What if there is nomore coins to mine? - page 5.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: RodeoX on January 14, 2016, 12:32:56 PM

Quote from: Amph on January 14, 2016, 11:29:19 AM

Quote from: allthingsluxury on January 14, 2016, 11:24:32 AM

Hopefully the bitcoin market will then stabilize at a very comfortable level and it will be all about the fees for the miners.

this must be true, because if we are still sitting at 1k-10k range of value, then bitcoin is doomed for sure, miners will not be able to receive enough reward to keep the network alive

unless a small sum is forwarded to incentivate the running of full node...

I see this as self regulating. If the fee is too low to be profitable then it will simply go up. You can include a tiny fee, but it may not get picked up and so the user pays a price that attracts interest. In the future it is likely that fees will rise. However any competitors (like PayPal) charges huge fees for the same service and can not possibly compete with the bitcoin system. Think of each Tx as a contract offer and the winner is the lowest bid.

yeah the network can regulate itself but the demand must be there, otherwise if you simply increase the fee to, dunno 100k satoshi, or even 0.01-0.1 range, but the value is just 10k

it mean that the reward will be very low for the miner, i don't have data right now about how many fee are generated nowadays, and how much will be generated in the future, with a better adoption

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: Amph on January 14, 2016, 11:29:19 AM

Quote from: allthingsluxury on January 14, 2016, 11:24:32 AM

Hopefully the bitcoin market will then stabilize at a very comfortable level and it will be all about the fees for the miners.

this must be true, because if we are still sitting at 1k-10k range of value, then bitcoin is doomed for sure, miners will not be able to receive enough reward to keep the network alive

unless a small sum is forwarded to incentivate the running of full node...

I see this as self regulating. If the fee is too low to be profitable then it will simply go up. You can include a tiny fee, but it may not get picked up and so the user pays a price that attracts interest. In the future it is likely that fees will rise. However any competitors (like PayPal) charges huge fees for the same service and can not possibly compete with the bitcoin system. Think of each Tx as a contract offer and the winner is the lowest bid.

teonoaro

member

Activity: 83

Merit: 10

Miners receive transaction fees as rewards from transactions occurring in each block. New coin production will take long time to finish. There will be 3 or more generations came into existence from now. We don't know or can't say, what will be the future of bitcoin? how well will it be recognized by people all over the world. Predicting a guess now is a good idea and is a very good brainstorming thing.

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

Quote from: oblivi on January 14, 2016, 12:08:28 PM

It is safe to assume that by 2140, new methods of mining Bitcoin will be around, maybe Quantum Computers are already available and we can mine Bitcoins in a viable way, so I wouldn't be worried of it becoming unsustainable.

by 2140 bitcoin would have to be a mental prices to cover the cost of mining , Im assuming by then everything would be more expensive. Wont really matter too much to any of us by then anyway though,you never know , maybe your bitcoin you earned today will be worth a fortune to your kids or grand kids in a few years time.

oblivi

hero member

Activity: 700

Merit: 501

It is safe to assume that by 2140, new methods of mining Bitcoin will be around, maybe Quantum Computers are already available and we can mine Bitcoins in a viable way, so I wouldn't be worried of it becoming unsustainable.

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

The problem that i think bitcoin would have in the future is if we dont have enough of a user base then by the time all bitcoins are mined there wouldnt be enough fees to cover miners. Saying that i think the final mined bitcoins are quite some time away and if we dont have a better user base by then , then we never will.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: Amph on January 14, 2016, 10:46:47 AM

Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

this assuming that the value of bitcoin is very high, to have the same profit as they have now a farm of 1 peta for example, need to earn 4.43 btc a day($2k)

this mean that the value of bitcoin must be in the range of 1000x higher, assuming that they can earn 400k in fee each day in the future

so basically the same marketcap as gold...

Yea, I also thought of the same thing a while back and it sounds insane. We are bargaining on a lot of things to happen to sustain the network. We hope transaction volumes will

go through the roof and the miners fees will increase to reach a level where it can replace bitcoins as a miner reward. We hope people and businesses will burn electricity to

sustain the network. The probability is high, but it stays an experiment. We determine the outcome of this experiment...

NorrisK

legendary

Activity: 1946

Merit: 1007

Quote from: allthingsluxury on January 14, 2016, 11:24:32 AM

Hopefully the bitcoin market will then stabilize at a very comfortable level and it will be all about the fees for the miners.

