The thing is, why would people continue to maintain the network once all the coins have been mined? Won't it probably be a picture perfect tragedy of the commons type situation?
By this point transaction fees SHOULD be large enough to pay for it.
Topic: What will happen when there are no more bitcoins available? (Read 746 times)
By this point transaction fees SHOULD be large enough to pay for it.
The thing is, why would people continue to maintain the network once all the coins have been mined? Won't it probably be a picture perfect tragedy of the commons type situation?
A lot of people stopped mining already because of the increased difficulty. But they're still buying and selling bitcoins. It's not going to be an issue.
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What will happen when there are no more bitcoins available?
Nothing. Business as usual.
Nobody is willing to sell a bitcoin? Wow, good luck with that
Also even if some get lost, well where is the problem? You still have the others.
Also even if some get lost, well where is the problem? You still have the others.
Isn't this the ultimate goal? When all bitcoins are mined then it can operate as a stable currency. It has the potential now, but with all the speculation and ups and downs in popularity the price is too volatile for this.
(Am I wrong here?)
(Am I wrong here?)
So what happens when the maximum number of bitcoins is reached and new people want to enter the system? For example, if someone wants to start using bitcoin but nobody is willing to let any go? Wouldn't that bring the bitcoin economy to a halt?
Here's another possibility I am sure nobody thought of, what if a large hoarder of bitcoins dies unexpectedly and nobody in the real world knows about them? Will those bitcoins just exist in limbo and end up gumming up the system because they will never get spent and no new ones will ever be created to replace them in the economy?
Here's another possibility I am sure nobody thought of, what if a large hoarder of bitcoins dies unexpectedly and nobody in the real world knows about them? Will those bitcoins just exist in limbo and end up gumming up the system because they will never get spent and no new ones will ever be created to replace them in the economy?
If all 21m have been mined, and 0 are circulating, its a dead currency.
If all 21m have been mined, and 21m are circulating, miners get transaction fees.
If all 21m have been mined, and 5m gets 'lost', the remaining 16m would go up in value.
So what happens when the maximum number of bitcoins is reached and new people want to enter the system? For example, if someone wants to start using bitcoin but nobody is willing to let any go? Wouldn't that bring the bitcoin economy to a halt?
Here's another possibility I am sure nobody thought of, what if a large hoarder of bitcoins dies unexpectedly and nobody in the real world knows about them? Will those bitcoins just exist in limbo and end up gumming up the system because they will never get spent and no new ones will ever be created to replace them in the economy?
Here's another possibility I am sure nobody thought of, what if a large hoarder of bitcoins dies unexpectedly and nobody in the real world knows about them? Will those bitcoins just exist in limbo and end up gumming up the system because they will never get spent and no new ones will ever be created to replace them in the economy?
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