What if there is nomore coins to mine? - page 2.

AGD

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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?

By this time it will be the end of Bitcoin No. 1337

Amph

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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

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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 will be 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.

Amph

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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

Quantus

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Quote from: Betwrong on January 14, 2016, 10:02:29 AM

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

This is the best explanation IMO. Simple but still very accurate. I'll try to make it even more simple:

The lesser the number of the miners the more the rewards the left miners get.

So, no worries, Bitcoin will be here until the end of times. )

You guys are missing the point. The deeper question here is 'how thick do the walls of a safe need to be to protect its contents when the value of its contents is always changing and ultimately unknowable?'
What you miss is when miners abandon the community the hardware they used regardless if its resold or trashed will be antiquated within a year, so the community has to be continuously reinvesting profits in new state of the art mining hardware, cutting edge hardware or the network becomes antiquated and the price to attack the network falls below the incentives to protect it. This inflection point is currently unknowable because we don't know how much value has been stored using the bitcoin blockchain outside of its traditional use as a currency.

Under your retarded explanation of the situation the whole bitcoin network would run off 1 cent in total transaction fees per block because the last man standing would still be able to turn a profit but that dose nothing for our security.

enhu

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Quote from: newcoins1978 on January 28, 2016, 09:06:52 AM

Quote from: winspiral on January 27, 2016, 06:06:36 AM

I'm impatient to see what will happen after the halving.
12.5 BTC per block is not much...if the price will not double...
many many miners will give up...certainly

You should just wait and see. Maybe keep the coins though.
And if the coins leave then they surely again there something else came up.
So there's no reason to stop.

Recently blockchain implement its wallet update and seem like they take out sign message which I believe can affect the blocksize. Other wallets may also implement such and hope this will also end the blocksize issue and price may go up.

miners may still be miners.

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Bitcoin projects for the future are unknown ,the thing is the foundation works at the present and have some things they changing slowly.

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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.

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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...

russian_pete

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All we talk about now is capacity of processing transactions. If transactions continue to increase, there will be plenty of demand from miners to process all the transactions and keep the currency alive. That's the geniality of it. And, of course, by then every miner will have ROI'd already, so it wouldn't be any disaster for the investors.

adibe

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If there is no more coins to mine, i'm sure the bitcoin price will increase very very high. and it will affect the bitcoin itself. i mean like, it will hard to earn free bitcoin. maybe like that.

3dm.zz

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I think it's clear that it's going to be a price increase, but I don't know what it's going to be,

newcoins1978

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Quote from: winspiral on January 27, 2016, 06:06:36 AM

I'm impatient to see what will happen after the halving.
12.5 BTC per block is not much...if the price will not double...
many many miners will give up...certainly

You should just wait and see. Maybe keep the coins though.
And if the coins leave then they surely again there something else came up.
So there's no reason to stop.

ranochigo

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Quote from: lumeire on January 27, 2016, 10:16:59 PM

Quote from: Kevin77 on January 27, 2016, 02:41:36 PM

Quote from: Next BillG on January 27, 2016, 05:28:57 AM

Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

The miners will still mine for the transaction fees. They are supporting the network, so they will get paid. This will last forever.

I agree here as till bitcoins hold a value and miners profit from their job, this would continue as it is going on now. If bitcoin loses its value and reaches a price that does not help even the miners, they would probably stop mining then and we could say officially that bitcoin is dead. It happened earlier as well when there were very few miners to mine these coins.

I suppose it would all depend on the transaction volumes should that day come. I remember an article regarding that in the past, that the block size should remain at 1mb so there would be higher fees to compensate the miners.

Link? Even though 1mb block with high transaction volume would benefit the miners by reducing the orphans and having higher fees/kb, it is not realistic at all. With a higher TX volume and low block size, there is a risk for transactions to not get included for a long time, increasing the cost and thus resulting in slower adoption rates and merchants reluctance of accepting 0 conf transactions.

