At the last bitcoin | Bitcointalksearch.org

PenAndPaper

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Quote from: Ecurb123 on December 04, 2013, 04:59:46 PM

Quote from: PenAndPaper on December 04, 2013, 04:13:43 PM

Quote from: Ecurb123 on December 04, 2013, 04:06:33 PM

I'll just take a wild guess that when the last bitcoin is minded the value will be almost nothing, by then people will have moved onto a better coin and only a few hobbyist will still be mining for fun.

You are talking for 100 years from now. There will not be any bitcoin hobbyists around if a better coin is being introduced meanwhile.

Yeah as I understand the last coin will be made in 2040, and sure there will be some hobbyists out there, there are still people using the commodore 64 and playing ultima online.

2140 not 2040. (Actually it will be earlier than 2140 but anyway). People that are using commodore 64 and play ultima online were alive when commodore 64 was actually something usefull. I don't think that anyone that is younger than 30 years old cares about commodore 64.

franky1

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Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

ask your great great grandkids to use their wealth to make a time machine to come back and tell ya.. as its not like you'll be around then to spend it. i personally would have sold out within 40 years, or much sooner depending on retirement plans i choose. so talks about the price or transaction fee's for miners and profitability at the end of the 21st million coin are truly irrelevant

Anon136

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Quote from: vpitcher07 on December 04, 2013, 08:09:56 PM

Quote from: kjj on December 04, 2013, 07:01:41 PM

Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

If the we ever hit 21 million bitcoins, everyone will abandon ship, because that means that the system is broken.

It won't hit in our lifetime but in the distant future, why not?

you dont plan on living for another 130 years? i know i sure do.

kjj

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Quote from: vpitcher07 on December 04, 2013, 08:09:56 PM

Quote from: kjj on December 04, 2013, 07:01:41 PM

Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

If the we ever hit 21 million bitcoins, everyone will abandon ship, because that means that the system is broken.

It won't hit in our lifetime but in the distant future, why not?

The short version is that under 64 bit integer math, the sum of the subsidy function caps out at 20,999,999.9769 BTC. Slightly higher if we expand the width of the value field.

In real math, the sum of the sequence (50/2⁰)+(50/2¹)+(50/2ⁱ)+... as i goes from 0 to infinity is 100. In integer math, we lose a bit to truncation. The exact amount lost depends on the scaling factor.

The initial subsidy was (in binary) 0001 0010 1010 0000 0101 1111 0010 0000 0000. Every 210,000 blocks, it shifts right by one place. When a zero shifts off, it is exactly the same as division by 2. When a one shifts off, it is a little extra.

So, hitting 21 million means that something is horribly broken, and everyone runs away.

vpitcher07

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Quote from: kjj on December 04, 2013, 07:01:41 PM

Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

If the we ever hit 21 million bitcoins, everyone will abandon ship, because that means that the system is broken.

It won't hit in our lifetime but in the distant future, why not?

DeathAndTaxes

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Gerald Davis

Quote from: Ecurb123 on December 04, 2013, 04:59:46 PM

Yeah as I understand the last coin will be made in 2040, and sure there will be some hobbyists out there, there are still people using the commodore 64 and playing ultima online.

Add roughly 100 more years and you will be close. Also when the subsidy goes to zero there will be slightly less than 21M BTC this is due to the rounding effect and the fact that Bitcoin is limited to 8 decimal places. The 21M mark will never be reached.

kjj

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Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

If the we ever hit 21 million bitcoins, everyone will abandon ship, because that means that the system is broken.

Ecurb123

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Quote from: PenAndPaper on December 04, 2013, 04:13:43 PM

Quote from: Ecurb123 on December 04, 2013, 04:06:33 PM

I'll just take a wild guess that when the last bitcoin is minded the value will be almost nothing, by then people will have moved onto a better coin and only a few hobbyist will still be mining for fun.

You are talking for 100 years from now. There will not be any bitcoin hobbyists around if a better coin is being introduced meanwhile.

Yeah as I understand the last coin will be made in 2040, and sure there will be some hobbyists out there, there are still people using the commodore 64 and playing ultima online.

Anon136

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PenAndPaper

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Quote from: Ecurb123 on December 04, 2013, 04:06:33 PM

I'll just take a wild guess that when the last bitcoin is minded the value will be almost nothing, by then people will have moved onto a better coin and only a few hobbyist will still be mining for fun.

You are talking for 100 years from now. There will not be any bitcoin hobbyists around if a better coin is being introduced meanwhile.

Ecurb123

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I'll just take a wild guess that when the last bitcoin is minded the value will be almost nothing, by then people will have moved onto a better coin and only a few hobbyist will still be mining for fun.

Mylon

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Mining FTW

Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

I don't believe the last bitcoin will ever be mined. We will have invented something better than bitcoin based on bitcoin by then.

RodeoX

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The revolution will be monetized!

I really don't know. But since the total number and supply of bitcoin is known to all, perhaps it is already figured into the price. Maybe?

PenAndPaper

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Quote from: CrackedLogic on December 04, 2013, 03:05:29 PM

If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

You realize that you are asking for an estimation of the bitcoin price in 100 years from now....
We are struggling to predict the bitcoin price 100 minutes from now so i think you ask for to much...

Barek

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I'll bite, before this ends up in the Alts subforum. Grin

The price will be determined much earlier. I still think the outcome is either much higher than now, or forgotten.

Litecoin is too similar to Bitcoin. For the user, there is hardly any difference. Litecoin has higher fees (which may change) and Bitcoin has more utility. So for now, it looks more like Bitcoin will be the one to make it.

CrackedLogic

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If bitcoin were to hit its 21st million bitcoin, what do you think its price would be?

Would Litecoin be the same price as bitcoin at the time?

share your opinion.

Topic: At the last bitcoin (Read 1234 times)