I'm wondering now when the time comes that we are last to the last few thousand coins do you guys think that adding POS proof of stake will actually work for bitcoin, it would at lease save a lot of power energy when it comes to that.
It probably won't work and will never happen. Firstly, switching from POW to POS would require a hard fork which is a hassle for everyone to do. Secondly, POS requires much less power to attack than POW and those who have ASIC would probably be useless. Thirdly, POW allows everyone with an ASIC/Computer to mine whereas in POS, you require coins. Monopoly can happen with huge exchanges or gambling site and majority of the latecomers won't be able to mine. 
Topic: When 21 million coins have been mined. (Read 4385 times)
Or... the entire cryptocurrency venture will be deemed a dead-end experiment. If btc fails, all the most cryptocurrency exited people will have lost moeny time etc... and I think there is a good chance FIAT is the only winner.
This makes no sense. The importance of blockchain technology is proven. If bitcoin fails for any reason, the cause of that failure will be addressed and corrected in another blockchain based cryptocurrency
Of course eventually I think it is likely that fiat will be issued in the form of crypto currency at some point by major governments.
There will always be demand for a decentralized system outside of the control of any one party
Yes, blockchain is still viable under more controlled circumstances. However, private people and coorporations losing hundreds of dollars is not something that doesn't happen many times. Imagine you put 25% of your wealth into bitcoin and had it stolen by hack or being Goxed - would you then put another big piece of your wealth into bitcoin? So cryptocurrencies (as we know now with bitcoin etc) is likely to suffer collectively tremendously. The underlying blockchain idea can still work like citigroup forsees it or in other areas outside of the financial system even.. but that is a different discussion.
Or... the entire cryptocurrency venture will be deemed a dead-end experiment. If btc fails, all the most cryptocurrency exited people will have lost moeny time etc... and I think there is a good chance FIAT is the only winner.
This makes no sense. The importance of blockchain technology is proven. If bitcoin fails for any reason, the cause of that failure will be addressed and corrected in another blockchain based cryptocurrency
Of course eventually I think it is likely that fiat will be issued in the form of crypto currency at some point by major governments.
There will always be demand for a decentralized system outside of the control of any one party
I'm wondering now when the time comes that we are last to the last few thousand coins do you guys think that adding POS proof of stake will actually work for bitcoin, it would at lease save a lot of power energy when it comes to that.
Possible, however then the whole ideal of "bitcoin, I will be rich because it deflates, no inflations, better than gold" will be lost and there would be more than 21million coins, right? It could change and evolve, as it should for the benefit of all. There would need to be a global agreement.
I'm wondering now when the time comes that we are last to the last few thousand coins do you guys think that adding POS proof of stake will actually work for bitcoin, it would at lease save a lot of power energy when it comes to that.
The timeline that all coins are mined until 2150 or something can't be taken seriously in my opinion. We got moore's law, we got the human error related to forks and other elements like "cryptocurrency natural selection". However, if things continue like this, and intelligent decisions are made by the code authorities then bitcoin should rise and rise.
In any matter, bitcoin will go down in history as the kickstart of a paradigm shift. Few days ago I read that quote, dont remember where I got it from but it went like this: "In the old age we had unlimited money, but limited media. In the new age we got limited money and unlimited media. The right way around."
In any matter, bitcoin will go down in history as the kickstart of a paradigm shift. Few days ago I read that quote, dont remember where I got it from but it went like this: "In the old age we had unlimited money, but limited media. In the new age we got limited money and unlimited media. The right way around."
I think it's perfectly feasible. If new technologies that are better come, Bitcoin will assimilate them. Also, take into account that best doesn't mean winner. We've had ipv6 for years now, and ipv4 still resists and it seems we aren't changing anytime soon. It's all about good enough + network effect and Bitcoin is good enough and is king of network effect with the most powerful network on this planet. We'll easily see 100K in 10 to 20 years.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
We all know that, what we are trying to discuss is, what sort of fees will the mining guys of the future be getting? thats the interesting part to me. I guess by that time 1 coin will have the purchasing power of something ridiculous like 10 million dollars, so tiny fees will be enough to make a living out of procesing txs.
