Topic: what happens when all bitcoins are mined ? - page 3. (Read 4276 times)
Shit will definitely be getting real
looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.
It sure going to be interesting, still long time to go tho. And think it's going to happen in 2016 not 2017:
Quote
Bitcoin Clock
Reward-Drop ETA: 2016-08-02 16:36:15 UTC (96 weeks, 6 days, 23 hours, 30 minutes)
Reward-Drop ETA: 2016-08-02 16:36:15 UTC (96 weeks, 6 days, 23 hours, 30 minutes)
http://bitcoinclock.com/
looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.
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.
But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc.
First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention).
Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse.
So the only question is: "is bitcoin good enough?"
Its still early days. One of those you mentioned might just replace it. You can not say with just a few months of evidence.
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 
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.
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
Miners can make a lot of money in transaction fees as well.
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
Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs.
Lemme google it myself. :v
Found what I've been looking for. Yep, the 4-year time frame is correct. Apologies for my ignorance. I think I'm losing track of the basics. :v
The block reward is actually halved every 210,000 blocks. At the target rate of 6 blocks per hour * 24 hours per day, that is 1458.33 days between halving (3 years 363.3 days). While the hashrate is growing, the blocks occur faster than this rate (due to lag in difficulty adjustment), but when the hashrate decreases, the block rate is lower. The hashrate may continue to grow forever due to technology advances over 100 more years, or it may end up decreasing after the reward doesn't pay electric bills of the latest tech. If the huge increases level off, we will stay close to this schedule:
Block # Year Reward/Block Total_Reward_For_Period
------- ---- ---------- ------------------------
0000000 2009 50.0000000 10500000
0210000 2013 25.0000000 5250000
0420000 2017 12.5000000 2625000
0630000 2021 6.25000000 1312500
0840000 2025 3.12500000 656250
1050000 2029 1.56250000 328125
1260000 2033 0.78125000 164062.5
1470000 2037 0.39062500 82031.25
1680000 2041 0.19531250 41015.625
1890000 2045 0.09765625 20507.8125
2100000 2049 0.04882812 10253.9052
2310000 2053 0.02441406 5126.9526
2520000 2057 0.01220703 2563.4763
2730000 2061 0.00610351 1281.7371
2940000 2065 0.00305175 640.8675
3150000 2069 0.00152587 320.4327
3360000 2073 0.00076293 160.2153
3570000 2077 0.00038146 80.1066
3780000 2081 0.00019073 40.0533
3990000 2085 0.00009536 20.0256
4200000 2089 0.00004768 10.0128
4410000 2093 0.00002384 5.0064
4620000 2097 0.00001192 2.5032
4830000 2101 0.00000596 1.2516
5040000 2105 0.00000298 0.6258
5250000 2109 0.00000149 0.3129
5460000 2113 0.00000074 0.1554
5670000 2117 0.00000037 0.0777
5880000 2121 0.00000018 0.0378
6090000 2125 0.00000009 0.0189
6300000 2129 0.00000004 0.0084
6510000 2133 0.00000002 0.0042
6720000 2137 0.00000001 0.0021
6930000 2141 0.00000000 0
Total coins distributed: 20999999.9769
thanks for great explanation.
indeed, this is hard times for bitcoin right now, i hope everything goes back to normal soon.
hope to see BTC rise above 1000 $ anytime soon.
indeed, this is hard times for bitcoin right now, i hope everything goes back to normal soon.
hope to see BTC rise above 1000 $ anytime soon.
If you have a miner with 1GH/W hash efficiency, and $0.1/kWh electricity price, the revenue is about 3 times the electricity cost. So you will keep on mining and selling the BTC. So the price will be suppressed as the miners are still profitable at present difficulty level and BTC price.
I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole.
Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving.
Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs.
Lemme google it myself. :v
Found what I've been looking for. Yep, the 4-year time frame is correct. Apologies for my ignorance. I think I'm losing track of the basics. :v
I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole.
Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving.
Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs.
Lemme google it myself. :v
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.
But there already are
First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention).
Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse.
So the only question is: "is bitcoin good enough?"
Just because something is faster to confirm does not mean that something is better. I would personally actually argue that the opposite is true because of the fact that shorter confirmation times means more orphaned blocks, and potential long orphaned chains, which leads to more uncertainty and less number of miners wanting to mine on the network in the first place
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.
But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc.
First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention).
Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse.
So the only question is: "is bitcoin good enough?"
Bitcoin is : First come, first served ! So it is not necessary to add or modify its system .
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.
But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc.
First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention).
Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse.
So the only question is: "is bitcoin good enough?"
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.
We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences.
What's dumb is your post.
If any currency was, by design, to die after some certain time (even 100 years) it would be already reflected in the current price (likely to be close to zero). It could have some value if it had really useful, practical functions, but still would be worthless as a long term investment/store of value.
We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences.
Legit, but how do I get rich NOW then?
We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences.
asic won't be useless they will use it to mine other altcoins
I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole.
Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving.
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