Is Bitcoin designed to last forever? - page 12.

Betwrong

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Quote from: yayayo on July 12, 2016, 09:45:53 AM

Quote from: Gilligans on July 12, 2016, 08:51:21 AM

But assuming that we have reached reward era 34, what happens then? Miners wouldn't have any rewards from mining then.

You are forgetting that Bitcoin has transaction fees. The total sum of transaction fees paid for transactions in a certain block goes to the miners solving that block (in addition to the block reward). While total transaction fees today are typically significantly less than 1 BTC per block, this total sum is already significantly higher than a few years ago.

In future, transaction fees will progressively increase in relevance compared to block rewards and ultimately entirely replace them as an incentive to solve more blocks.

You also have to consider that with decreasing block rewards, Bitcoin's valuation will very likely increase significantly. So mining might still be profitable, even if the amount of Bitcoin obtained in the process is only a fraction of what it is today.

ya.ya.yo!

I've read through all the comments and I think this is the best explanation. It is simple yet very informative.

To sum up all the comments which make sense to me: Yes, Bitcoin is designed to last forever.

groll

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Quote from: Xenophoto on September 28, 2016, 02:32:44 AM

Whatever was the intention of Satoshi, Bitcoin is going to last forever. The reason for this is the fact that people would always want something in return when they're going to give another person a material thing. In an instance, would you just give you cellphone into another person? No, unless you're going to trade it for another phone or sell it for money.

Money would always be involved in this world because of the very nature of humans.

This made me smile. I will give my phone for free if I will give it to my family or love ones. But of course would sell it to someone for possible upgrade of my current cellphone. Anyways, yes, bitcoin I think is designed to last forever. And the fact that many people right now uses bitcoin and already invest some of good amount of money, then there is no way that bitcoin will be stopped.

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Quote from: sana54210 on September 28, 2016, 02:29:51 AM

Quote from: VanDeinsberg12 on September 27, 2016, 10:29:15 PM

In my opinions, bitcoin is should designed by the logarithm and i don't think will be designed for last forever maybe will there a some development of the logarithm of bitcoin are used in this time and it's not designed for last forever.

What is the designing in logarithm, really I could not understand how logarithm implemented in bitcoin development also I just checked in Google is their any other meaning for logarithm other than mathematical usage.

I have read many times that the growth of bitcoin might follow exponential as it will grow rapidly in future than past always. Other than this, I could not understand any relationship with logarithm with bitcoin ecosystem and more particularly for the core concepts designing for long lasting.

it is just spam, don't think too much about it. he may have had something like algorithm in his mind but wrote logarithm!!! and in reality he meant to say by design Cheesy

anyways, bitcoin was meant to be used as a peer to peer money and way to transfer money this way without a need of a third party like banks so it can last as long as at least 2 peers are transferring bitcoin and there is someone who is mining the blocks.

Xenophoto

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Whatever was the intention of Satoshi, Bitcoin is going to last forever. The reason for this is the fact that people would always want something in return when they're going to give another person a material thing. In an instance, would you just give you cellphone into another person? No, unless you're going to trade it for another phone or sell it for money.

Money would always be involved in this world because of the very nature of humans.

sana54210

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Quote from: VanDeinsberg12 on September 27, 2016, 10:29:15 PM

In my opinions, bitcoin is should designed by the logarithm and i don't think will be designed for last forever maybe will there a some development of the logarithm of bitcoin are used in this time and it's not designed for last forever.

What is the designing in logarithm, really I could not understand how logarithm implemented in bitcoin development also I just checked in Google is their any other meaning for logarithm other than mathematical usage.

I have read many times that the growth of bitcoin might follow exponential as it will grow rapidly in future than past always. Other than this, I could not understand any relationship with logarithm with bitcoin ecosystem and more particularly for the core concepts designing for long lasting.

davis196

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Quote from: Gilligans on July 12, 2016, 08:51:21 AM

I've been thinking about it since last night and I couldn't find an answer to myself.
I know that there's a 21 million block cap and we wouldn't actually be here to see that time it comes to that point.
But assuming that we have reached reward era 34, what happens then? Miners wouldn't have any rewards from mining then.

Anyone care to help explain a few things for me?

I hope that bitcoin will last forever,but unfortunately nothing lasts forever.

I don`t care about the mining block cap.Bitcoin can survive without mining.

Bitcoin will last forever only if there are people who support it and use it everyday.

