Predictions : Mining of new bitcoins stops tommorow - page 2.

arxwn

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Quote from: arxwn on September 05, 2014, 05:42:35 PM

Quote from: juju on September 05, 2014, 01:14:04 PM

If your at all curious what happens to a currency when it has been completely mined, I recall a few months ago someone in the community making a coin called "preminecoin"

https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519

This coin when released was entirely mined out, I am not sure how the coins were distributed to users but the only way to earn PMC right now is collecting the TX fees you get when users send the coins around.

I really like these experiements.

Can you fill me up on what happened to PMC ? I checked the thread which is huge and understood that it was replaced by something else.

arxwn

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Quote from: juju on September 05, 2014, 01:14:04 PM

If your at all curious what happens to a currency when it has been completely mined, I recall a few months ago someone in the community making a coin called "preminecoin"

https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519

This coin when released was entirely mined out, I am not sure how the coins were distributed to users but the only way to earn PMC right now is collecting the TX fees you get when users send the coins around.

I really like these experiements.

arxwn

newbie

Activity: 56

Merit: 0

Quote from: Beliathon on September 05, 2014, 03:47:47 AM

Quote from: arxwn on September 05, 2014, 03:29:53 AM

I believe you misunderstood. I mean bitcoin mining finished , 21 millions are created. Only transaction fees for miners.

Ohhhhhh, you're hypothesizing about distant future scenarios and for some reason using the word "tomorrow".

Still just as absurd. But to answer your question, imagine what would happen to the price of gold if tomorrow they announced the very last ounce of gold had been mined, and there was no more left to be found in the entire universe.

Think back to economics 101 when you learned about supply and demand. What happens when demand remains the same, but supply drops to zero?

That was my first thought, however since bitcoin is one of now thousands cryptos and services could just hop to better return on investment value whereas gold can only be made in the heart of supernovas. Again this is not an argument for gold, this is playn hypothesis on the condition of the bitcoin ecosystem, whether is is selfsustaining or not.

juju

sr. member

Activity: 381

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If your at all curious what happens to a currency when it has been completely mined, I recall a few months ago someone in the community making a coin called "preminecoin"

https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519

This coin when released was entirely mined out, I am not sure how the coins were distributed to users but the only way to earn PMC right now is collecting the TX fees you get when users send the coins around.

Fearless

member

Activity: 89

Merit: 10

If bitcoins stop coming then there won't be any drastic/major effect on rates and market. However if miners are all removed then it will pose lot of problems in transactions confirmation. BTC will have to require additional systems of its own for verification.

odolvlobo

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Without a block reward, transaction fees determine the security of the network. In order for Bitcoin to survive, total transaction fees will have to be much higher, whether by paying a higher fee per transaction or by increasing the number of transactions (or both). This will happen soon. We are already reaching the point where free transactions are not getting confirmed.

RodeoX

legendary

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The revolution will be monetized!

If you all did that... I would become the mining king with my Commodore 64. Greed is what keeps this from happening.

MoonTime

member

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Merit: 10

Probably nothing hard. System will still survive. But I worry about transaction times..

MUFC

hero member

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Well miners would still take their money from fees, but the point is mute seeing as the creation of bitcoin isnt going to stop tomorrow or anytime soon.

iCrypt

member

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First come first served is what I like to call it.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: BitcoinBadger on September 05, 2014, 08:01:59 AM

Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?
Would the ecosystem sustain itself or would we see miners leave for greener/newer pastures.
My prediction is that since bitcoin creation is slowed incrementally the last of the bitcoins wouldn't matter so much since the market would not be accustomed to constant infusion of money.

Yes the other currencies are one queue.The future is uncertain there are many other cryptos using the same algorithm as bitcoin

You need to read this: http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/

There can only be one, and Bitcoin is it.

