The time bitcoins are completely mined...

bob123

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Quote from: Killcycle on September 21, 2017, 04:37:25 AM

1) when all coins were mined, who does the transaction calculation when there are no miners anymore?

Even after all Coins are mined (which will probably be in 120+ years) there are still miner who validate transactions and create blocks. There is "just" no block reward anymore.
But Miner wil get paid by TX fees only then. Which should be high enough of value in 120 years Cheesy

Quote from: Killcycle on September 21, 2017, 04:37:25 AM

2) What about ETH (proof of work to proof of stake). Who is doing the calculation there?
You will get money from the transaction fees, I think.

In Proof of Stake you have to "stake" your coins (means lock them down, you cant use them anymore for a specific timeframe) and you get interest on your staked coins (about 3-8%).

Opquar

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Transaction fees will probably skyrocket because that's all the incentive miners are going to get. Unless of course, by then, pretty much everyone uses bitcoins, because the volume would be enough to sustain them.

AGD

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Keeper of the Private Key

Not again... Sad

arnux

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When all Bitcoins are mined thats theoretically the highest Bitcoin will ever be it means that Bitcoin is exclusive to it's members.

sindikat

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Quote from: Silberman on September 30, 2017, 12:43:28 PM

Quote from: Killcycle on September 21, 2017, 04:37:25 AM

Hello folks,

1) when all coins were mined, who does the transaction calculation when there are no miners anymore?

2) What about ETH (proof of work to proof of stake). Who is doing the calculation there?
You will get money from the transaction fees, I think.

Best Regards!

Your first point is completely mistaken, when all the coins are mined that does not automatically mean the miners are going to abandon bitcoin, by that time it is very likely the miners can profit just from the transactions fees going on the network and if that is not the case then some miners may switch to another coin but some are going to remain profitable, besides that is going to happen in many years so we are not going to be around to see that happening.

The miners secure the transaction in bitcoins. With the rising price of bitcoin is increasing accordingly and the price of the transaction. I think that the price of the transaction will fall in bitcoin and to grow in dollars. It will be sufficient to profitability was at the level not lower than it is now.

Silberman

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Quote from: Killcycle on September 21, 2017, 04:37:25 AM

Hello folks,

1) when all coins were mined, who does the transaction calculation when there are no miners anymore?

2) What about ETH (proof of work to proof of stake). Who is doing the calculation there?
You will get money from the transaction fees, I think.

Best Regards!

Your first point is completely mistaken, when all the coins are mined that does not automatically mean the miners are going to abandon bitcoin, by that time it is very likely the miners can profit just from the transactions fees going on the network and if that is not the case then some miners may switch to another coin but some are going to remain profitable, besides that is going to happen in many years so we are not going to be around to see that happening.

Za1n

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Quote from: dothebeats on September 21, 2017, 05:59:32 AM

I don't really like PoS algorithm since the one who has the fattest wallet would net the fattest paycheck and further cause uneven distribution of the coins but. That's just me. As long as your wallet is open, it is staking and you'll receive the coins.

I have always been a PoW fan myself for that very reason. To me PoS doesn't sound much different that they way the world runs already, those with the most money (most coins in their wallets) earn the most rewards. It's not a lot different than having a big bank account and earning interest off of it, the more you already have the more you make. At least with PoW, especially GPU coins, the average person at least has a chance to earn a few coins and build up their nest egg slowly without having had to buy 1000's of them to begin with.

Wingo

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Time will come when mining will be inefficient. Maybe the payment for a transaction would also increase. People will go on using other coins other than bitcoin, maybe ethereum or litecoin. But the time that mining will be inefficient is so far from today.

dothebeats

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Cashback 15%

1. All bitcoins are expected to be mined by 2140, and it is theorized that by then bitcoin is worth so much that transaction fees are enough incentives for miners to run their gear and process transactions around the network. Also, PoW may not be bitcoin's fate in the long run and we might switch into other environment-friendly alforithm along the way.

2. Anyone who has their wallet open will be full nodes and would be adding coins to their own address, so that will be the new mining scheme for PoS-based coins.

ekoice

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When all the 21 million bitcoins are mined,there there would be no more bitcoin to give as a reward to miners.So,as a reward to miners to continue transaction confirmation process,transaction fee may be increased.Also,with day to day technological developments,small and efficient chips may be created which would make the mining process easier and less cost so that miners would still have good profits by getting the transaction fee.

fossilized

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Yeah the eventual outcome for bitcoin is that once POW mining is done, the transaction fees will be good enough for miners to continue supporting the network. Nobody knows for sure if this will be a viable outcome, and alos how POS will fare as an alternative to POW. Not much written on the future outcome of POS systems, definitely an area that needs more discussion.

Lieldoryn

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Quote from: franco123 on September 21, 2017, 05:12:36 AM

When this will happen, it would probably the start of the down fall of the price of Bitcoin because people will start selling theirs and move to other cryptocurrency. The possibility of this will be big especially if people will panic and sell their Bitcoins. To avoid this, people should be calm and relax and hope to get another way to get Bitcoin and advertise Bitcoin in.order to manage the demand and not have a dramatic decrease.

Absurd! When all the coins are mined they can't get cheaper. If you are interested in the fate of the miners that you can not worry about them. By this time there will be a trade with bitcoin and providing a large number of transactions, the miners will earn more money than mining coins.

dothebeats

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Quote from: skhurram007 on September 21, 2017, 05:21:33 AM

Quote from: MadGamer on September 21, 2017, 04:44:00 AM

1. We would be all dead by that time so I wouldn't worry much about it...

That's I never noticed before. What do you think with growing average of miners, how much time it will take the BTC to be mined completely?

It is assumed that by 2140, the 21 million coin supply would be exhausted and would cease all rewards to be distributed, but tx fees are still there for the miners' incentive. Also, theoretically by then, 1 bitcoin is so valuable that even a fraction of it is significant still.

Quote from: Killcycle on September 21, 2017, 04:37:25 AM

Hello folks,
2) What about ETH (proof of work to proof of stake). Who is doing the calculation there?
You will get money from the transaction fees, I think.

Best Regards!

I don't really like PoS algorithm since the one who has the fattest wallet would net the fattest paycheck and further cause uneven distribution of the coins but. That's just me. As long as your wallet is open, it is staking and you'll receive the coins.

skhurram007

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"People are birds unable to fly."

Quote from: MadGamer on September 21, 2017, 04:44:00 AM

1. We would be all dead by that time so I wouldn't worry much about it...

That's I never noticed before. What do you think with growing average of miners, how much time it will take the BTC to be mined completely?

franco123

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When this will happen, it would probably the start of the down fall of the price of Bitcoin because people will start selling theirs and move to other cryptocurrency. The possibility of this will be big especially if people will panic and sell their Bitcoins. To avoid this, people should be calm and relax and hope to get another way to get Bitcoin and advertise Bitcoin in.order to manage the demand and not have a dramatic decrease.

MadGamer

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1. We would be all dead by that time so I wouldn't worry much about it but If we ever get there (bitcoin still alive by then) then miners will be getting transaction fees instead of block rewards
2. In POS, basically you need to have a specific amount of x coin in your wallet (locked) and you will be gaining interest or whatever you want to call it overtime as long as your wallet is open (full node) and staking.

Killcycle

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Hello folks,

1) when all coins were mined, who does the transaction calculation when there are no miners anymore?

2) What about ETH (proof of work to proof of stake). Who is doing the calculation there?
You will get money from the transaction fees, I think.

Best Regards!

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