I asked my buddy George, He said expect $8 usd to be the new stable price in 1st quarter 2013.
Topic: Less reward per block next year? (Read 1847 times)
I asked my buddy George, He said expect $8 usd to be the new stable price in 1st quarter 2013.
oops, Didn't see this was the noob section. Should know better than to argue the ignorance here.
EDIT: Actually, out of curiosity, I'm gonna post this question elsewhere. I'd like to see if this is actually viable or not.
EDIT: Actually, out of curiosity, I'm gonna post this question elsewhere. I'd like to see if this is actually viable or not.
Don't know about fees but the price of BTC should rise soon after the reduction,by how much ? Who knows 
Maybe to $10
Maybe to $10
Care to explain your reasoning?
Supply & demand..........miners will create less BTC,so if future demand stays close to what is now,there will be less BTC so your gonna pay more per.
I'm just guessing so...............................
The Miners can decide on what rules they mine by. And yes, if one rogue node changes the rules it gets rejected. But if enough nodes "vote" on changing the rules, that is, they mine with a different set of rules, then the majority rules.
This is how miners "vote".
This is how miners "vote".
is there any way to remove the 21 million limit? it would be cooler if the limit was somehow tied with the ammount of users using bitcoin, or ammount of transactions there were in past few blocks, or something like that
Only if over 50% of the network agrees on it. The implications of that however would be staggering.
if security is good enough now, it'll be good enough for the future
This is a very shortsighted statement.
is there any way to remove the 21 million limit? it would be cooler if the limit was somehow tied with the ammount of users using bitcoin, or ammount of transactions there were in past few blocks, or something like that
Only if over 50% of the network agrees on it. The implications of that however would be staggering.
Miners don't vote on the value of bitcoin, the market does.
You seem to have missed my point on the "Miners Vote" issue. No, they do not decide the value of a Bitcoin. They can decide what they sell it at, but ultimately it's the buyer that decides what they are willing to pay.
The Miners can decide on what rules they mine by. And yes, if one rogue node changes the rules it gets rejected. But if enough nodes "vote" on changing the rules, that is, they mine with a different set of rules, then the majority rules.
This is how miners "vote".
if security is good enough now, it'll be good enough for the future
This is a very shortsighted statement.
I don't get what all the denial is about here. Wishing and arguing that it's impossible doesn't help, it's a possibility, and a threat to the whole network.
Unless I'm wrong, in which case the whole 51% attack fiasco is a non-issue.
The constant creation of coins lowers the value of all existing coins.
Again, that depends on the votes of the miners and whether or not a slight decrease in value is worth the security a larger network would provide.
I'm 99% certain the rules will be changed to keep miners and therefore the securers of the network online. Possibly in the form of an increased Total Coin ceiling.
The rules cannot and will not change. The total number of coins cannot be increased.Not sure if you're trolling, or just ignorant.
I just don't see 50% of the network sticking around for the "fees".
I do. Right now, fees are about 0.1% of the block reward (at least they were last time I checked). If the fee per transaction stays the same and transaction volume increases by 1000 times, the resulting total fees will be equivalent to the current block reward. There's no problem here unless transaction volume doesn't increase enough, in which case Bitcoin is doomed anyway.By the time the transaction volume increases by 1000x, the number of miners will also have increased by a significant amount, reducing everyone's share of the fee.
is there any way to remove the 21 million limit? it would be cooler if the limit was somehow tied with the ammount of users using bitcoin, or ammount of transactions there were in past few blocks, or something like that
I'm 99% certain the rules will be changed to keep miners and therefore the securers of the network online. Possibly in the form of an increased Total Coin ceiling.
The rules cannot and will not change. The total number of coins cannot be increased.there will only ever be 21million Bitcoins produced - no troll, go read some stuff before accusing ppl of ignorance
Never said there would be. But the rules of bitcoin can be changed, whether you like it or not.
Market Collapse
Completely possible, but being decentralized, Bitcoin is far more rooted than any Fiat currency. So regardless of how it collapses, it will always exist in some form.