P.S.
http://trilema.com/2013/things-that-matter-these-days-things-that-dont-matter-these-days is a related and also very excellent read

iCrypt

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Quote from: BitcoinBadger on September 05, 2014, 08:01:59 AM

Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?
Would the ecosystem sustain itself or would we see miners leave for greener/newer pastures.
My prediction is that since bitcoin creation is slowed incrementally the last of the bitcoins wouldn't matter so much since the market would not be accustomed to constant infusion of money.

Yes the other currencies are one queue.The future is uncertain there are many other cryptos using the same algorithm as bitcoin

Using the same equations does not equate to uncertainty. Rather, it strengthens the blockchain technology.

BitcoinBadger

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Activity: 111

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Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?
Would the ecosystem sustain itself or would we see miners leave for greener/newer pastures.
My prediction is that since bitcoin creation is slowed incrementally the last of the bitcoins wouldn't matter so much since the market would not be accustomed to constant infusion of money.

Yes the other currencies are one queue.The future is uncertain there are many other cryptos using the same algorithm as bitcoin

hua_hui

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Activity: 1386

Merit: 1016

Quote from: arxwn on September 05, 2014, 03:29:53 AM

Quote from: Beliathon on September 05, 2014, 03:27:29 AM

Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?

I'd wait for the next difficulty adjustment, which would make mining FAR easier, then fire up my CPU miner and become a millionaire over night.

Unfortunately for me, your scenario is exactly as absurd as saying, "what would happen if all the banks decided to leave the vaults unlocked & open, and turned the cameras off?"

I believe you misunderstood. I mean bitcoin mining finished , 21 millions are created. Only transaction fees for miners.

when your scenario comes true, accumulated transaction fee may exceed the current mining reward per block. The miners are still rewarded and keep mining to secure the network.

ellen_me

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I BTC mining stops, there will be just exchanges and the value will either rise or fall. Tongue

Sindelar1938

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Probably a (temporary?) spike in the price
remember much of the present downard price pressure is due to miners switching 70-90% of new btc's into fiat to pay bills

oceans

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I believe it's really hard to predict what may happen if bitcoin mining stopped after it reached 21 million. The only way of knowing exactly what would happen is for it to happen and take it from there. Prices could drop to a big time low or they could rise pretty high it's something nobody is sure of.

Beliathon

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Activity: 784

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https://youtu.be/PZm8TTLR2NU

Quote from: arxwn on September 05, 2014, 03:29:53 AM

I believe you misunderstood. I mean bitcoin mining finished , 21 millions are created. Only transaction fees for miners.

Ohhhhhh, you're hypothesizing about distant future scenarios and for some reason using the word "tomorrow".

Still just as absurd. But to answer your question, imagine what would happen to the price of gold if tomorrow they announced the very last ounce of gold had been mined, and there was no more left to be found in the entire universe.

Think back to economics 101 when you learned about supply and demand. What happens when demand remains the same, but supply drops to zero?

arxwn

newbie

Activity: 56

Merit: 0

Quote from: Beliathon on September 05, 2014, 03:27:29 AM

Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?

I'd wait for the next difficulty adjustment, which would make mining FAR easier, then fire up my CPU miner and become a millionaire over night.

Unfortunately for me, your scenario is exactly as absurd as saying, "what would happen if all the banks decided to leave the vaults unlocked & open, and turned the cameras off?"

I believe you misunderstood. I mean bitcoin mining finished , 21 millions are created. Only transaction fees for miners.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: arxwn on September 05, 2014, 02:42:14 AM

What would happen if no new bitcoins are created ?

I'd wait for the next difficulty adjustment, which would make mining FAR easier, then fire up my CPU miner and become a millionaire over night.

Unfortunately for me, your scenario is exactly as absurd as saying, "what would happen if all the banks decided to leave the vaults unlocked & open, and turned the cameras off?"

Miners are being rewarded (paid) to secure the network. It's profitable because it benefits Bitcoin.

Topic: Predictions : Mining of new bitcoins stops tommorow - page 2. (Read 3196 times)