I guess the market will determine the price. If it is troo low there will not be enough miners so price goes up... as the price goes up more and more miners come in until either balance or too many. If there are too many prices go down and some drop off until balance or too few.... if too few prices go up and more come in until balance or too many...
And so on..
Or... the entire cryptocurrency venture will be deemed a dead-end experiment. If btc fails, all the most cryptocurrency exited people will have lost moeny time etc... and I think there is a good chance FIAT is the only winner.
bitcoin can't fails, anymore too big already, the time for it to fail passed long time ago even before 2013 peak, and it can not fail exactly because, there will be only fiat after it which is the whole point of bitcoin, not having to deal with fiat
crypto is here to stay and to be enhanced in the future i can bet two asses on that
I agree. I'm just saying that if people think litecoin or something else can take over if btc fails, that is almost 0 percent likely. Because crypto currencies stand or fall with btc.
Having said that I also dont see btc failing at all.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
We all know that, what we are trying to discuss is, what sort of fees will the mining guys of the future be getting? thats the interesting part to me. I guess by that time 1 coin will have the purchasing power of something ridiculous like 10 million dollars, so tiny fees will be enough to make a living out of procesing txs.
I guess the market will determine the price. If it is troo low there will not be enough miners so price goes up... as the price goes up more and more miners come in until either balance or too many. If there are too many prices go down and some drop off until balance or too few.... if too few prices go up and more come in until balance or too many...
And so on..
Or... the entire cryptocurrency venture will be deemed a dead-end experiment. If btc fails, all the most cryptocurrency exited people will have lost moeny time etc... and I think there is a good chance FIAT is the only winner.
bitcoin can't fails, anymore too big already, the time for it to fail passed long time ago even before 2013 peak, and it can not fail exactly because, there will be only fiat after it which is the whole point of bitcoin, not having to deal with fiat
crypto is here to stay and to be enhanced in the future i can bet two asses on that
Yes it will be very interesting to see how the future will look like.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
We all know that, what we are trying to discuss is, what sort of fees will the mining guys of the future be getting? thats the interesting part to me. I guess by that time 1 coin will have the purchasing power of something ridiculous like 10 million dollars, so tiny fees will be enough to make a living out of procesing txs.
I guess the market will determine the price. If it is troo low there will not be enough miners so price goes up... as the price goes up more and more miners come in until either balance or too many. If there are too many prices go down and some drop off until balance or too few.... if too few prices go up and more come in until balance or too many...
And so on..
Or... the entire cryptocurrency venture will be deemed a dead-end experiment. If btc fails, all the most cryptocurrency exited people will have lost moeny time etc... and I think there is a good chance FIAT is the only winner.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
We all know that, what we are trying to discuss is, what sort of fees will the mining guys of the future be getting? thats the interesting part to me. I guess by that time 1 coin will have the purchasing power of something ridiculous like 10 million dollars, so tiny fees will be enough to make a living out of procesing txs.
I guess the market will determine the price. If it is troo low there will not be enough miners so price goes up... as the price goes up more and more miners come in until either balance or too many. If there are too many prices go down and some drop off until balance or too few.... if too few prices go up and more come in until balance or too many...
And so on..
Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced.
The threat of a 51% attack has to do with the ability to double spend coins you already have and not the coins being paid as a reward for the mining being done.
If it was possible to succeed and to maintain a 51% attack, you could spend the coins you own at one place and spend the same coins at another place. This is not a option, because the cost of maintaining a 51% attack, out weigh the benefits from doing it.
But ... do the costs really outweigh it?
Sure, the costs of doing a 51 attack could be used for higher profit mining instead.
That, however, seems to be a very limited analysis. For example, what if some major banks, or even countries' federal banking systems get together and figure out that they can save 'their' systems by doing this? Then they have much more to win, than just what is directly related to the question of where to use the computing power.
As I understand it, the system will only be very temporarily in trouble and therefore it might not really make much of a dent.. but at least I think it is important to include such other objectives of a 51 attack... because more might be earned than only what is directly related to the use of computing power.
When/after bitcion is 51% attacked, a new coin will appear and resistant to 51%. The hashing algorithm can be changed. Or a proof of deposit will be more popular. The miner has to have some coins as a deposit before they mine, otherwise, the difficulty will be higher and there will be fewer mined coins.
the reaching of 21 million coins is so slow,that we will not see the change of someting.
Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.
So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced.
The threat of a 51% attack has to do with the ability to double spend coins you already have and not the coins being paid as a reward for the mining being done.
If it was possible to succeed and to maintain a 51% attack, you could spend the coins you own at one place and spend the same coins at another place. This is not a option, because the cost of maintaining a 51% attack, out weigh the benefits from doing it.
But ... do the costs really outweigh it?
Sure, the costs of doing a 51 attack could be used for higher profit mining instead.
That, however, seems to be a very limited analysis. For example, what if some major banks, or even countries' federal banking systems get together and figure out that they can save 'their' systems by doing this? Then they have much more to win, than just what is directly related to the question of where to use the computing power.
As I understand it, the system will only be very temporarily in trouble and therefore it might not really make much of a dent.. but at least I think it is important to include such other objectives of a 51 attack... because more might be earned than only what is directly related to the use of computing power.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
We all know that, what we are trying to discuss is, what sort of fees will the mining guys of the future be getting? thats the interesting part to me. I guess by that time 1 coin will have the purchasing power of something ridiculous like 10 million dollars, so tiny fees will be enough to make a living out of procesing txs.
actually i don't think it will change much after 20M coins will be mined which isn't too far away, so better to wait for that phase, instead of wasting time about clueless speculation
the market after 2024 need to absorbs a very few amount of coin, so the price will be already settled, i'm not expecting a major rise only because 1M are still to be mined...
the market after 2024 need to absorbs a very few amount of coin, so the price will be already settled, i'm not expecting a major rise only because 1M are still to be mined...
Isn't too far away? lol, considering the total supply will be mined at about 2140, it is really far away, will be even alive by then? that feels like a lifetime to me, im not really that bothered about things that i'll not really get to live. The people that is alive by then will have to deal with those. I trust the geniuses coding BTC now have a good long term vision so the system keeps working flawless after 100+ years.
i was speaking about when the 20M will kick in not the 21M, i thought it was clear enough, will be around 2024, only 8-9 years, at that point the halving impact on the market will be meaningless
The timeline that all coins are mined until 2150 or something can't be taken seriously in my opinion. We got moore's law, we got the human error related to forks and other elements like "cryptocurrency natural selection". However, if things continue like this, and intelligent decisions are made by the code authorities then bitcoin should rise and rise.
In any matter, bitcoin will go down in history as the kickstart of a paradigm shift. Few days ago I read that quote, dont remember where I got it from but it went like this: "In the old age we had unlimited money, but limited media. In the new age we got limited money and unlimited media. The right way around."
In any matter, bitcoin will go down in history as the kickstart of a paradigm shift. Few days ago I read that quote, dont remember where I got it from but it went like this: "In the old age we had unlimited money, but limited media. In the new age we got limited money and unlimited media. The right way around."
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
Mining would continue to confirm transactions and miners would be rewarded by transaction fees.This. There's still a lot of time to reach 21 million coins but we can predict that Bitcoin price will be a lot greater than today's price. That would be enough money for miners to stay open and confirm transactions.
This, when the price will be for example at 100.000 Dollar,
than there will be still miner for the last bitcoins.
actually i don't think it will change much after 20M coins will be mined which isn't too far away, so better to wait for that phase, instead of wasting time about clueless speculation
the market after 2024 need to absorbs a very few amount of coin, so the price will be already settled, i'm not expecting a major rise only because 1M are still to be mined...
the market after 2024 need to absorbs a very few amount of coin, so the price will be already settled, i'm not expecting a major rise only because 1M are still to be mined...
Isn't too far away? lol, considering the total supply will be mined at about 2140, it is really far away, will be even alive by then? that feels like a lifetime to me, im not really that bothered about things that i'll not really get to live. The people that is alive by then will have to deal with those. I trust the geniuses coding BTC now have a good long term vision so the system keeps working flawless after 100+ years.
We don't know what will be happened. It's still a long time until 21 million coins will be mined. In my speculation, there are no new coins, transaction fees will be the mining reward.
Mining would continue to confirm transactions and miners would be rewarded by transaction fees.This. There's still a lot of time to reach 21 million coins but we can predict that Bitcoin price will be a lot greater than today's price. That would be enough money for miners to stay open and confirm transactions.
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