BTC rate when bitcoin will mined - page 3.

bill gator

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Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

People lose their bitcoins everyday, losing their wallets, corrupting hard drives, sending to the wrong address that is inaccessible to anyone. Silly things happen everyday that eat at the total amount of bitcoins that are usable at any given moment, but for right now mining is happening quicker than BTC is being lost to oblivion; once the mining stops the supply only goes down, and assuming interest in bitcoin increases or even remains stagnate we'll see a major upward trend in price for a long time.

Y'know, Supply & Demand, all that good simple economics stuff. As long as bitcoin can handle the volume of transactions that comes along with the increase in interest/demand then I wouldn't imagine anyone being scared off through the flaws of bitcoin itself. With that being said, and a constantly decreasing supply, hang onto to your hats boys (or dare I say, coins)... The next few years are gonna be bumpy in the best way possible.

1NV3ST0NM3

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It would be possible to mine bitcoin completely only until 2138 considering that technology gradually increases at the current pace. This is because the hashrate would decrease continuously when more and more bitcoins are mined. I don't really think BTC would be able to survive until then. Because if we are trying to say that bitcoin is going to replace fiat in 10 years. Then the fiat system nearly lasted 100 years. Bitcoin would last roughly the same or may be less considering that people are never stagnant and try to find way outs to outshine current cons.

BillyBobZorton

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Quote from: dothebeats on December 02, 2017, 12:27:01 PM

Theoretically, the value of 1 bitcoin by then is extremely high that transaction fees would be sufficient to cover all the miners' expenses, but that would defeat the vision of "fast and cheap" transactions, so we can see a future change in algorithm that would render PoW in bitcoin obsolete. There are many possibilities, but the main concern would be fast and affordable transactions abige anything else.

A lot of people has argued if that 0 inflation model will be viable or not. I think it should be viable, the amount of money in the bitcoin blockchain would indeed be so high that the price should be extremely high by then, but at the end of the day miners need transactions in order to make money. Assuming that lightning networks are a success, then the amount of transactions happening on-chain should be enough for miners to live off fee revenue only without newly minted bitcoins (because at the end of the LN is just compressed off-chain transactions that end up in the blockchain packaged in blocks)

The chances of PoW getting totally outdated by then are for me totally unknown. Who knows what will be around 2140? I presume whoever is alive by then will be able to get 100% consensus to avoid total irrelevancy for bitcoin so bitcoin could survive with a successful hardfork. The alternative would be death so I guess there will not be as much drama as it is now which is mostly politics.

AVAMONEY

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Quote from: DaMut on December 02, 2017, 10:21:03 AM

Quote from: stryker on December 02, 2017, 10:10:59 AM

Quote from: BillCoin on December 02, 2017, 09:31:03 AM

Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

2140 - is this the exact date? Honestly I assumed that with the growth of the number of miners, the mining speed also increases. Isn't it? How can we determine the exact date?

do not believe what people say about something like this,
from my point of view we should take more than a hundred years or even in my opinion it will never can be mine completely.
why ? because everytime the halving time comes,the rewards only get halved which mean we will always mine it no matter how much the reward is.
to make it easy do your math;
for example every block we will make around 2Bitcoin,and 4 years later we will face another halving which mean the rewards will be 1Bitcoin for every blocks.
so what will happen in the next 4 years later ? nothing much,only the rewards decreased a half.
4/2=1.
1/2=0.5.
0.5/2=0.25.
and many more.
if you understand what i mean,
the rewards will be decresead a lot with the time and we will never mine it all completely.

