Bitcoin halving to be canceled? - page 13.

deisik

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Quote from: Amph on April 02, 2016, 12:56:06 PM

so by 2028 bitcoin need to be 70x to allow miners to earn the same as today, unless the number of tx increae which mean more fee from btc, so the value in dollar does not need to increase to 70x

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

Amph

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Quote from: deisik on April 02, 2016, 10:29:54 AM

Quote from: Amph on April 02, 2016, 10:16:53 AM

Quote from: deisik on April 02, 2016, 09:29:33 AM

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

Will this celebrate the end of Bitcoin? Why would miners be happy to continue mining (or whatever this process will be called by then) just for ~~lulz~~ fees? Fees should skyrocket to make what's left of mining profitable...

And no one will be using Bitcoin any longer after that

fee right now are giving 50 btc daily to miners vs 3600 of regular reward, so fee value, in bitcoin valu not in numbers, must increase 70x

so by 2028 bitcoin need to be 70x to allow miners to earn the same as today, unless the number of tx increae which mean more fee from btc, so the value in dollar does not need to increase to 70x

ronaldinho_07

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Well im glad i will be able to see the halving ,over the next 30 years,atleast i believe i will be alive on that time,soo on that time i will record my posts about everything i dreamed about bitcoin.Halving is a must to bitcoin,a huge difference from the others coins,will bitcoin be staked on wallets to get the interest or the fees will be the support to the network?

gtglener

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Quote from: bitdumper on April 02, 2016, 10:47:06 AM

It cant be canceled Sad

Bitcoin is a computer program and it will function as it was coded.
It's not human. Human made bitcoin and they can change it, but its against community.

agree, it is the rules coded for the bitcoin. If it is changed manually then people will definitely lose faith on bitcoin as then in this case anything is possible as the escape of bitcoin.
But halving will occur as coded.

bitdumper

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One world One currency, Bitcoin.

It cant be canceled Sad

Bitcoin is a computer program and it will function as it was coded.
It's not human. Human made bitcoin and they can change it, but its against community.

deisik

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Quote from: Amph on April 02, 2016, 10:16:53 AM

Quote from: deisik on April 02, 2016, 09:29:33 AM

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

Will this celebrate the end of Bitcoin? Why would miners be happy to continue mining (or whatever this process will be called by then) just for ~~lulz~~ fees? Fees should skyrocket to make what's left of mining profitable...

And no one will be using Bitcoin any longer after that

Amph

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Quote from: deisik on April 02, 2016, 09:29:33 AM

Quote from: Monnt on April 02, 2016, 08:14:13 AM

Quote from: benmartin613 on April 02, 2016, 08:09:21 AM

Quote from: romero121 on April 02, 2016, 07:56:38 AM

Quote from: West man on April 01, 2016, 05:59:07 PM

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

deisik

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Quote from: Monnt on April 02, 2016, 08:14:13 AM

Quote from: benmartin613 on April 02, 2016, 08:09:21 AM

Quote from: romero121 on April 02, 2016, 07:56:38 AM

Quote from: West man on April 01, 2016, 05:59:07 PM

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this

If we ever live up to that (lol), it is assumed that miners will profit by fees only

Monnt

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Quote from: benmartin613 on April 02, 2016, 08:09:21 AM

Quote from: romero121 on April 02, 2016, 07:56:38 AM

Quote from: West man on April 01, 2016, 05:59:07 PM

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this.

benmartin613

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Quote from: romero121 on April 02, 2016, 07:56:38 AM

Quote from: West man on April 01, 2016, 05:59:07 PM

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

romero121

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Quote from: West man on April 01, 2016, 05:59:07 PM

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

West man

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BetcoinRakeback.com

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

deisik

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Quote from: gkv9 on April 01, 2016, 04:26:53 PM

Quote from: Laosai on April 01, 2016, 02:53:25 PM

Quote from: Akupuniard on April 01, 2016, 02:45:59 PM

Can somebody tell me who can cancel the halving? I don't think it's possible just cause miners want to.

