After 2140 - Last Bitcoin mined. | Bitcointalksearch.org

Kprawn

legendary

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Ah at last, someone see my point.

No need to get personal, it's just a debate, trying to make improvements now, and making some predictions, on what may or may not happen in future.

spazzdla - You totally missing my point... If the town developers, did think like I did, you would not have needed roads at all. Tongue

BurtW - When do you predict, would the cross over point be?

BurtW

legendary

Activity: 2646

Merit: 1131

All paid signature campaigns should be banned.

One thing to keep in mind about this 2140 number is that in the 4 years leading up to the very last block contaning a block subsidy the miners will be making only 0.00000001 BTC per block. And in the 4 years before that they would be only making 0.00000002 BTC per block and in the 4 years before that only 0.00000004 BTC per block, and so on.

So either 0.00000001 BTC will be worth a heck of a lot by then OR more than likely the fees will have totally swamped this very small and probably insignificant amount of new BTC in each block by then.

This issue of how to pay the miners to keep mining will have to be solved way before 2140.

The hope is that as the block subsidy decreases and fees (volume) increases the cross over point where the fees become more than the block subsidy will happen in time to keep the whole thing going. This cross over will probably have to happen way before 2140.

Nawaytes

sr. member

Activity: 476

Merit: 255

no one can predict how the future of bitcoin, but if you look at the difficulties that go up very significantly. I think would be very difficult at all and require a higher miner to mine bitcoin after 2140.
but it could have been a lot of new miner innovation, evolving to meet the difficulties bitcoin.
btw, I'm not going to live until 2140. Cheesy

DannyHamilton

legendary

Activity: 3388

Merit: 4615

Quote from: spazzdla on June 25, 2014, 02:11:27 PM

Instead they thought like you, decided it would be a great idea to save some cash.. and now everyone hates them. Although everyone hates all politicians sooo who cares.

I never said anything about saving some cash.

I'm just pointing out that 120 years is a lot longer than some people around here seem to realize.

120 years ago...

Automobiles were just being invented
Orville Wright was 10 years old, and over a decade away from figuring out sustained heavier than air flight
Marconi was 10 years old and Heinrich Hertz hadn't even conceived of sending and receiving radio waves yet

Do you really think anyone could have made any decisions about technology in 1884 (or earlier) that would have any merit today at all?

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: DannyHamilton on June 25, 2014, 01:37:11 PM

Quote from: Kprawn on June 25, 2014, 01:24:03 PM

The.... Bla..Bla..Bla.. you will be dead is getting old. Read the whole thread and comment please.

Yea, we will be dead, and the people in the future, will say ..." Damn BTC could have been the de facto currency, if only they thought of this "

Nothing is more important, than what you leave behind. Our legacy to our children, is what we do today.... I'd like them to say.. Wow our fore father's was wise people, look what they did.

Right, and in the year 1888, they should have been determining what the speed limit on highways (that didn't even exist yet) should be in 2014.

Give me a break.

If the useless politicians in Toronto 50 years ago built the high way they were told to build it today we wouldn't have a traffic problem.. Instead they thought like you, decided it would be a great idea to save some cash.. and now everyone hates them. Although everyone hates all politicians sooo who cares.

DannyHamilton

legendary

Activity: 3388

Merit: 4615

Quote from: Kprawn on June 25, 2014, 01:24:03 PM

The.... Bla..Bla..Bla.. you will be dead is getting old. Read the whole thread and comment please.

Yea, we will be dead, and the people in the future, will say ..." Damn BTC could have been the de facto currency, if only they thought of this "

Nothing is more important, than what you leave behind. Our legacy to our children, is what we do today.... I'd like them to say.. Wow our fore father's was wise people, look what they did.

Right, and in the year 1888, they should have been determining what the speed limit on highways (that didn't even exist yet) should be in 2014.

Give me a break.

Kprawn

legendary

Activity: 1904

Merit: 1073

The.... Bla..Bla..Bla.. you will be dead is getting old. Read the whole thread and comment please.

Yea, we will be dead, and the people in the future, will say ..." Damn BTC could have been the de facto currency, if only they thought of this "

Nothing is more important, than what you leave behind. Our legacy to our children, is what we do today.... I'd like them to say.. Wow our fore father's was wise people, look what they did.

DannyHamilton

legendary

Activity: 3388

Merit: 4615

Quote from: onlinepro on June 25, 2014, 12:43:36 PM

Quote from: leepsteer00 on June 25, 2014, 10:50:27 AM

At that time you will much likely to be dead, no offence.

So? Why everyone uses this excuse?
You think our kids, or grand kids want to use Bitcoin if they ask what happens at 2140 and we just say that we don't give a shit because we will die before it...

Its a bit like looking at this in the 1880s:

And trying to predict what all modes of transportation would be like in the year 2014.

2140 is just too far into the future to even begin to guess how technology will advance or to predict how the population of the future will engage in commerce.

Any attempt is nothing more than random guessing based on inadequate knowledge.

The "we'll be dead by then" is really just a poorly phrased way to say, "The system will either continue based on transaction fees, or something else will come along. It is impossible to know how the future generations will want to use future technology to handle transactions. It would be rather presumptuous of us to try and tell them how they should handle something over 120 years from now."

onlinepro

hero member

Activity: 714

Merit: 500

Quote from: leepsteer00 on June 25, 2014, 10:50:27 AM

At that time you will much likely to be dead, no offence.

So? Why everyone uses this excuse?
You think our kids, or grand kids want to use Bitcoin if they ask what happens at 2140 and we just say that we don't give a shit because we will die before it...

validium

sr. member

Activity: 350

Merit: 250

Decentralized thinking

IMO i dont think it will ever survive that long some alternative crypto coin will take over maybe 10+ yrs from now.

leepsteer00

hero member

Activity: 574

Merit: 500

At that time you will much likely to be dead, no offence.