That's the idea, anyway.
there seems to be a misconception that in a free market the miners control the price - this is incorrect, the market determines the price. The only way miners can affect the price strongly is by dumping coins and crashing the market - sort of the opposite of what most miners desire...
there will only ever be 21million Bitcoins produced - no troll, go read some stuff before accusing ppl of ignorance
from
http://en.wikipedia.org/wiki/Bitcoin
Currency
Unlike conventional fiat currency, Bitcoin has no centralized issuing authority.[13][22][23] The network is programmed to grow the money supply as a geometric series until the total number of bitcoins reaches 21 million BTC
there will only ever be 21million Bitcoins produced - no troll, go read some stuff before accusing ppl of ignorance
from
http://en.wikipedia.org/wiki/Bitcoin
Currency
Unlike conventional fiat currency, Bitcoin has no centralized issuing authority.[13][22][23] The network is programmed to grow the money supply as a geometric series until the total number of bitcoins reaches 21 million BTC
From what I'm reading right now what you guys posted the only thing i see is: Market Collapse
The constant creation of coins lowers the value of all existing coins.
Again, that depends on the votes of the miners and whether or not a slight decrease in value is worth the security a larger network would provide.
I'm 99% certain the rules will be changed to keep miners and therefore the securers of the network online. Possibly in the form of an increased Total Coin ceiling.
The rules cannot and will not change. The total number of coins cannot be increased.Not sure if you're trolling, or just ignorant.
I just don't see 50% of the network sticking around for the "fees".
I do. Right now, fees are about 0.1% of the block reward (at least they were last time I checked). If the fee per transaction stays the same and transaction volume increases by 1000 times, the resulting total fees will be equivalent to the current block reward. There's no problem here unless transaction volume doesn't increase enough, in which case Bitcoin is doomed anyway.By the time the transaction volume increases by 1000x, the number of miners will also have increased by a significant amount, reducing everyone's share of the fee.
I'm 99% certain the rules will be changed to keep miners and therefore the securers of the network online. Possibly in the form of an increased Total Coin ceiling.
The rules cannot and will not change. The total number of coins cannot be increased.I just don't see 50% of the network sticking around for the "fees".
I do. Right now, fees are about 0.1% of the block reward (at least they were last time I checked). If the fee per transaction stays the same and transaction volume increases by 1000 times, the resulting total fees will be equivalent to the current block reward. There's no problem here unless transaction volume doesn't increase enough, in which case Bitcoin is doomed anyway. 
We are already paying fees.
The constant creation of coins lowers the value of all existing coins.
The only reason we don't notice this is because the number of $ invested in bitcoins is also going up.
The constant creation of coins lowers the value of all existing coins.
The only reason we don't notice this is because the number of $ invested in bitcoins is also going up.
How much do you think the fees will go up?
The cost of mining is related to difficulty, so the fee will adjust to whatever people are prepared to pay.
But remember the lower the difficulty the less secure bitcoin will be.
So a better question is, how much are you prepared to pay in order to keep bitcoin secure.
I'm 99% certain the rules will be changed to keep miners and therefore the securers of the network online. Possibly in the form of an increased Total Coin ceiling.
I just don't see 50% of the network sticking around for the "fees".
But that's at least a decade away from becoming a real problem, there'll be other currencies by then.
Perhaps a new currency will be started that secures the BTC network while issuing it's own currency.
Man, this is gonna be interesting, can't wait.
How much do you think the fees will go up?
The cost of mining is related to difficulty, so the fee will adjust to whatever people are prepared to pay.
But remember the lower the difficulty the less secure bitcoin will be.
So a better question is, how much are you prepared to pay in order to keep bitcoin secure.
How much do you think the fees will go up?
Really? I just got into all this mining/bitcoin business and they are cutting rewards in half? This sucks, is there any possible way that they go up again? I'm not entirely familiar with the system and how it works..
LOL, there's your problem right there. If you spent 30 min reading the wiki page, you'd know the block reward is set to halve every time half the remaining coins are mined. 21,000,000 / 2 = 10,500,000, right now we're at 8,949,150.
But aren't transaction fees optional?
Yes, but miners processing zero-fee transactions is also optional.
To elaborate, right now the block reward is so large that miners just don't care about transactions fees, and are (usually) willing to process zero-fee transactions simply because it makes no significant difference to their profit whether transaction fees are included or not. But after the block reward drops a few times, miners will start prioritising transactions with high fees (because that's where their profit is) while transactions with low or no fees get ignored.
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