It's fairly easy to cancel the halving. You'd just need to change a few lines of code.
But the difficult part would be to make EVERYONE (which means miners of course, but also those who runs nodes and the actual users) to use this new version of uᴉoɔʇᴉq.

And a uᴉoɔʇᴉq without a coin number limit? Well let's just say it's the most stupid thing ever. That would destroy absolutely everything.

But don't you think that it's the protocol written to be followed, rules made are to be bound by everyone and not to be broken, else this ain't a thing to be trusted upon...

That cuts both ways. Say, we have a serious vulnerability found (or something to that tune, maybe less obvious, but no less serious) that would require a major protocol update (i.e. rules to be changed), actually Bitcoin N+1...

Who will claim the apple of Discord?

gkv9

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Quote from: Laosai on April 01, 2016, 02:53:25 PM

Quote from: Akupuniard on April 01, 2016, 02:45:59 PM

Can somebody tell me who can cancel the halving? I don't think it's possible just cause miners want to.

It's fairly easy to cancel the halving. You'd just need to change a few lines of code.
But the difficult part would be to make EVERYONE (which means miners of course, but also those who runs nodes and the actual users) to use this new version of uᴉoɔʇᴉq.

And a uᴉoɔʇᴉq without a coin number limit? Well let's just say it's the most stupid thing ever. That would destroy absolutely everything.

But don't you think that it's the protocol written to be followed, rules made are to be bound by everyone and not to be broken, else this ain't a thing to be trusted upon...
Just based on miners' mind and thinking, can we just forget the system and move ahead with what they want???

deisik

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Quote from: Laosai on April 01, 2016, 02:53:25 PM

Quote from: Akupuniard on April 01, 2016, 02:45:59 PM

Can somebody tell me who can cancel the halving? I don't think it's possible just cause miners want to.

It's fairly easy to cancel the halving. You'd just need to change a few lines of code.
But the difficult part would be to make EVERYONE (which means miners of course, but also those who runs nodes and the actual users) to use this new version of uᴉoɔʇᴉq.

And a uᴉoɔʇᴉq without a coin number limit? Well let's just say it's the most stupid thing ever. That would destroy absolutely everything

That just says how fragile Bitcoin actually is, on the one hand, and how rigid and inflexible, on the other

Laosai

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Quote from: Akupuniard on April 01, 2016, 02:45:59 PM

Can somebody tell me who can cancel the halving? I don't think it's possible just cause miners want to.

It's fairly easy to cancel the halving. You'd just need to change a few lines of code.
But the difficult part would be to make EVERYONE (which means miners of course, but also those who runs nodes and the actual users) to use this new version of bitcoin.

And a bitcoin without a coin number limit? Well let's just say it's the most stupid thing ever. That would destroy absolutely everything.

Akupuniard

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Can somebody tell me who can cancel the halving? I don't think it's possible just cause miners want to.

CryingMidget

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Quote from: ronaldinho_07 on April 01, 2016, 10:02:41 AM

One thing we all know speculation and the halving is currently pressing the market to make uᴉoɔʇᴉq get a pump before and on the moment the halving affects miners,soo the price gets affected by the halving,Nakamoto didnt implemented this for no reason.

Bitcoin halving should not be cancelled. Even if there is no Bitcoin halving, we issue Bitcoins all the time, the coin inflation will be close to 0% in a hundred years. The newly issued coin will compensate for the lost coins.

bankingbtc

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Quote from: deisik on September 22, 2015, 12:11:24 PM

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

i don't think that halving will be canceled, it will only happen if price won't rise so that means that miners would leave their jobs so price would fall for sure, only way to see canceled halving

lolgato1

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Disregarding the fact that the halving was built in. If it didn't have a bit coin halving the price would barely move and even if it did go up by the time the price would start going down.

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