SirChiko

legendary

Activity: 966

Merit: 1000

I don't think that bitcoin will be around after 100+ years, maybe some other cryptocurrency wich bitcoin would be grand-grand-grand-grand father

Kprawn

legendary

Activity: 1904

Merit: 1073

Big companies would keep things floating, if this is driving the world economy. Even governments would use our tax to bail it out, if needed. How ironic would it be, if history repeat itself in a 100 years from now. {Like governments now, manipulating fiat, to keep it alive}

If not BTC but some other crypto currency, they developed.

polynesia

legendary

Activity: 1358

Merit: 1000

We could still have pro-bono miners, who process certain transactions for free in 2140. Cheesy

One of the bitcoin millionaires could set up a trust, and ensure that bitcoin transactions get processed and transaction costs remain low.

Kprawn

legendary

Activity: 1904

Merit: 1073

We are building something for the future, even if you are not here anymore, your family and their children might be here still.

Image, after 100 years from now, your grand children find a paper wallet, and finds great Grandpa's BTC stash of 500 coins. And imagine, those coins are worth 8000 times, more than it's worth today. Well you get the point. We will never know, but it might just secure their future.

We cannot just say, we do not care, that attitude, is why we have so much environmental problems today and it will get much worst for our children and their children.

Read the post carefully, and try not, to just repeat what I have said.

1. How long, do you think, BTC will still be in use?
2. Do you predict, that another better Alt coin, will take it's place?
3. Will there still be miners, or would large corporations, again monopolize the mining, and we will again have a centralized currency?

Be imaginative, and think about these things.

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: CEG5952 on June 22, 2014, 02:57:56 PM

Quote from: Parazyd on June 22, 2014, 02:27:46 PM

Mining is essential to keep the network going. The 25 BTC with a block is called a block reward because it is what it says it is - a reward for successfully hashing the block.
Read up on the protocol documentation to find out more.

When 21M BTC are rewarded from blocks, there will be no more blocks that have a reward, but miners will still be rewarded with all the tx fees, just as they are now.

If everyone shuts down their ASIC units, the difficulty will go down, and GPU mining would then be back. But it's 2140, who knows what's gonna happen in 100+ years.

To be honest, I'd be very surprised if bitcoin survived that long. I think there could be existential threats (such as new decryption methods that threaten public/private key security, etc) that loom within that time. Hopefully not, but.... Undecided

We can make a fork to another algorithm, however, ASICs would have to be redesigned. I believe bitcoin can stay secure for a very long time or even forever.

peeveepee

full member

Activity: 211

Merit: 100

Quote from: CEG5952 on June 22, 2014, 02:57:56 PM

Quote from: Parazyd on June 22, 2014, 02:27:46 PM

Mining is essential to keep the network going. The 25 BTC with a block is called a block reward because it is what it says it is - a reward for successfully hashing the block.
Read up on the protocol documentation to find out more.

When 21M BTC are rewarded from blocks, there will be no more blocks that have a reward, but miners will still be rewarded with all the tx fees, just as they are now.

If everyone shuts down their ASIC units, the difficulty will go down, and GPU mining would then be back. But it's 2140, who knows what's gonna happen in 100+ years.

To be honest, I'd be very surprised if bitcoin survived that long. I think there could be existential threats (such as new decryption methods that threaten public/private key security, etc) that loom within that time. Hopefully not, but.... Undecided

Exactly.

Some people think bitcoin will really last for than two/three decades will have a rude awakening one day.

ranochigo

legendary

Activity: 2954

Merit: 4158

Since no coins are being generated, the price should increase. More efficient ASICs would continue to be developed, small miners would be out of the game. People would be paying miners fees and the network would keep going as the watts/GH would be very low.

Parazyd

hero member

Activity: 812

Merit: 587

Space Lord

Quote from: CEG5952 on June 22, 2014, 02:57:56 PM

Quote from: Parazyd on June 22, 2014, 02:27:46 PM

Mining is essential to keep the network going. The 25 BTC with a block is called a block reward because it is what it says it is - a reward for successfully hashing the block.
Read up on the protocol documentation to find out more.

When 21M BTC are rewarded from blocks, there will be no more blocks that have a reward, but miners will still be rewarded with all the tx fees, just as they are now.

If everyone shuts down their ASIC units, the difficulty will go down, and GPU mining would then be back. But it's 2140, who knows what's gonna happen in 100+ years.

To be honest, I'd be very surprised if bitcoin survived that long. I think there could be existential threats (such as new decryption methods that threaten public/private key security, etc) that loom within that time. Hopefully not, but.... Undecided

Couldn't care less about it. I'm not gonna live to see 2100.

CEG5952

hero member

Activity: 658

Merit: 500

Buy and sell bitcoins,

Quote from: Parazyd on June 22, 2014, 02:27:46 PM

Mining is essential to keep the network going. The 25 BTC with a block is called a block reward because it is what it says it is - a reward for successfully hashing the block.
Read up on the protocol documentation to find out more.

When 21M BTC are rewarded from blocks, there will be no more blocks that have a reward, but miners will still be rewarded with all the tx fees, just as they are now.

If everyone shuts down their ASIC units, the difficulty will go down, and GPU mining would then be back. But it's 2140, who knows what's gonna happen in 100+ years.

To be honest, I'd be very surprised if bitcoin survived that long. I think there could be existential threats (such as new decryption methods that threaten public/private key security, etc) that loom within that time. Hopefully not, but.... Undecided

Topic: After 2140 - Last Bitcoin mined. (Read 2827 times)