It's 2040, the last bitcoin was just mined...

abojamal

member

Activity: 322

Merit: 17

Quote from: Spendulus on December 17, 2018, 10:12:22 AM

What might the miners do at this junction?

Sure, they still get transaction fees. Would those escalate?

Might there be a reason to move to non-ASIC hardware?

Or a reason to change the reward algorithm?

I think the correct date is 2140 rather than 2040
With the low supply of BTC for mining the price will be very high
This is a market rule
supply and demand base.

cryptjh

full member

Activity: 532

Merit: 187

One idea to pay the miners after 2140 would be a very small annual tax on so called dead Bitcoins. Bitcoins that haven’t moved for more than 130 years cut be forces to pay a very small annual fee. The Bitcoin would in all cases be considered lost, so taking less than 0.01% a year from Bitcoins addresses that are considered lost, would help the Bitcoin system go on for thousands of years or more.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: Lucius on February 04, 2019, 09:02:14 AM

Miners will have to adapt and earn from fees, and if BTC becomes a globally accepted payment instrument then number of transaction will increase, which will make a stable profit for miners.

It's not just miners who will have to adapt. Users will need to adapt to paying higher fees. This is a really important part of Bitcoin's design. We can't guarantee endless transaction growth, so we need to depend on scarcity of block space to force fees higher.

As long as demand is strong enough for perpetually full blocks, I'm confident the mining incentive can still work after inflation is done. This is an even more important reason to retain the block size limit than node or miner centralization.

karsy

full member

Activity: 383

Merit: 100

It will be in 2140. I think before this date the reward system will be updated. Bitcoin should cost very high so it would be profitable for miners to stay in bitcoin and process transactions with their ASIC miners.

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: pussyhunter6969 on February 04, 2019, 02:22:50 PM

Quote from: Spendulus on December 17, 2018, 10:12:22 AM

What might the miners do at this junction?

Sure, they still get transaction fees. Would those escalate?

Might there be a reason to move to non-ASIC hardware?

Or a reason to change the reward algorithm?

there could be proposal to redistribute old lost coins, like any coins stuck for 120 years ( more then average life span of human ) in a wallet should be redistributed as block reward

and what if someone wants to bury a treasure for his future family member after 120 or more years?

you steal his "bitcoin" and limit therefore freedom over his property

cryptoJJJ

newbie

Activity: 53

Merit: 0

Last bitcoin will be mined in 2140 not 2040, after this point the miners will have to live from the transactions fees, and they will most likely also live from bitcoin side blockchains.

TiredShoe5

newbie

Activity: 3

Merit: 0

I think in the near future this type of activity will become irrelevant.

pussyhunter6969

member

Activity: 84

Merit: 12

Quote from: Spendulus on December 17, 2018, 10:12:22 AM

What might the miners do at this junction?

Sure, they still get transaction fees. Would those escalate?

Might there be a reason to move to non-ASIC hardware?

Or a reason to change the reward algorithm?

there could be proposal to redistribute old lost coins, like any coins stuck for 120 years ( more then average life span of human ) in a wallet should be redistributed as block reward

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: ?? on ??

Quote from: BitcoinGirl.Club on December 17, 2018, 10:54:28 AM

Quote from: OmegaStarScream on December 17, 2018, 10:17:40 AM

...the supply will be pretty limited and that should give the price a huge boost.

I am wondering what will be the price value? Will there be any fiat left by that time? Interesting future.

By 2140 I'm sure paper money will be gone everywhere, all the mines will be on the moon and heating everything by crypto heat which run off 99% efficient solar panels. Seriously though think of the tech gap from now and 120 years ago. It's foolish to even think is today's terms.

That's what I was thinking, we cant even predict what will happen
next year let alone another 120.

If we look at how far technology has come since computers became
a household item in the 80's, those old Amiga's and Commodore
VIC-20's have become so archaic in 30 years, actually that technology
had become so archaic 10 years on.

So many Developments to Bitcoin and technology will happen in 120
years, we wont be here when the final coin is mined.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Regardless of the mistake of one hundred years, OP did not get too far off from point that 2040 all BTC will be mined. Not total 100%, but 99.80 which is almost all coins. We are now at around 87.50% of all coins mined, and by 2032 over 99% of all BTC will be mined - so 0.20 BTC left from 2040 means nothing.