According to CoinMarketCap, a total of +/- 16, 600, 000 BTC is currently in circulation as at the time of typing this answer.
In other words, there are still a whooping 4, 400, 000 BTC left to be mined!
When size of block upgrades, many transaction comes fast to be pickup by miners with low fees.
This conditions can cause decreasing rewards due to problems solved fast. So for completely these BTC left to be mined, it will need many long years could be a hundred more.

dothebeats

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Theoretically, the value of 1 bitcoin by then is extremely high that transaction fees would be sufficient to cover all the miners' expenses, but that would defeat the vision of "fast and cheap" transactions, so we can see a future change in algorithm that would render PoW in bitcoin obsolete. There are many possibilities, but the main concern would be fast and affordable transactions abige anything else.

jekjekman

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Quote from: BillCoin on December 02, 2017, 09:31:03 AM

Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

I don't think that fees will go high if all all the coins are already mined. More transaction fees can be included on the blocks and it can definitely compensate the absence of the rewards per block. What is needed is that the price of bitcoin should go up by that time because less rewards means less bitcoin per member of a pool. Bad thing we will not see what will really happen by that time, and we are not sure if the last bitcoin will be mined.

poodle63

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Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

The price will be over 10x. But remember when the halving already happened in the previous year and that makes the price of the bitcoin will be doubled. Every halving will give the double price to the bitcoin as the block reward getting reduced.

DaMut

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Quote from: stryker on December 02, 2017, 10:10:59 AM

Quote from: BillCoin on December 02, 2017, 09:31:03 AM

Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

2140 - is this the exact date? Honestly I assumed that with the growth of the number of miners, the mining speed also increases. Isn't it? How can we determine the exact date?

do not believe what people say about something like this,
from my point of view we should take more than a hundred years or even in my opinion it will never can be mine completely.
why ? because everytime the halving time comes,the rewards only get halved which mean we will always mine it no matter how much the reward is.
to make it easy do your math;
for example every block we will make around 2Bitcoin,and 4 years later we will face another halving which mean the rewards will be 1Bitcoin for every blocks.
so what will happen in the next 4 years later ? nothing much,only the rewards decreased a half.
4/2=1.
1/2=0.5.
0.5/2=0.25.
and many more.
if you understand what i mean,
the rewards will be decresead a lot with the time and we will never mine it all completely.

stryker

sr. member

Activity: 518

Merit: 250

Quote from: BillCoin on December 02, 2017, 09:31:03 AM

Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

2140 - is this the exact date? Honestly I assumed that with the growth of the number of miners, the mining speed also increases. Isn't it? How can we determine the exact date?

aardvark15

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Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

The mining difficulty increases over time so I expect the price of Bitcoins to increase gradually as fewer coins are mined. For this reason, I think the price increase will be built into Bitcoin by the time the last coin is mined. This will be way into the future but there will be so few Bitcoins mined even 50 years from now that there will be virtually no new coins available even then. Already about 75% of the coins are mined just at 9 years so we are seeing the mining drop and the price increase now as well.

Koadharber

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Quote from: BillCoin on December 02, 2017, 09:31:03 AM

Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

Why would bother if we wont able to witness that thing for it to be happen? Those things you do said was very true which miners would really depend on fees since they dont have anything to be mined which means as the price of bitcoin skyrocketed then as expected fees will shoot up too. I dont have any idea or even estimates on what would be the price on those years but im sure it would really be high that we would never imagined.

BillCoin

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Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

I think that if bitcoin will still be existed at that time it is probably going to be the main global currency.

Bitcoin mining is going to be stopped at the year of 2140( we all won't live to see that), and I think that if miners will keep mining for fees only( as there won't be any block rewards), it means that the fee amount is going to be very high , which also means that there is a large usage for the bitcoin network, and if there will be so large usage for the bitcoin network it means that bitcoin will be one of the main world currencies.

Mometaskers

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Quote from: stryker on December 01, 2017, 06:37:59 PM

What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

Not an economist here but assuming we get to see the day it will be mined out, I think there will be a jump from the price prior to mining out. People tend to focus on once-a-lifetime event so I can see more would come out to buy the last few coins.

From there there'll probably be a short plateau while people absorb the fact that mining is over.

stryker

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What do you think will happen with the bitcoin rate when it will be completely mined? I've heard quite opposite opinions on this issue.
And some (like me) believe that nothing will change for a long time after this.

Topic: BTC rate when bitcoin will mined - page 3. (Read 971 times)