what happens when all bitcoins are mined ? - page 2.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: Coinshot on September 29, 2014, 09:41:48 PM

Quote from: Ayers on September 26, 2014, 07:13:20 AM

Quote from: FreedomCoin on September 23, 2014, 04:57:39 PM

looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.

halving is scheduled for 2016 actually, the price will rise for sure

You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced.

Its priced by the market well ahead so it will not have much effect.

if the block halve and the demand stay the same as today(i doubt it, in the sense that the demand will increase) the price can only go up, and the problem aren't the miners(their dumping is "fixed"), the problem are the buyers

arvindr

full member

Activity: 182

Merit: 100

Even when the block reward halves, the cost of mining will go up significantly, which will cause miners to find other ways, and stop mining bitcoins, and this might increase the prices further.

Traffic4u

full member

Activity: 168

Merit: 100

Quote from: Coinshot on September 29, 2014, 09:41:48 PM

Quote from: Ayers on September 26, 2014, 07:13:20 AM

Quote from: FreedomCoin on September 23, 2014, 04:57:39 PM

looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.

halving is scheduled for 2016 actually, the price will rise for sure

You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced.

Its priced by the market well ahead so it will not have much effect.

I think what he is trying to say is that the market today is priced at a level that has a certain amount of net supply (3,600 BTC per day newly mined) that are sold (not all the 3.6k BTC are sold) every day. When the block subsidy halves then there will be less bicoin being sold on the market, but in theory a constant amount of demand

Coinshot

hero member

Activity: 521

Merit: 500

Quote from: Ayers on September 26, 2014, 07:13:20 AM

Quote from: FreedomCoin on September 23, 2014, 04:57:39 PM

looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.

halving is scheduled for 2016 actually, the price will rise for sure

You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced.

Its priced by the market well ahead so it will not have much effect.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: FreedomCoin on September 23, 2014, 04:57:39 PM

looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.

halving is scheduled for 2016 actually, the price will rise for sure

Coinshot

hero member

Activity: 521

Merit: 500

Quote from: snappa4ever on September 26, 2014, 12:10:42 AM

I don't think changing the algorithm to Proof of stake is possible because it's very complex process.

Its quite easy. Just have a snapshot and then give the current holdings in the new genesis block and its sorted.

Thats not the problem, the issue is to make them go over. Keep in mind that there are huge vested interests in mining who will do all to prevent it. On here you can see the older members claiming that mining is the only way to go. No coincidence that most of them started off by minng and now have spent on equipment.

snappa4ever

sr. member

Activity: 374

Merit: 250

I don't think changing the algorithm to Proof of stake is possible because it's very complex process.

money420weed

member

Activity: 78

Merit: 10

Quote from: zebedee on September 24, 2014, 03:25:11 AM

Quote from: Coinshot on September 21, 2014, 04:48:50 PM

Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.

Lol, are you living in the same world as me? Looking quite good and healthy from where I'm sitting.

He is spreading FUD. I have seen a lot of posts trolling PoW, so maybe the thread about people buying up accounts to spread propaganda is correct (LOL).

By the time that all bitcoin is mined the TX fees per block will hopefully be enough to cover the cost of mining. If it does not then the difficulty will decrease until the cost of mining is < the average amount of TX fees per block. If the total TX fees are not high enough then the network will not be very secure.

CryptoCarmen

member

Activity: 84

Merit: 10

★Bitin.io★ - Instant Exchange

Quote from: sandykho47 on September 25, 2014, 08:24:29 AM

After all bitcoin is mined
Miner only get bitcoin only from tx fee Sad

But, if bitcoin price never raise up
Only few people will mine it

Maybe bitcoin will add Aux-PoW / PoS / something else
Or hope someone want mine without get profit

Quote from: TradersWay.JC on September 22, 2014, 12:02:42 PM

No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease Wink

It will be difficult for anyone to mine bitcoin Sad

If bitcoin price is low

It is hard for anyone to mine if to many does mine. if price is low, not many will mine, so it will be easily to mine then.

sandykho47

sr. member

Activity: 252

Merit: 251

Knowledge its everything

After all bitcoin is mined
Miner only get bitcoin only from tx fee Sad

But, if bitcoin price never raise up
Only few people will mine it

Maybe bitcoin will add Aux-PoW / PoS / something else
Or hope someone want mine without get profit

Quote from: TradersWay.JC on September 22, 2014, 12:02:42 PM

No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease Wink

It will be difficult for anyone to mine bitcoin Sad

If bitcoin price is low

Coinshot

hero member

Activity: 521

Merit: 500

Quote from: Amph on September 24, 2014, 06:01:43 AM

Quote from: Coinshot on September 21, 2014, 04:48:50 PM

Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.

no, bitcoin can be upgraded, it's open source remember...

The stubborn community will leave it till its too late. They will upgrade but by then the other will have overtaken.
Bitcoin is paving the way and breaking barriers but its not the end game.

incomefx

newbie

Activity: 18

Merit: 0

it will be redundant for sure.

the price might be vary though

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: rivoke on September 24, 2014, 08:59:10 AM

The price should be going up at the end right?

To the contrary. From what I understood, at the end of the mining stages the price should be extremely stable and very high, like a 1 million dollar per coin minimum, if everything went accordingly and adoption happened. We will all be dead by then so whatever.

rivoke

legendary

Activity: 924

Merit: 1006

The price should be going up at the end right?

mavericklm

hero member

Activity: 742

Merit: 500

IF no one will mine, everyone will shut down, then bitcoin=0...

CryptoCarmen

member

Activity: 84

Merit: 10

★Bitin.io★ - Instant Exchange

Quote from: realdope on September 22, 2014, 01:52:21 PM

Quote from: TradersWay.JC on September 22, 2014, 12:02:42 PM

No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease Wink

You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned.

yes and with technology progress, much less electricity will be needed to make 1 transaction.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Coinshot on September 21, 2014, 04:48:50 PM

Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.

no, bitcoin can be upgraded, it's open source remember...

zebedee

donator

Activity: 668

Merit: 500

Quote from: Coinshot on September 21, 2014, 04:48:50 PM

Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.

Lol, are you living in the same world as me? Looking quite good and healthy from where I'm sitting.

Oscilson

sr. member

Activity: 434

Merit: 250

If the transaction fee is high enough, the network will still be secured by miners.

zorke

full member

Activity: 238

Merit: 100

Quote from: realdope on September 22, 2014, 01:52:21 PM

Quote from: TradersWay.JC on September 22, 2014, 12:02:42 PM

No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease Wink

You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned.

I think his point is that the block reward will be very little in 70 years (and is also predicting that TX fees will not increase substantially) therefore even with a low difficulty there would not be much money to be made via mining unless the price of bitcoin is very high.

I personally think that TX volume (and TX fees) will increase substantially over the years making the block subsidy less important

Topic: what happens when all bitcoins are mined ? - page 2. (Read 4248 times)