Why Bitcoin? | Bitcointalksearch.org

Amph

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

only fee will remain, but bear in mind that those fee, will have a value much higher than now, so probably miner will keep mining

koelen3

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Sooner or later, a man who wears two faces forgets

Quote from: Herbert2020 on March 05, 2015, 12:28:55 AM

Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

i don't think the block reward ever seizes to exist, because the reward only "Halves" every fixed number of blocks. and also there always will be the transaction fees included, which is received by miners. and if the price rises that little amount will be worth receiving

IT will seize to exist at some point , when all the 21 mil coins will be mined ,the blocks will give no reward but they will be empty and will be used for confirmation , the miners will earn through the transaction fees that will be paid , so may be the transaction fee will increase or maybe not if the price takes a jump , and it sure will , seeing how much time we have

Herbert2020

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

i don't think the block reward ever seizes to exist, because the reward only "Halves" every fixed number of blocks. and also there always will be the transaction fees included, which is received by miners. and if the price rises that little amount will be worth receiving

MegaHustlr

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Vote 4fryn :)

The transaction fee reward

Tsquared

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http://digitalcoin.org/

Quote from: redsn0w on March 04, 2015, 05:07:15 PM

Quote from: najzenmajsen on March 04, 2015, 05:03:36 PM

Quote from: Tsquared on March 03, 2015, 09:02:37 AM

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho... Wink

Here some interesting discussion about this "problem" :

- https://bitcointalksearch.org/topic/bitcoin-can-only-process-7-transactions-per-second-608561
- http://hashingit.com/analysis/33-7-transactions-per-second

For the moment it is not a problem , but maybe in the future it will be a real problem.

My source:

https://en.bitcoin.it/wiki/Scalability

TT

ajareselde

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Satoshi is rolling in his grave. #bitcoin

There will allways be people mining bitcoin, even if there are to be minimal gains by doing so.
In the timeline when block rewards become very small or non existant, the fee's will be there to replace the reward, and with increasing transactions over time, there is
no reason to believe that there will be no profit in mining even fee's alone.

cheers

maku

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Quote from: Meuh6879 on March 03, 2015, 09:08:07 AM

Quote from: Enzyme on March 03, 2015, 01:43:56 AM

What could be used as a further incentive to mine?

Trust.

(like P2P File Sharing, it's free ... too)

I think that trust is secondary when something like greed and profit exist. And I guess It will be always profitable to mine in the future due to expected bitcoin price rise.

redsn0w

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#Free market

Quote from: najzenmajsen on March 04, 2015, 05:03:36 PM

Quote from: Tsquared on March 03, 2015, 09:02:37 AM

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho... Wink

Here some interesting discussion about this "problem" :

- https://bitcointalksearch.org/topic/bitcoin-can-only-process-7-transactions-per-second-608561
- http://hashingit.com/analysis/33-7-transactions-per-second

For the moment it is not a problem , but maybe in the future it will be a real problem.

najzenmajsen

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Quote from: Tsquared on March 03, 2015, 09:02:37 AM

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho... Wink

redsn0w

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#Free market

Quote from: mlferro on March 04, 2015, 04:53:59 PM

Quote from: avatar_kiyoshi on March 03, 2015, 09:39:23 AM

Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

I can't imagine if all miner stop their mining.

definitely will not be something good for bitcoin.

If all the miners stop the mining activity the bitcoin network will die instantly, because the various transactions will be never "confirmed". I don't think all the miners will shut down their hardware machines at the same time.

KaliLinux

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

The price will be a million dollars by then have you not heard?

So the small fee's will actually be a massive payday better than they are now actually.

mlferro

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Quote from: avatar_kiyoshi on March 03, 2015, 09:39:23 AM

Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

I can't imagine if all miner stop their mining.

definitely will not be something good for bitcoin.

avatar_kiyoshi

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

Of course the fees I think. Now so many cloudmining service up to public, that's prove mine still worth(exactly for big pocket Roll Eyes

)
I can't imagine if all miner stop their mining.

Meuh6879

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

What could be used as a further incentive to mine?

Trust.

(like P2P File Sharing, it's free ... too)

Tsquared

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Activity: 500

Merit: 501

http://digitalcoin.org/

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

DarkHyudrA

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English <-> Portuguese translations

Quote from: albert11 on March 03, 2015, 06:17:19 AM

Quote from: DarkHyudrA on March 03, 2015, 06:07:30 AM

Quote from: albert11 on March 03, 2015, 06:02:42 AM

Would it be possible to fork the block chain so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

you missed the point,

With the current system miners will ask for high fees in order to pay their massive set up electricity cost.

If everyone on the network can contribute even volontarily or for a small reward then the fees are likely not to be high( which is one of the reason why bitcoin is attractive to people) and also mining monopoly is very risky, i don't think this sytem is sustainable in the long term

What you said is already possible, but CPU power is too weak compared to the tons of ASICs on the network right now.
And if fees need to be higher due to the lack of use of transactions, then Bitcoin would die, no one will pay more than a CC would do.
Side note: remember that fees only serve to make sure your output receives enough priority in the network so that it can minted in the next block.

pooya87

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Quote from: Enzyme on March 03, 2015, 01:43:56 AM

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

first of all it is the problem which is not going to happen soon. secondly don't forget about transaction fees. in the future when the block rewards are lowered the fees will cover the cost, it will happen either by higher price of bitcoin or higher fees.

Silly Money

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Quote from: zetaray on March 03, 2015, 02:05:01 AM

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

It's possible. Call me a cynic but I just can't see bitcoin lasting that long, though I hope I'm wrong. Surely something else that is far superior will have come along by then?

Quote from: ?? on ??

Quote from: zetaray on March 03, 2015, 02:05:01 AM

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

I doubt that . But even if all coins do get mined, miners would still be paid from the txin fees.
The fees actually might be upped a bit if that ever happens.

What I'm worried about is what if the fees become to expensive for smaller transactions or the fees are too small and not enough for the miners to keep mining in profit. Is there a way to find a balance? If electricity and hardware gets more whilst bitcoin's value falls expensive could the blockchain be sustained?

albert11

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Quote from: DarkHyudrA on March 03, 2015, 06:07:30 AM

Quote from: albert11 on March 03, 2015, 06:02:42 AM

Would it be possible to fork the block chain so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

you missed the point,

With the current system miners will ask for high fees in order to pay their massive set up electricity cost.

If everyone on the network can contribute even volontarily or for a small reward then the fees are likely not to be high( which is one of the reason why bitcoin is attractive to people) and also mining monopoly is very risky, i don't think this sytem is sustainable in the long term

DarkHyudrA

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Activity: 1386

Merit: 1000

English <-> Portuguese translations

Quote from: albert11 on March 03, 2015, 06:02:42 AM

Would it be possible to fork the block chain so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

Topic: Why Bitcoin? (Read 1615 times)