VanDeinsberg12

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In my opinions, bitcoin is should designed by the logarithm and i don't think will be designed for last forever maybe will there a some development of the logarithm of bitcoin are used in this time and it's not designed for last forever.

electronicash

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Quote from: milewilda on September 27, 2016, 08:54:25 PM

Quote from: ttargett on September 27, 2016, 08:05:00 PM

Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

thats true, the price is really volatile right now but it is because of the fact that it is controlled only by people so it can last for a really long time

The main thing here is that bitcoin wont die if there still someone who uses it and someone who buys it and for sure it wont easily die on the long run, Bitcoin could die if the adoption would lessen and theres no activity on the bitcoins ecosystem and user would dump all of their coins then it would surely die.

so long as bitcoin is being used, sent and people make transactions bitcoin will last forever and so are the rest of the coins. so long as there are miners and people using the coins they are all designed to work and last forever. most importantly, as long as the value stays good it will work.

milewilda

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Quote from: ttargett on September 27, 2016, 08:05:00 PM

Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

thats true, the price is really volatile right now but it is because of the fact that it is controlled only by people so it can last for a really long time

The main thing here is that bitcoin wont die if there still someone who uses it and someone who buys it and for sure it wont easily die on the long run, Bitcoin could die if the adoption would lessen and theres no activity on the bitcoins ecosystem and user would dump all of their coins then it would surely die.

ttargett

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Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

thats true, the price is really volatile right now but it is because of the fact that it is controlled only by people so it can last for a really long time

Viyamore

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I don't think that bitcoin will last forever but im pretty sure that it will last longer .no things last forever all that are mined ,bought etc .time will come it will disappear even our earth don't last forever so no thing on this earth will last forever .bitcoin technology is good now it has a good future in terms of it use .its only the start for the popularity of bitcoin so it will take more years and better to take advantage that we already known bitcoins first.

MingLee

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Bitcoin is definitely designed to last, and the best part is that there doesn't have to be a massive infrastructure to maintain it. There can just be a few people who show up and get the data and nodes up and running, and boom, you have a running blockchain that can be used by anyone able to connect to it.

Nothing to be too special, but extremely effective.

zahra4577

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Quote from: sishendaoye on July 12, 2016, 09:30:11 AM

I am not sure if it is designed to last forever but the real question is if it is also going to last forever because I am sure that if most people quit that it would not last forever.
It is all going to depend in what the users are going to do and how they react to Bitcoin.

Nothing last forever and bitcoin will also die after few years and something better will replace it

Nimbulan

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Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

yeah, the price is really volatile, but it is the main reason what makes bitcoin so interesting for me

Hellacopter

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Not sure if Bitcoin will last forever, in fact we can't make sure about anything to last forever in this world. But i believe Bitcoin is designed already to last for very long time .

abonarea

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Bitcoin is going to facilitate us all for decades from now on wards. It is very difficult to say anything whether it will last forever or there will be some other thing more advanced and usable than blockchain in far future. We can not even imagine how the world will look like after 100 years as science and technology is at full speed even now.

Foref1982

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I didn't design it so I don't know whether the original designer(s) wanted it to last forever or not, but I don't think that bitcoin will last forever. It will last much longer because it's been with us for the longest, but by time other crypto currency will grow up next to up in technology and slowly take the place.

Usainbot

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Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

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Quote from: kanazawa on September 27, 2016, 11:38:14 AM

It sounds pretty poetic but "nothing last forever" so Bitcoin won't last. There's a paper where it's said how much coins and how much time it will take to mine the laaaast coin. This thing will erupt a situation that I really don't f****** know because it will happen in a very distant future --more distant than the paper said of course, because it's not a end prediction. When this day come we will be using hover cars like dr. Brown. It will be great.

Yes nothing lasts for ever but bitcoin will stay as long as human will stay in this world or at least till internet survives in this world. There is no meaning of expecting bitcoin system to survive even after human race fails to do so. So, I just want to argue that bitcoin will stay with us as long as we need it.

There is no point of expecting bitcoin and the internet to survive for ever in this earth whereas there is no guarantee that human will survive for ever in this earth.

xIIImaL

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Quote from: Prettygirl01315 on September 27, 2016, 10:23:17 AM

I guess its a yes because bitcoin is like a gold. Bitcoin is all over from the cyberworld so it cannot disappear no matter what. Just like gold it is all over from the land just mine it or search it then you will the gold or the bitcoin. Another similaralities is the value of the is continuing to up.

Yup it is better than gold according to me. I believe Bitcoin has the potential to buy anything in the world and price will best part of the Bitcoin because as I know this is the only stock in the world which is costlier than anything.

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