Bitcoin's Fate In 2140 - page 3. | Bitcointalksearch.org

Mickeyb

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Quote from: pedrog on November 11, 2015, 06:40:21 AM

We don't need to wait until 2140, in 20 years or so block reward will be small enough to see if the network can survive with current proof of work system.

https://en.bitcoin.it/wiki/Controlled_supply

Exactly my thoughts! That's why Satoshi has said that in the near future we will either have many, many transactions or no transactions at all. Bitcoin need to become big much before 2140, like you have said in about 20 years tops.

Then again, if this thing doesn't start living with its full lungs even in 10 years, I don't think we would need miners much more after this.

USB-S

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In XEM we trust

Bitcoin is valued at around $1million(most likely duble or even more than that at today's USD price). Fiat is long gone. Some altcoins are blooming and used alternatively to bitcoin. Children are tough economics from elementary school. History classes teach us how banks ruled the world just 100 years ago. Governments don't exist. People form local authorities themselves. There are no hard labor jobs, most jobs are involved in R&D and computer science. People don't have to go to work to earn a living(the same does not apply if you want to make a fortune). Most people have hardware wallets beneath their skin for convenient access.

All in all computers and robots rule us in some way. They make our lives 10x easier, but we're stuck serving this singularity.
It's all in a positive light. I bet we would have colonized mars fully by then and bitcoin would be interplanetary means of exchange.

2012

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Bitcoin will be the global currency and we will have so much bigger community and much bigger merchants with around the globe adoption.

amiryaqot

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Well my from point of view BTCitcoin getting so much adoption as it is pioneer crypto currency and you can make comparison as adoption and investment based charts, now it has more big community still growing as i think that is too early to make any prediction about 2140, i am sure before this it will go to mainstream.

bieberluvr

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It would work out fine if it becomes adopted as a reserve currency or if some nations adopted it as their money. In that case, it would be reasonable to assume that governments would set up some mining facilities, like the treasury mints money. They would need to preserve the bitcoin landscape in order to have stable money.

I also think that there will be multiple cryptocurrencies. Bitcoin will be the standard, but there will be alternatives for sure. Litecoin will possibly still be one of them... I hope... I bought some of both. I'm keeping my eye on Ethereum. There's lots of active development there, but as I see it, why would we replace BTC with that junk?

pedrog

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We don't need to wait until 2140, in 20 years or so block reward will be small enough to see if the network can survive with current proof of work system.

https://en.bitcoin.it/wiki/Controlled_supply

anthonycamp

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you worried about 125 years after well your generation after and after might and they will do digital coins even better tahn bitcoin soo no worries by that timea molecular machine to turn logs into cakes will be done and no money needed soo dont worrie about 100 years after many things will happen including our death and bitcoin will prevail

TheGeorge

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If bitcoin survives next 10 years, it will be very big. It will not be banned by most governments. It will evolve over the time, but not replaced.

Lauda

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Terminated.

Useless question; you won't be around to know what happens anyways. Please stop opening up these 'let me spam with pointless answers' threads. They are all predictions based on nothing and as accurate as those of a fortune teller. There are enough of these threads so in the future use the search function.

Amph

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Quote from: tokeweed on November 11, 2015, 12:37:38 AM

Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

So, everyone knows that there will be no more block rewards when we reach ~2140. But what do you guys think will happen after?

I personally visualise 2 possibilities:

- Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

-Bitcoin has a small community, much like today, and starts to crumble without support of miners, and mining fees will become huge, and so the users will leave. Bitcoins will be left in the transaction pool, and the Bitcoin ecosystem will come to a halt.

Are there any possibilities I might have missed? What do you guys think?

All or nothing.

yeah and this is due to one thing, the halving, which force the price to stay at certain level otherwise miners will leave and bitcoin will die

so bitcoin can stay with a small community and with the current price in 2140, because this would mean its departure

everaja

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Your Estimation Target Date is too far , i don't think any of us will live till 2140 , may be the situation of bitcoin will be far away and different than prediction , May be name of bitcoin will change , may be the monetary system of this planet will change and we could transact just by thinking.
More over the price will be To the Pluto(much high than to the moon)

cohnhead

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Quote from: Kakmakr on November 11, 2015, 01:28:04 AM

We will see a huge surge in adoption for the next few years, and then one of the competing Alt coins with better features will be supported by some governments and it will replace Bitcoin. If Bitcoin cannot change and adapt to the users needs, it will be replaced with a Alt coin with those features.

