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Topic: Bitcoin halving to be canceled? - page 32. (Read 33718 times)
why they had to cancel the current bitcoin bitcoin was well known as it is today ?
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Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this...
Laws carved in stone are rewritten in blood
The miners can just modify the reward as they feel fit.
Unfortunately, for them, the blocks with a different reward will be considered invalid and rejected by the full nodes.
They can mine as much as they are able, but the rules on the other full nodes will not change and their blocks will be discarded.
For example, the exchanges will not accept the bitcoin mined by invalid blocks. The shops will not accept them.
Now, the Core developers could change the rules in a new version of the Core, but I would not count on the users to download and upgrade their nodes with the new code when they discover what is in it.
Necessity is the mother of invention
If Bitcoin halving will negatively affect its infrastructure, up to a point of an escalating failure (e.g. due to miners leaving), this may be the only option, that is, to change the protocol and cancel the halving...
You dont seem to really understand that if you change what has been planned for years then you lose faith and trust from users. Big government can print money at a whim and does so daily with absolutely no backing, and by allowing Bitcoin to do the same, it then becomes what it was set out to go against.
Bitcoin's soul is consensus. Notice that the property of "fixed total amount of coins" can be selected by each participants by simply using the fork that have this property, unlike in legacy financial system you don't have any choice but passively accept whatever monetary policy central banks make
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 ain't sure
Im sure this is just one of the nonsense rumors that idiots spread out, anyway cant if ever this might be true nothing will really change and world goes on everything's the same. But they cant just cancel something that is already established.
Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this...
Laws carved in stone are rewritten in blood
Man, that is the lamest thing I've heard. They don't have the power you think they do. Just by virtue of having been made by a person does not mean that it will be remade, changed or destroyed by another. Sure, the government of North Korea could repeal the US constitution and impose whatever new Kim is the dictator at the time... but I'm quite right in living my life assuming that's never going to happen. Bitcoin is a system where the halving is very, very unlikely to be delayed or cancelled by the miners or pools. If they do, it is a failed experiment, like DOGEcoin, and would have to be left to slowly die as something better takes its place.
You can tune the parameters a little bit to make the reward having more gradual: Like reduce the reward to 84% every year instead of 50% every 4 years, but overall the reward halving is equal to a 16% increase in difficulty per year, very mild effect comparing with difficulty jump we have seen during last year, so it should not make too much impact for the miners
However, considering that even changing the block size is super difficult, I don't think there will ever be a slightest chance of changing the reward having schedule
Miners are only a small part of the community, even if 70% of miners are not following the major consensus and successfully fork their chain, the coins on that chain will not be accepted by exchanges and merchants, basically becomes useless. And the majority of the communities will dump their pre-fork coins on that useless chain to drain the new coin's value on exchanges if there is any
However, considering that even changing the block size is super difficult, I don't think there will ever be a slightest chance of changing the reward having schedule
Miners are only a small part of the community, even if 70% of miners are not following the major consensus and successfully fork their chain, the coins on that chain will not be accepted by exchanges and merchants, basically becomes useless. And the majority of the communities will dump their pre-fork coins on that useless chain to drain the new coin's value on exchanges if there is any
No Way man.
In one minute the price would fall to zero.
In one minute the price would fall to zero.
of course it will not happen
bitcoin has been recognized in several countries and i hope will be better again
bitcoin has been recognized in several countries and i hope will be better again
Honestly if your scenario would to happen, I bet everything that Bitcoin would be done right away. It would be history and forgotten and some other altcoin would come and replace it.
Let's assume for a moment that Bitcoin halving has been canceled. And what does it change? Nothing, everything remains as it is now. I hope most understand that Bitcoin exists only as long as there are miners supporting it, and they certainly deserve their reward. Yes, some will be angry, especially those who expected that halving would spur the prices up (so that they would finally break even), and they are likely to sell their stash with a loss...
That will be a good day to buy hard
Honestly if your scenario would to happen, I bet everything that Bitcoin would be done right away. It would be history and forgotten and some other altcoin would come and replace it.
If this was decided, why then wouldn't one day be decided that the max supply will be 100 million instead of 21 million while effectively cutting your stash's worth by 5.
Banks are doing things like this and we are not banks. That's why we are all here!
If this was decided, why then wouldn't one day be decided that the max supply will be 100 million instead of 21 million while effectively cutting your stash's worth by 5.
Banks are doing things like this and we are not banks. That's why we are all here!
Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this...
Laws carved in stone are rewritten in blood
The miners can just modify the reward as they feel fit.
Unfortunately, for them, the blocks with a different reward will be considered invalid and rejected by the full nodes.
They can mine as much as they are able, but the rules on the other full nodes will not change and their blocks will be discarded.
For example, the exchanges will not accept the bitcoin mined by invalid blocks. The shops will not accept them.
Now, the Core developers could change the rules in a new version of the Core, but I would not count on the users to download and upgrade their nodes with the new code when they discover what is in it.
Necessity is the mother of invention
If Bitcoin halving will negatively affect its infrastructure, up to a point of an escalating failure (e.g. due to miners leaving), this may be the only option, that is, to change the protocol and cancel the halving...
Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this...
Laws carved in stone are rewritten in blood
The miners can just modify the reward as they feel fit.
Unfortunately, for them, the blocks with a different reward will be considered invalid and rejected by the full nodes.
They can mine as much as they are able, but the rules on the other full nodes will not change and their blocks will be discarded.
For example, the exchanges will not accept the bitcoin mined by invalid blocks. The shops will not accept them.
Now, the Core developers could change the rules in a new version of the Core, but I would not count on the users to download and upgrade their nodes with the new code when they discover what is in it.
What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools...
Who gives a fuck what the pools do, it's what the miners do.
Mining pools act on behalf of the miners. Besides, do you understand that the miners will be the first to welcome the cancellation of halving?
I understand you have no idea what you're talking about.
WHy would they welcome it? The would not welcome it nor accept it. Such a change to bitcoin would send people running, thus decimating the price and making all of their gear worthless.
I thought that wouldn't require much mental effort to embrace the point made. But just in case, because they would get twice as less for the same amount of effort. Regarding the effect that Bitcoin halving cancellation might have on the price, I don't see why it should negatively affect it in the long run...
Before all, Bitcoin is a payment system (as opposed to a financial pyramid), this you obviously fail to grasp
What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools...
Who gives a fuck what the pools do, it's what the miners do.
Mining pools act on behalf of the miners. Besides, do you understand that the miners will be the first to welcome the cancellation of halving?
I understand you have no idea what you're talking about.
WHy would they welcome it? The would not welcome it nor accept it. Such a change to bitcoin would send people running, thus decimating the price and making all of their gear worthless.
you change the schedule and you lose bitcoin period
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 ain't sure
There will not be any halving anymore.Bitcoin will have doublings in the future.
I predict bitcoin will increase again later
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 ain't sure
There will not be any halving anymore.Bitcoin will have doublings in the future.
And the 21M coins limit raised or totally abandoned (like it happened with Dogecoin in the past)...
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 ain't sure
There will not be any halving anymore.Bitcoin will have doublings in the future.
Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this...
Laws carved in stone are rewritten in blood
Can not cancel something that is build into the design.
ThisHalving will happen. If it were to be "deleted", price would not increase. The FIRST thing miners want is a price increase.
This is not a given (that it will). And if it will, it should double (and do it fast), to offset the loss of profit by mining, right? Kinda seems like hardly possible...
Then again you seem to forget what makes Bitcoin roll
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