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Title: Block reward for 2065 is lower than what I have now, is this correct? Post by: jackg on March 11, 2016, 07:55:42 PM Now, I ran a program that went through the next 100 block halvings at 5 year intervas.
At 2065 on my document, I found something strange 2065 = 0.0244140625BTC Is this correct? My Program - Python Code: b = 25 Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: calkob on March 11, 2016, 08:00:31 PM not sure exactly what it will be, but yes the block reward does get pretty small, the transaction fees by that date should be massive tho ;D
Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: jackg on March 11, 2016, 08:06:56 PM not sure exactly what it will be, but yes the block reward does get pretty small, the transaction fees by that date should be massive tho ;D I think that would deend on the value of Bitcoin. If litle is distributed and it is owned by people that use Bitcoin as primary currency, te transaction fees will be very small. Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: ATguy on March 11, 2016, 08:09:57 PM It should be even lower in 2065, rewards halving every 4 years, 50 BTC start at 2009.
Try this instead: b = 50 n = 2009 for loop in range(100): print(b) print(n) n,b = ((n+4,b/2)) Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: darewaller on March 11, 2016, 08:13:01 PM The 100th halving, with 5 years interval will occur after 500 years. How in 2065....?
And the worth of block reward would be more higher in future when we considering the following criteria. a. Bitcoin prices would be in millions b. Other than block reward, miners will earn from transaction fees. Obviously more transaction volumes in future. PS : In 34th block reward halving, the reward goes to zero if still then we have 8 decimals. Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: jackg on March 11, 2016, 08:16:02 PM The 100th halving, with 5 years interval will occur after 500 years. How in 2065....? And the worth of block reward would be more higher in future when we considering the following criteria. a. Bitcoin prices would be in millions b. Other than block reward, miners will earn from transaction fees. Obviously more transaction volumes in future. 2065 was one section that I picekd out. Mostly because I could not get anyting for 2510 because when I did I got this: 2510 = 1.9721522630525295e-29 Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: ATguy on March 11, 2016, 08:21:46 PM 2065 was one section that I picekd out. Mostly because I could not get anyting for 2510 because when I did I got this: 2510 = 1.9721522630525295e-29 The lowest one is one Satoshi, or 1e-08 Bitcoins, then is zero. The end of block reward should be around 2120 I mean the time when block reward become 0 Satoshi. I wonder whether Bitcoin will be still used after 100 years... Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: coinplus on March 11, 2016, 08:22:11 PM The 100th halving, with 5 years interval will occur after 500 years. How in 2065....? And the worth of block reward would be more higher in future when we considering the following criteria. a. Bitcoin prices would be in millions b. Other than block reward, miners will earn from transaction fees. Obviously more transaction volumes in future. PS : In 34th block reward halving, the reward goes to zero if still then we have 8 decimals. Yes you are right... By 33rd halving, Miners will get only one satoshi as block reward. Here you can find the block reward details under, "Projected Bitcoins Long Term". https://en.bitcoin.it/wiki/Controlled_supply (https://en.bitcoin.it/wiki/Controlled_supply) Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: jackg on March 11, 2016, 08:28:38 PM 2065 was one section that I picekd out. Mostly because I could not get anyting for 2510 because when I did I got this: 2510 = 1.9721522630525295e-29 The lowest one is one Satoshi, or 1e-08 Bitcoins, then is zero. The end of block reward should be around 2120 I mean the time when block reward become 0 Satoshi. I wonder whether Bitcoin will be still used after 100 years... Question: does the minimum transaction corrospond with the minimum reward? I mean that a reward of 1 satosi could not be sent under the current network... right? Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: ATguy on March 11, 2016, 08:39:30 PM Question: does the minimum transaction corrospond with the minimum reward? I mean that a reward of 1 satosi could not be sent under the current network... right? It is allowed to send 1 Satoshi to other address by the protocol rules. But current wallet software see such transaction as non standard, not allowing to create such transaction and not relaying such transactions. But miner can add such transaction to the block if he modify his software, and other miners will see such block as valid, so sending 1 Satoshi to other address is possible even today, and was not so uncommon few years ago when Satoshidice sent 1 Satoshi back as a confirmation of loosing bet :) Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: jackg on March 11, 2016, 08:45:36 PM Question: does the minimum transaction corrospond with the minimum reward? I mean that a reward of 1 satosi could not be sent under the current network... right? It is allowed to send 1 Satoshi to other address by the protocol rules. But current wallet software see such transaction as non standard, not allowing to create such transaction and not relaying such transactions. But miner can add such transaction to the block if he modify his software, and other miners will see such block as valid, so sending 1 Satoshi to other address is possible even today, and was not so uncommon few years ago when Satoshidice sent 1 Satoshi back as a confirmation of loosing bet :) Bitvisitor modified theirs, I think. On the Bitcoin Android App, I received 30 bits payment and was very suprised! Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: ATguy on March 11, 2016, 08:53:11 PM Bitvisitor modified theirs, I think. On the Bitcoin Android App, I received 30 bits payment and was very suprised! 30 bits = 3000 Satoshi. One or to years ago minimum relay amount was about 5240 Satoshi, but I have feeling it was reduced to about 500 Satoshi in 2015, so 30 bits should be standard transaction output today. Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: AliceWonderMiscreations on March 11, 2016, 08:57:58 PM 2065 was one section that I picekd out. Mostly because I could not get anyting for 2510 because when I did I got this: 2510 = 1.9721522630525295e-29 The lowest one is one Satoshi, or 1e-08 Bitcoins, then is zero. The end of block reward should be around 2120 I mean the time when block reward become 0 Satoshi. I wonder whether Bitcoin will be still used after 100 years... We might be using bytecoin by then, a bit just isn't very much. bytecoin will have other improvements, like 2 MB blocks, as well. Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: RussianRaibow on March 12, 2016, 01:47:48 PM 2065 was one section that I picekd out. Mostly because I could not get anyting for 2510 because when I did I got this: 2510 = 1.9721522630525295e-29 The lowest one is one Satoshi, or 1e-08 Bitcoins, then is zero. The end of block reward should be around 2120 I mean the time when block reward become 0 Satoshi. I wonder whether Bitcoin will be still used after 100 years... We might be using bytecoin by then, a bit just isn't very much. bytecoin will have other improvements, like 2 MB blocks, as well. I hadn't heard of bytecoin before. I just took a look at it. Hopefully bitcoin will be upgraded to 2 MB blocks soon and it will stick around until the final halving. Something needs to change quick in order for it to continue as the dominant cryptocurrency. Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: Raimonn on March 12, 2016, 01:53:15 PM On 2065 provably miners earn more money from fees than from block reward. Also the money that they will earn will depend on bitcoin price, if bitcoin price is very high fees will be low on bits (but could be normal or high related to dollar or other fiat currency price).
Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: knowhow on March 12, 2016, 02:17:18 PM Nakamoto made the halving process to force bitcoin value to go up,otherwise miners will turn off their hash and will make bitcoin unstable,or even the lack to be hacked.
Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: Lauda on March 12, 2016, 02:20:00 PM You should always do some research on the Wiki when you need help. Here's a useful page: Controlled supply. (https://en.bitcoin.it/wiki/Controlled_supply)
On 2065 provably miners earn more money from fees than from block reward. "Provably"? No. That's definitely the wrong wording for it. If Bitcoin is to survive they have to earn a lot more from the fees in the future, that's how it was planned. We might be using bytecoin by then, a bit just isn't very much. Altcoin? No.Title: Re: Block reward for 2065 is lower than what I have now, is this correct? Post by: kanazawa on March 12, 2016, 05:15:35 PM Let's think in the fundamental thing in Bitcoin concept:
The process (in a general view) is much likely mining gold.... Back in the ancient times, gold was at the surface, then, supposing, in the 17th century, it was rolling on the rivers wherever you are. In 19th it was only in deep mines, now it's almost impossible, no matter how hard work you do or equipment you have; it's pretty much like BTC mining process but in a short-scale of historical time, Nakamoto thought the same process (even the process have the same name "mining")... Many time, like in the ancient time, gold had just a symbolic value or the acceptance was none... in medieval ages, the circulation was almost zero and the price was "unaccountable", but after that, when the discovery ages came and tons of gold have been discovered, the circulation was huge and the price droped to 1/5 then came the french revolution, more discoveries, lot of war, depression, war, (hippies, disco, motley crue and nirvana, haaahaha that's a joke ;D)......... resuming, gold had lot of up and down times, and the price today is GOOD. So BTC will be. It follows the history and it's unpredictable. edit: even with halving, the value is unpredictable, just that.... the app must be right in term of maths... |