Quote from: romero121 on January 28, 2016, 03:37:46 AM

Quote from: Jeremycoin on January 27, 2016, 06:02:57 AM

Quote from: wadili89 on January 14, 2016, 10:12:26 AM

the master mind satoshi have made a almost perfect thing it is not going any where miners still gonna get profit probably more and i think when there is no more coins to mine that time bitcoin price will also rise and will be stable then now because no new coins are being mined only old coins are in the market

Agree with you, satoshi had thought all of that to avoid the defects of the system that might come up in the future.

Accepted soon such situation would arise. But before that an alternate solution will be generated so to cut down the defects. Its true for a great price increase if there is nomore coins to mine.

Depending on the transaction volume and supply, the coins may be worthless or worth a lot. There's no guarantees about this.

romero121

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Quote from: Jeremycoin on January 27, 2016, 06:02:57 AM

Quote from: wadili89 on January 14, 2016, 10:12:26 AM

the master mind satoshi have made a almost perfect thing it is not going any where miners still gonna get profit probably more and i think when there is no more coins to mine that time bitcoin price will also rise and will be stable then now because no new coins are being mined only old coins are in the market

Agree with you, satoshi had thought all of that to avoid the defects of the system that might come up in the future.

Accepted soon such situation would arise. But before that an alternate solution will be generated so to cut down the defects. Its true for a great price increase if there is nomore coins to mine.

MrGodMan

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Quote from: RodeoX on January 14, 2016, 10:47:05 AM

Quote from: Mickeyb on January 14, 2016, 10:45:00 AM

Quote from: RodeoX on January 14, 2016, 10:43:29 AM

So basically they are being paid to burn electricity and keep the system running.

Talk about mentality, you make it sound way horrible

ha, lol. I sure appreciate their work.

yeah its really a nice topic if there is no more coins to mine what will happens to the miners but I am sure there will be some ways out of it. and the bitcoins masters will sure make something happen to grow it later.

vrm86

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Quote from: ricardobs on January 28, 2016, 02:07:34 AM

Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

It's the same case if dollars are no more generated by the reserve bank and hence the coins that exist on that day would remain the same. I guess it would make the bitcoin price stable and not change anything. The miners wouldn't receive any coins for the transactions though.

Coin supply is as important as coin demand. Even if all coins would be mined, the price could still be depending on adoption level. Moreover, after the possible world-wide hype, some people could conclude that they don't need bitcoins anymore, and they prefer fiat.

ricardobs

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Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

It's the same case if dollars are no more generated by the reserve bank and hence the coins that exist on that day would remain the same. I guess it would make the bitcoin price stable and not change anything. The miners wouldn't receive any coins for the transactions though.

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Quote from: Kevin77 on January 27, 2016, 02:41:36 PM

Quote from: Next BillG on January 27, 2016, 05:28:57 AM

Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

The miners will still mine for the transaction fees. They are supporting the network, so they will get paid. This will last forever.

I agree here as till bitcoins hold a value and miners profit from their job, this would continue as it is going on now. If bitcoin loses its value and reaches a price that does not help even the miners, they would probably stop mining then and we could say officially that bitcoin is dead. It happened earlier as well when there were very few miners to mine these coins.

I suppose it would all depend on the transaction volumes should that day come. I remember an article regarding that in the past, that the block size should remain at 1mb so there would be higher fees to compensate the miners.

Kevin77

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Quote from: Next BillG on January 27, 2016, 05:28:57 AM

Quote from: michnelli6 on January 25, 2016, 01:06:30 AM

Thats ticky, I never mined coins so not sure, but yes probably the end of BTC ?

The miners will still mine for the transaction fees. They are supporting the network, so they will get paid. This will last forever.

I agree here as till bitcoins hold a value and miners profit from their job, this would continue as it is going on now. If bitcoin loses its value and reaches a price that does not help even the miners, they would probably stop mining then and we could say officially that bitcoin is dead. It happened earlier as well when there were very few miners to mine these coins.

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