It should stabilize yes, but not at a fixed price level.

I think stable and predictable growth would be a better phrasing of what we need. 20% growth or decline in a week is insane, but over a year for example would be perfect for the future.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: allthingsluxury on January 14, 2016, 11:24:32 AM

Hopefully the bitcoin market will then stabilize at a very comfortable level and it will be all about the fees for the miners.

this must be true, because if we are still sitting at 1k-10k range of value, then bitcoin is doomed for sure, miners will not be able to receive enough reward to keep the network alive

unless a small sum is forwarded to incentivate the running of full node...

allthingsluxury

legendary

Activity: 1540

Merit: 1029

Hopefully the bitcoin market will then stabilize at a very comfortable level and it will be all about the fees for the miners.

Next BillG

sr. member

Activity: 431

Merit: 250

Quote from: bearex on January 14, 2016, 11:15:01 AM

It will be the same as now, it could rise and could fall. The only difference is with the miners. They will only mine bitcoin transactions and no actual bitcoins, so i dont know what will happen with the fees. The needs for HASH power will definetly be smaller though.

The miners will use the fees to pay for the cost and profit. The need for hash will not drop if the bitcoin value is high.

bearex

hero member

Activity: 560

Merit: 501

It will be the same as now, it could rise and could fall. The only difference is with the miners. They will only mine bitcoin transactions and no actual bitcoins, so i dont know what will happen with the fees. The needs for HASH power will definetly be smaller though.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

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.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

this assuming that the value of bitcoin is very high, to have the same profit as they have now a farm of 1 peta for example, need to earn 4.43 btc a day($2k)

this mean that the value of bitcoin must be in the range of 1000x higher, assuming that they can earn 400k in fee each day in the future

so basically the same marketcap as gold...

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

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

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: jacee on January 14, 2016, 10:22:10 AM

Quote from: Blawpaw on January 14, 2016, 10:19:25 AM

At that point, miners will still continue their functions and be reward with the transaction fees.

By functions you mean what? They will continue mining? there will be no more coins lef tomine right so wha woul they do now?

Mining is also the process for creating the blocks that mathematically secure the network. The fee they get for doing this creates competition leading to the lowest transaction fee that can be supported profitably. Over time miners will make an increasing percentage of profit from fees rather than block rewards. So basically they are being paid to burn electricity and keep the system running.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: jacee on January 14, 2016, 10:22:10 AM

miners will be paid only by transactions right? So what if then the time comes that the btc price fell down? Is that possible?

That has a low chance of happening as price increases as demand increases(most of the times)
As to your question, you'll be dead by then . From what I heard from DannyHamilton and other members, the year the last BTC(partial) will be mined is 2140*. So yeah, lot of time for that to happen. Anyway coming back to what will happen, miners will just get the tx fees, and hopefully by then either BTC price is very high that mining is still sustainable or transaction fees increase. The former is more likely I believe.

*Googled and it seems , its just an estimate but you get the idea.

** Forgot another possiblity that is, (majority of) nodes decide that number of bitcoins should be increased, so the protocol may be changed

jacee

legendary

Activity: 1302

Merit: 1025

Quote from: RodeoX on January 14, 2016, 09:47:36 AM

Quote from: electronicash on January 14, 2016, 09:44:26 AM

Miners will still be able to turn a profit from transaction fees.

Yep.

If you want to understand the idea, then the white paper is a good place to start and end. You can find it linked in my sig where it says "the gospel according to Satoshi".

Thanks for this. Will be reading this tomorrow when I got some time.
Thanks for all the answer guys. I did understand that but what if then after all coins has been mined, miners will be paid only by transactions right? So what if then the time comes that the btc price fell down? Is that possible?

Quote from: Blawpaw on January 14, 2016, 10:19:25 AM

At that point, miners will still continue their functions and be reward with the transaction fees.

By functions you mean what? They will continue mining? there will be no more coins lef tomine right so wha woul they do now?

BTCBinary

hero member

Activity: 504

Merit: 500

In 2140 the issue of coins will end but mining will still be needed. PoW is an essential part of the network, so mining will still need to be done.

Blawpaw

legendary

Activity: 1596

Merit: 1027

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?

At that point, miners will still continue their functions and be reward with the transaction fees.

Topic: What if there is nomore coins to mine? - page 5. (Read 4946 times)