Topic: bitcoin 21m limit - page 2. (Read 2903 times)

Bitcoin mining is limited to 21 million Bitcoins total, but as a functional currency and payment method it's actually closer to infinite.





By the time we do reach 21 million BTC, it'll be 2140, and there's a chance 1 Satoshi = 1 USD.

lol 
i agree with you dude 

Keep your mouth shut and people will think you're an idiot.

Open it and you confirm it for them.

Nah, kill them all and let god sort them out.

Sometimes you get that feeling you should be nice, just in case it's aliens.

It's an interesting subject nevertheless... Supposedly Bitcoin becomes so valuable by the time (125+ years) reward ends miners will be motivated enough by pure transaction fees to continue support the network. Not to mention small % transaction fee might be mandatory and coded into every wallet by that time. I guess this would have been an original Satoshi idea, idk.

It's sometimes hard to tell between the two sometimes. Sometimes I don't know whether people are genuinely trying to propose something or are just trolling for responses.

ill pretend your not a troll and instead just a noob.. so here goes

in 120 years the rewards would be insignificant.. so for 119 years relax its not your problem

in 120 years peoples mindsets would change from thousands of people mining for profit. to become a diverse range of hundreds of thousands or millions of people mining purely to secure their bitcoin.

the transaction fee at the moment is less than half a penny.. and over 120 years the transaction limits and usage of bitcoin will change soo much that these half pennies will add up to be a sufficient amount to cover basic electric costs of the devoted miners that only care about security..

infact these devoted miners may have such a substantial hoard of bitcoin that the electric usage just to secure the network is cheaper then trying to secure their fiat investments and thus the transaction fee's wont be something they require.

put it this way..

if i have 50,000 bitcoin id happily spend a couple bitcoin of my own savings on the electric just to secure my hoard and i would not ask anyone else to pay me tx fee's for any blocks my miner solves..

but as i said in my first statement.. your worry is about something that is MANY MANY years away, far past your lifetime and plenty of time to deal with, it's not going to be something that shocks the world over night anytime soon

I think we could call this comment "Best Response to a troll of the year"
But in case he actually wanted to learn something. Thank you should even after all the bitcoins are mined blocks are still going to be mined and the reward for that work would be transaction fees.

Winning response. lol

The fixed amount of bitcoins is one of its defining features. To change it would be fundamentally wrong. The fixed amount will also make existing coins more valuable.

AgentofCoin  I like to have answers;  I'm open and I like to understand;  You all guys look so sure... ;  I really like the bitcoin people, and let me say something as a joke:  to succeed in life it is not enough to be stupid;  you must also have good manners  (Voltaire)

Stop feeding the troll.. He asked the same basic question yesterday.

But of course people will keep writing their opinions over and over anyway...

Edit: yesterdays post -- > https://bitcointalksearch.org/topic/extend-the-21m-bitcoin-limit-908850

Transaction fees will eventually be more significant than the block reward, and this will be far before the 21m cap is reached.

lol

You should ask questions and take the time to understand how things work before you waste time making ridiculous assertions.


Evidence does not support your assertion.  Saying it doesn't make it true, no matter how you feel about it.


"math people"? "Wolfram people"?  Bitcoin is intentionally designed to have a limit on the supply.  If you don't like it, go use something else.  Perhaps you'd be happier with some other currency.

EDIT: I really need to remember not to feed the trolls.

Do your homework and educate yourself before posting your stupidity.
https://en.bitcoin.it/wiki/Mining#Reward
https://en.bitcoin.it/wiki/Controlled_Currency_Supply

I think it's trying to communicate...

bitcoin 21m limit will stop mining,  people do not volunteer for fees;  math people should find the right  way to supply bitcoins forever using smart algorithms;  Wolfram "new kind of science"  people are welcome to step in!!!!!