Topic: Bitcoin halving to be canceled? - page 31. (Read 33718 times)

no. thats why i said imho.

The Bitoin CEO cancelled the bitcoin halving? wtf

So you just don't know (whether it is actually beneficial), right?

imho: 25btc/block forever is too much.
the monero way: reduce until 0.3/xmr block seems very good to me.

i dont think it doesnt really matter how fast it gets there. i am more thinking longterm 10yrs+

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial than that, up to a point of a zeroed reward?

Think twice before you slice

i think yes. thats why i like an altcoin (monero).

Could you (or anyone, for that matter) give a simple answer, yes or no?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

edit: if you look at my sig you see i like an altcoin which has a tail reward. this means the block reward will not reduce after it reached 0.3xmr/blocl. i see your point that sth like this is needed. but with bitcoin its impossible. the halving is part of the definition of bitcoin itself

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

well it may fail (bitcoin is still an experiment), but that doesnt change the fact that, what we call bitcoin today, will have its halving

(i highly doubt that it will fail though)

Okay, it seems that I have to clarify my point. I don't say that Bitcoin halving should or will be canceled for no reason at all. Everything that I say here revolves around trade-offs. That is, I assume that the coming halving could potentially wreak havoc on the Bitcoin infrastructure. It may appear as not a big deal (in this aspect), but it may be the last straw to break the camel's back, as it were...

I call it an escalating failure

wont happen.
every miner, every user and every shop would need to upgrade

if only two people run their old client bitcoin will continue to exist as planned. its called "social contract".

and i know for sure there are more than two people who want to have the halving. so bitcoin will continue as is

So the point of reward halving (among other things) was to attract users to this then entirely new technology. I take it, and it might have served well to this end, but I'm still suspicious that nowadays it wouldn't make more harm than good...

The halving doesn't contribute to this in any viable way. You could just set the block reward lower from the start, and be done with that


This still remains to be seen, since the last (and the first ever) halving had been in 2012, before Bitcoin started to get real momentum


I would narrow the beneficiaries to just holders and savers. Now we see that they are not the ones that could and would change the Bitcoin story. Enterprise would, but they are not interested in an ever appreciating currency and limited money supply. Kinda seems they are not very interested in cryptocurrencies at all


Then again, the halving scarcely contributes to this in any sensible way. I could even say it is the most risky and strange way of doing just this


This is a weak argument since it can be countered by stating that you can always create another coin with a reward halving of every 6 months, for example

why are we entertaining this foolishness

1) To have a limited total money supply, and by doing so, to be on the opposite side of today's monetary system, where central banks rob the wealth of the currency user by printing more money. This is clearly indicated in the genesis block

2) The system will provide maximum protection for its users' wealth, thus get maximum support from its users and increase its robustness for the whole ecosystem

3) Currency users are benefited most

4) Bitcoin from the beginning can have many other reward halving schemes, or a constant supply,  or even constant inflation rate like Milton Friedman suggested. But without forced circulation like fiat money, it is very likely no one will care about it if it does not have a clear benefit of limited total money supply

The whole point of bitcoin is to provide a totally different monetary policy than legacy system and see if it is more successful, and so far it is.

Imagine that from the beginning bitcoin have constant supply 50 coins per block forever, then very likely another coin with reward halving will become more popular among users (due to stronger long term appreciation potential), attracting more capitals and eventually overtake bitcoin. Because the cryptocurrency are voluntarily used, if you don't have a good long term incentive mechanism for its users, no one will care

the halving is needed because there is an hard cap of 21M, otherwise the whole supply would be dried much quickly, if we still were at 50 per block, it would have ended already with a miserable price of 230 per coin

the point is to give enough time for the distribution and to let a possible of value increase in the future, miners can't do shit about the halving, they are not the only one that matter, if they change something fundamental like this no one will bother with bitcoin anymore

it's like asking for the death of it, which will result in a more huge loss for them, they will simply hope like everyone else that the price will increase or some of them will leave the scene

Why have to do that? I think it is doing really fine and well and there is no reason to cancel it, a lot of people believe in it and put there hopes for it so I don't think having it canceled is a good idea.

To everyone concerned

Guys you seem to be missing the whole point I was trying to make. Please answer the following questions:

1) What is the purpose of Bitcoin halving
2) Does it contribute to the Bitcoin infrastructure and Bitcoin overall robustness in any positive way
3) Who profits most by this
4) If there were no such thing from the beginning, would it change anything in the long run (for the worse)

This looks more reasonable and sound. But if you follow this idea to its conclusion, you will agree that it would be better to cancel the reward halving altogether. Why all the fuss and to what end?