Politics will drive the change as Crypto currencies gets mainstream and fiat collapse. ^hmf^

I think there will be a rich landscape of alt coins in future. Gold isn't the only precious metal in the world. Similarly, different alts and their respective blockchains may offer things that btc can't or won't be able too. People like choice... just look at all the different cars to choose from...but essentially they all do the same thing... get you from point a to point b. Crypto is kind of the same...ability to move value and a distributed ledgers.

davinchi

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Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

So, everyone knows that there will be no more block rewards when we reach ~2140. But what do you guys think will happen after?

I personally visualise 2 possibilities:

- Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

-Bitcoin has a small community, much like today, and starts to crumble without support of miners, and mining fees will become huge, and so the users will leave. Bitcoins will be left in the transaction pool, and the Bitcoin ecosystem will come to a halt.

Are there any possibilities I might have missed? What do you guys think?

By the year 2140, the mining process would have been ended and all the bitcoin would have been in use. So the probability of all conclusion of bitcoin would have occurred. From the past history so far we have seen with bitcoin, we can assume the success of bitcoin in 2140.

Kakmakr

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We will see a huge surge in adoption for the next few years, and then one of the competing Alt coins with better features will be supported by some governments and it will replace Bitcoin. If Bitcoin cannot change and adapt to the users needs, it will be replaced with a Alt coin with those features.

Politics will drive the change as Crypto currencies gets mainstream and fiat collapse. ^hmf^

cohnhead

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There are also some other factors to consider if taking bitcoin so far into the future.

How would increases in computing power impact mining or that really doesn't matter due to the fact that block times should self correct to one every ten minutes anyway?

Possibly more intriguing is the real possibility the nuclear fusion will be commercially available in 20-30 years. and in 50 years, residential applications will be commonplace. With such cheap electricity 21's chip or chips like it may truly supplant large mining operations, due to the sheer number of chips that can be deployed. Decentralization on the largest scale.

mirana12345

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Quote from: jacktheking on November 11, 2015, 12:45:24 AM

Your second possibility dont make sense. If Bitcoin were to fall, it will fall before there is no block reward.

I believe this would be the cause of fail as well. When the reward drops, and if the price doesn't go up proportionally, there will be no incentive for people to mine.
But who knows, it's more probable that the tech of the mining equipment will be the one to save us in that scenario (very low power consumption). But i still believe it's only going to get bigger
in both hashrate and number of individual users and transactions.

AgentofCoin

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Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

Are there any possibilities I might have missed? What do you guys think?

Yeah, what about this one? This is neither.
https://www.youtube.com/watch?v=_Mg7qKstnPk

jacktheking

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Your second possibility dont make sense. If Bitcoin were to fall, it will fall before there is no block reward.

SFR10

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Your first option seems to be the path we will end up most likely although hope the fee's for transaction are not that high up to the point wherein it turn off people for using it (those who send smaller amounts on their transactions) so still some problems exist then but I'm sure developers will find a way to solve this matter if ever it happens

tokeweed

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Quote from: Sir_lagsalot on November 10, 2015, 11:57:11 PM

So, everyone knows that there will be no more block rewards when we reach ~2140. But what do you guys think will happen after?

I personally visualise 2 possibilities:

- Bitcoin is already widely adopted, so the giant community will keep the system running and functioning. Maybe not as easily as today, but with a big enough community, the transaction fees will be high enough for miners to keep on doing their thing.

-Bitcoin has a small community, much like today, and starts to crumble without support of miners, and mining fees will become huge, and so the users will leave. Bitcoins will be left in the transaction pool, and the Bitcoin ecosystem will come to a halt.

Are there any possibilities I might have missed? What do you guys think?

All or nothing.

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