley997 on June 08, 2014, 10:22:20 PM

Quote from: CoinRocka on May 29, 2014, 10:32:14 PM

I just read that somewhere and thought it was interesting. Every media outlet says that in order for bitcoin to be used as a mainstream digital currency that the volatility must subside. My belief is that you will see the price volatility "subside" in a short 10 yrs time. Cool

I don't see what your subject has to do with your post.

You are correct to say that it will take a very long time to mine the last million bitcoin as halving of the block reward will make the "standard" block worth very little, however TX rewards will hopefully make up a large share of rewards (in theory a miner will earn something like 15-20 BTC in TX fees and .05-.1 BTC in block rewards).

You are also correct to say that for Bitcoin to be accepted by the masses (meaning 80-90% of the population the price of it must become must less volatile. With that being said there are a lot of niches that will likely wish to adopt Bitcoin prior to that happening. Micropayment is a prime example of this.

You have nothing to backup your statement regarding your prediction as to when the price of bitcoin will subside. Year over year the price volatility has decreased substantially.

Well put. Volatility will decrease naturally over time. Cheaper and more efficient mining hardware will also help keep it profitable as the rewards drop.

Harley997

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Quote from: CoinRocka on May 29, 2014, 10:32:14 PM

I just read that somewhere and thought it was interesting. Every media outlet says that in order for bitcoin to be used as a mainstream digital currency that the volatility must subside. My belief is that you will see the price volatility "subside" in a short 10 yrs time. Cool

I don't see what your subject has to do with your post.

You are correct to say that it will take a very long time to mine the last million bitcoin as halving of the block reward will make the "standard" block worth very little, however TX rewards will hopefully make up a large share of rewards (in theory a miner will earn something like 15-20 BTC in TX fees and .05-.1 BTC in block rewards).

You are also correct to say that for Bitcoin to be accepted by the masses (meaning 80-90% of the population the price of it must become must less volatile. With that being said there are a lot of niches that will likely wish to adopt Bitcoin prior to that happening. Micropayment is a prime example of this.

You have nothing to backup your statement regarding your prediction as to when the price of bitcoin will subside. Year over year the price volatility has decreased substantially.

snaildvorak

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I can't wait the time when the price of bitcoin is very stable.
So I can use bitcoin without worrying the price tomorrow will up or down. Cheesy

cryptos

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Quote from: Beliathon on May 30, 2014, 08:59:16 AM

Realize we are still extremely early in the game here, people. We're looking at 3-5 years at LEAST before some semblance of stability.

I think 2017 will start to stabilize as shown in these charts
https://bitcointalksearch.org/topic/chart-bitcoin-inflation-vs-time-130619

Shallow

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I think the theory of people waiting for stability before jumping aboard makes sense cause a lot of people joined when the price was stable at 400-450 for the past 2 months.

unpure

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Volatility isn't good for bitcoin.

Benjig

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Quote from: Beliathon on May 30, 2014, 08:59:16 AM

Volatility has nowhere near mellowed out. We are in a temporary oasis of stability. Bitcoin has tens of thousands of fiat in value to eat up still, expect more volatility on the horizon.

Realize we are still extremely early in the game here, people. We're looking at 3-5 years at LEAST before some semblance of stability.

Yes, we should expect at least 2 years more of volatility, that means 2 years more of constant growth.

EricTyle

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Quote from: Melbustus on May 29, 2014, 10:43:09 PM

A futures market, and more people taking some of their paycheck in bitcoin will both do wonders for volatility reduction.

I currently receive 33% of my paycheck in BTC, and have been enjoying doing so for the past 3 months (on the verge of 4)

yatsey87

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I'm not sure I can see a time when the price isnt steady. It just seems to volatile. And it doesnt really matter when the last coins will be mined because we wont be here to witness the event.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Volatility has nowhere near mellowed out. We are in a temporary oasis of stability. Bitcoin has tens of thousands of fiat in value to eat up still, expect more volatility on the horizon.

Realize we are still extremely early in the game here, people. We're looking at 3-5 years at LEAST before some semblance of stability.

DolanDuck

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I think there will be at least 3-4 bubbles before we can see some sort of price stability,
we are still in the early stage of bitcoin life, maybe in five years something will change.

jonald_fyookball

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Volatility could increase again when bigger players enter the market (banks) and they move much coin relative to market depth.

Topic: 100 yrs to mine the last million bitcoin? (Read 2243 times)