What if there is nomore coins to mine?

Amph

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Quote from: funkenstein on February 08, 2016, 08:09:27 PM

Quote from: Cyaren on February 06, 2016, 06:33:10 PM

This question's answer is basically the same as the answer to "What is there is no more gold to mine?". Well the currency supply stabilises and if the user base continues to grow, that would mean there is deflation instead of inflation!

Not really. Transaction security using gold has nothing to do with miners. Transaction security using bitcoin has everything to do with miners.

what security have to do with the deflation aspect of bitcoin, when the supply do not put more pressure on the market?

miners will have their regular profit via fee, that what they need to sustain the nertwork, and deflation will help this greatly, because the value will skyrocket with a greater demand and less dumping from mining

funkenstein

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Quote from: Wapinter on February 08, 2016, 03:16:21 PM

Quote from: dothebeats on February 08, 2016, 02:44:47 PM

If there are no more coins to mine, bitcoin would still survive only if prices are high and there are still miners that process transactions. Miners can still profit from fees, though. That is the only incentive they will get once there are no more coins to mine.

We should not forget that in future we may have better cost effective hardwares for mining and cheap electricity.If that happens,mining will still be profitable low fee even if bitcoin price is around 500$-1000 $

Hardwares changes nothing except who has access to them and thus who is getting the miner rewards. Difficulty adjustments factor out hardware differences.

funkenstein

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Quote from: Cyaren on February 06, 2016, 06:33:10 PM

This question's answer is basically the same as the answer to "What is there is no more gold to mine?". Well the currency supply stabilises and if the user base continues to grow, that would mean there is deflation instead of inflation!

Not really. Transaction security using gold has nothing to do with miners. Transaction security using bitcoin has everything to do with miners.

Wapinter

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Quote from: dothebeats on February 08, 2016, 02:44:47 PM

If there are no more coins to mine, bitcoin would still survive only if prices are high and there are still miners that process transactions. Miners can still profit from fees, though. That is the only incentive they will get once there are no more coins to mine.

We should not forget that in future we may have better cost effective hardwares for mining and cheap electricity.If that happens,mining will still be profitable low fee even if bitcoin price is around 500$-1000 $

aleandromagno

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Quote from: kpitti on February 08, 2016, 02:35:50 PM

Quote from: aleandromagno on February 08, 2016, 12:11:31 PM

Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

When the last coin will be mined, it will be a great moment for all of us! For miners less.. Wink

Miners will earn only from transactions fees. Price, with an increasingly popularity will be growing all the time - in the name of the law of supply and demand.

Do you realized that without miners there will be not confirmed transaction? Which means Bitcoin needs Miners and mining is a part of Bitcoin. Rewards for miners will be paid by transaction fee completely.

I'm not sure from which part of my post you understand that after last mined coin we don't need miners?
It seems that you wrote the same thing as I, only in other words .. or you didn't read what I wrote!?

dothebeats

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If there are no more coins to mine, bitcoin would still survive only if prices are high and there are still miners that process transactions. Miners can still profit from fees, though. That is the only incentive they will get once there are no more coins to mine.

Mozdalifa17

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TIME and WAVE COINs TO REMEMBER

Some coin still profitable to mine and ETH is a good example for that
check it out

kpitti

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Quote from: aleandromagno on February 08, 2016, 12:11:31 PM

Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

When the last coin will be mined, it will be a great moment for all of us! For miners less.. Wink

Miners will earn only from transactions fees. Price, with an increasingly popularity will be growing all the time - in the name of the law of supply and demand.

Do you realized that without miners there will be not confirmed transaction? Which means Bitcoin needs Miners and mining is a part of Bitcoin. Rewards for miners will be paid by transaction fee completely.

vrm86

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Quote from: aleandromagno on February 08, 2016, 12:11:31 PM

Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

When the last coin will be mined, it will be a great moment for all of us! For miners less.. Wink

Miners will earn only from transactions fees. Price, with an increasingly popularity will be growing all the time - in the name of the law of supply and demand.

But beyond the speculation factors, what would be the reason to buying BTC if price will go higher and higher? Every price bubble has its limits.

aleandromagno

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Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

When the last coin will be mined, it will be a great moment for all of us! For miners less.. Wink

Miners will earn only from transactions fees. Price, with an increasingly popularity will be growing all the time - in the name of the law of supply and demand.

mrflibblehat

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If there is no more coins OR gold to mine then I guess they'll just change and become traders like the rest.

twister

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Quote from: winspiral on January 28, 2016, 10:49:09 AM

Quote

What if there is nomore coins to mine?

What if there is nomore gold to mine?

The answer is "almost" same for coins with the difference that we will "mine" transaction fees...

Gold miners would probably start to look for another work, don't know how this relate to bitcoin mining? Will mining only for fees cover the cost of big mining farms?

yenxz

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Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

if that happen,no more bitcoin to mined,i think there only bitcoin transaction,bitcoin move to wallet to other wallet,just it. and of course trading activity will not hold so long.

Cyaren

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This question's answer is basically the same as the answer to "What is there is no more gold to mine?". Well the currency supply stabilises and if the user base continues to grow, that would mean there is deflation instead of inflation!

Next BillG

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Quote from: HCLivess on February 02, 2016, 05:27:14 AM

with no more coins to mine you achieve the NXT status
0 impact on price

With NXT, if there is no wide adoption, the price of each NXT will reduce proportionally to the newly created coins.

Wobberdk

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Quote from: mocacinno on January 14, 2016, 09:41:15 AM

Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came across to a video rearding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?

The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable
If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit

with the rising number of transactions and people adopting bitcoin, i strongly believe that will be the case, and all this machines already invested upon will then serve the transactions and make it a very resilient network.

HCLivess

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=== NODE IS OK! ==

with no more coins to mine you achieve the NXT status
0 impact on price

Next BillG

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Quote from: Amph on January 28, 2016, 02:01:18 PM

Quote from: davinchi on January 28, 2016, 01:58:55 PM

Quote from: Amph on January 28, 2016, 01:48:55 PM

Quote from: funkenstein on January 28, 2016, 11:30:26 AM

We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.

This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.

right now tx fee are 1/8 of the total reward from mining, and they will be 1/4 with the halving, so tx fee don't need to be worth a lot more, if the value skyrocket to 8x what it is now, miners could already earn good from the fee alone

Yes, when block reward goes down, value of one satoshi and number of transactions are keeping on raising. When block reward = 0 BTC, at that time also miners will be earning equivalent worth of bitcoins due to high bitcoin value ( like one satoshi = $10 ) and immense number of transactions.

i made a mistake it's 1/80 and not 1/8, so value need to skyrocket to 80x, a different story indeed...

because it mean that we need a $32K in value in the future, around 2028 already, fee must account for a greater portion of the profit, because the reward would be only 1 btc

$32k bitcoin in 2028 is achieveable. It is 80 times of present value. The price just needs to rise 44% a year from now on.

DrLove2048

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I like to think of it as oil drilling (ignoring the fact oil is being created every day)

Basically, there will be the easy stuff to pull out first, and then it slowly gets to harder and harder things to drill for. Until the point where the price of oil needs to keep going up to support those businesses.

calkob

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Quote from: jacee on January 14, 2016, 09:37:46 AM

So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?

Miners will then make their money from transaction fees which by that stage should be fairly sizeable considering it will be over 100 years away.....

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