Is Bitcoin designed to last forever? - page 16.

ABCbits

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Quote from: farl4web on July 12, 2016, 10:55:05 AM

Another thing, I heard the mining power consumption of Bitcoin will be the same as the country Denmark in a few years. That is not sustainable. People don't want that. In other crypto's you can secure the network with staking. Easy as that.

We don't need lots of power consumption to run bitcoin network, we just need some miners and nodes who has good hardware and internet connection.

Quote from: pandalion98 on July 12, 2016, 10:59:57 AM

No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

Instant transactions can happen if merchants accept zero confirmation.
Also, blockchain size problem will be solved in future and there's no direct connection between blockchain and energy inefficiently.

Quote from: rapazev on July 12, 2016, 12:40:28 PM

Quote from: Gilligans on July 12, 2016, 09:51:21 AM

what happens then? Miners wouldn't have any rewards from mining then.

yes, they will have transaction fees.
and if think that's not enough, just remember about supply x demand. with less/zero bitcoins been generated every day just a few satoshis will worth much.

I think that won't be problem if bitcoin is commonly used by everyone which means there'd be lots of transaction and bitcoin would be very valuable.

pandalion98

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Quote from: ABCbits on July 12, 2016, 12:41:28 PM

Quote from: pandalion98 on July 12, 2016, 10:59:57 AM

No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

Instant transactions can happen if merchants accept zero confirmation.
Also, blockchain size problem will be solved in future and there's no direct connection between blockchain and energy inefficiently.

1. Double spending.
2. Speculation. There's no guarantee that technological advances will outpace blockchain ~~bloat~~ growth.

rapazev

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Quote from: Gilligans on July 12, 2016, 09:51:21 AM

what happens then? Miners wouldn't have any rewards from mining then.

yes, they will have transaction fees.
and if think that's not enough, just remember about supply x demand. with less/zero bitcoins been generated every day just a few satoshis will worth much.

pearnapple

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Quote from: bitbunnny on July 12, 2016, 12:34:13 PM

Maybe it's ment to last forever but can it really last that long..Since is lmited in amount maybe that couldn't be possible. But who knows what future brings.

i think it is meant to last for the whole time of people because this is the best currency we have ever had and i think it will remain like that

mobnepal

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If mining reward is zero when all 21 million bitcoin will be in circulation than miners will get total transaction fee as mining reward. And i am sure at that time different miners will set different transaction fee per KB of transaction considering their cost and bitcoin price at that time. If price go higher fee will be lower in terms of bitcoin and vice versa. I think bitcoin can survive even without any block reward for miners.

Kprawn

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Quote from: pandalion98 on July 12, 2016, 10:59:57 AM

No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

Block times issues - Being addressed by SegWit / Lighning network / side chains / Off-chain solutions ....etc.

Energy inefficiency - It is not using any more energy than banks and other financial institutions use on a daily basis.. they too have computers / servers / aircon / lights / CCTV etc...

Bitcoin being bloated - The scaling of hard drive technology, will in future make this a non-issue and you could always run a thinner client/node.

Want to take another crack at it?

bitbunnny

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Maybe it's ment to last forever but can it really last that long..Since is lmited in amount maybe that couldn't be possible. But who knows what future brings.

znickelbackz

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why should anything last forever? if old stuffs refuse to leave, how new (and greater) stuffs come? for the sake of development, don't expect anything last forever.

LFC_Bitcoin

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Eventually after all coins have been mined there will be no block reward for the miners. Fees may be higher then though so there will always be an incentive I guess.

I don't think anybody truly knows what lies in the future though.

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Quote from: pandalion98 on July 12, 2016, 10:59:57 AM

No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

I just hope that day will not come any time soon.
I mean, it's probably okay if there's something that can be a replacement for bitcoin but while there isn't, I really do hope it doesn't happen yet.

Maesters1-

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i think yes you can say. the reason is that it has so any plus point which make it possible that bitcoin will stay forever. for example the interest of the people. the stability of the rate specially in present time. the steps taken by by the government of China and Japan.

pandalion98

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No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

farl4web

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Another thing, I heard the mining power consumption of Bitcoin will be the same as the country Denmark in a few years. That is not sustainable. People don't want that. In other crypto's you can secure the network with staking. Easy as that.

carlisle1

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me too i am not sure if bitcoin will last forever but i think it would go longer than we expected . lmao if bitcoin would never go last i am sure that there is some new coin that will be alternate of bitcoin . if we imagine bitcoin is still famous until now so maybe this will last forever .

yayayo

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Quote from: Gilligans on July 12, 2016, 09:51:21 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!

farl4web

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Bitcoin is such an oldtimer. I don't think it will last forever (even the planet isn't). Cheesy

The blocktimes are too long, the client is too old. I don't see much development. People use it because it's well known.

sishendaoye

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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.

Gilligans

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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?

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