Miners will have to adapt and earn from fees, and if BTC becomes a globally accepted payment instrument then number of transaction will increase, which will make a stable profit for miners.

Oniko

member

Activity: 322

Merit: 11

I think that the complexity of the network will increase by several times and this date will be moved to 2100.

The cost of bitcoin will grow and in 2020 the price will reach $ 10,000. Bulls go to battle

Schirer

member

Activity: 560

Merit: 17

On what exactly is based your prediction that last BTC would be mined on this exact year?
I see it differently, i thin kthat the price will rise once a again to new ATH and then the hashrate will rise also, which will lead to slower mining.

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Quote from: gabmen on December 20, 2018, 11:41:53 AM

We're all probably dead by then so there' no wsy for us to really know lol.

What do you mean probably? LOL

Are you expecting to live more 120 years from now (assuming your age is x now)? x+120 and that's a lot of years which is enough for your third generation down the line. You and I will be very much forgotten unless we do something people will remember (example: satoshi creating bitcoin).

pat4cryptoreal

full member

Activity: 630

Merit: 102

By that time there will be global adoption, in other words the number of people or organizations that owns bitcoin will be much so there will be enough transactions for miners to make money through transaction fee.

gabmen

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Quote from: MainIbem on December 20, 2018, 10:53:07 AM

Quote from: ?? on ??

Quote from: BitcoinGirl.Club on December 17, 2018, 10:54:28 AM

Quote from: OmegaStarScream on December 17, 2018, 10:17:40 AM

...the supply will be pretty limited and that should give the price a huge boost.

I am wondering what will be the price value? Will there be any fiat left by that time? Interesting future.

By 2140 I'm sure paper money will be gone everywhere, all the mines will be on the moon and heating everything by crypto heat which run off 99% efficient solar panels. Seriously though think of the tech gap from now and 120 years ago. It's foolish to even think is today's terms.

For sure, the OP did this post out of excitement. We are just imagining how things will be in 120 years from now! Think back 120 years ago and you will not expect anyone thinking about computers not to talk of the internet, then virtual money.

We're all probably dead by then so there' no wsy for us to really know lol. Though i doubt that it's a futuristic as you guys perceive it to be. If we don't do something about climate change, we may very well be living closer to how we live in the past than in a progressive future.

martina14

full member

Activity: 1190

Merit: 111

Every year the number of bitcoins minable is reducing.
This will let the miners stay if the price of bitcoin will increase yearly.
But how if the BTC mining will not be profitable? or lets say we can transfer even without any miner in the community?

MainIbem

sr. member

Activity: 1316

Merit: 379

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Quote from: ?? on ??

Quote from: BitcoinGirl.Club on December 17, 2018, 10:54:28 AM

Quote from: OmegaStarScream on December 17, 2018, 10:17:40 AM

...the supply will be pretty limited and that should give the price a huge boost.

I am wondering what will be the price value? Will there be any fiat left by that time? Interesting future.

By 2140 I'm sure paper money will be gone everywhere, all the mines will be on the moon and heating everything by crypto heat which run off 99% efficient solar panels. Seriously though think of the tech gap from now and 120 years ago. It's foolish to even think is today's terms.

For sure, the OP did this post out of excitement. We are just imagining how things will be in 120 years from now! Think back 120 years ago and you will not expect anyone thinking about computers not to talk of the internet, then virtual money.

nianastasia62

jr. member

Activity: 196

Merit: 1

You may not be aware but after 1.5 years in the bitcoin network will be half the reward and this will happen quite often so as I read the mining will stop in 2140.

ardhigalau

full member

Activity: 316

Merit: 100

It's a shame, you are a Legendary but you mispronounced the year. It should be in the year 2140 not 2040. Come on, don't mislead members here.

Indamuck

hero member

Activity: 1120

Merit: 554

The world will be so different in 2140, I doubt bitcoin will even exist at that point. I'll be shocked if the world hasn't already been destroyed by a nuclear war or some other type of disaster. The beauty of bitcoin is that it can be broken down into many decimal places so if bitcoin is worth $1million we can just use smaller units for our transactions.

Topic: It's 2040, the last bitcoin was just mined... (Read 725 times)