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Title: I die before mining stops? Post by: bitpop on December 16, 2013, 12:40:45 PM I thought it stopped soon but I was mistaken. This is the first thing I know that will surely happen after I die and I can't see it :/
Title: Re: I die before mining stops? Post by: betyourbits on December 16, 2013, 02:14:01 PM Yea, we all will likely be dead before mining stops. 2140 is about 136 years away. Oh well.
Title: Re: I die before mining stops? Post by: cr1776 on December 16, 2013, 02:53:20 PM And mining doesn't stop then, just the block rewards. (And you should check out Alcor.org - Ralph Merkle - of the merkle tree used in bitcoin - is a director. Who knows, maybe then you'll see the end of the block reward. :-). )
Title: Re: I die before mining stops? Post by: jongameson on December 16, 2013, 03:51:20 PM Well if you have enough bitcoins in your wallet when you die, you *COULD* technically be flash frozen
Title: Re: I die before mining stops? Post by: LightningBlade on December 16, 2013, 04:16:42 PM Tell your grand son to keep some bitcoin :)
Title: Re: I die before mining stops? Post by: bitpop on December 16, 2013, 11:37:24 PM Man I'm getting cryonikked like walt disney
They better start accepting btc Title: Re: I die before mining stops? Post by: pontiacg5 on December 16, 2013, 11:43:52 PM If mining ever stops, so does bitcoin.
Never stop! Title: Re: I die before mining stops? Post by: skull88 on December 17, 2013, 12:13:51 AM I think somewhere in the next 40 years it will become possible to backup the data in our brains and in case of death someone can just upload it to a robotic body. So in the future when you die and you daily backup your brain, you lose 1 day of memory at most. So I will be happily celebrating the last mined block, I just hope my tastesensors aren't broken that day and the champagne tastes like water.
Title: Re: I die before mining stops? Post by: williamj2543 on December 17, 2013, 12:16:58 AM Hey,
Just to clarify, if all blocks are found, does that mean no profit for mining? You can't possible make more bitcoins than the limit, so I am guessing by then all mining does is confirm things. Also, will the prices of BTC shoot up, because there can't be more bitcoins, so then it would infinitly create more demand? Title: Re: I die before mining stops? Post by: PrintMule on December 17, 2013, 12:20:22 AM Hey, Just to clarify, if all blocks are found, does that mean no profit for mining? You can't possible make more bitcoins than the limit, so I am guessing by then all mining does is confirm things. Also, will the prices of BTC shoot up, because there can't be more bitcoins, so then it would infinitly create more demand? Theoretically in the future it would be enough to simply live off transaction fees. Also those fees can be increased by widely accepted patch. With future MH per W ratios It should be doable. Title: Re: I die before mining stops? Post by: williamj2543 on December 17, 2013, 01:06:38 AM Hey,
Yes there is still the fees, but mining won't actually give you any BTC? Title: Re: I die before mining stops? Post by: pontiacg5 on December 17, 2013, 01:53:17 AM Hey, Yes there is still the fees, but mining won't actually give you any BTC? Where do you think the fees go? Title: Re: I die before mining stops? Post by: williamj2543 on December 17, 2013, 01:54:49 AM Hey,
I just realised that the fees came out of the senders or receivers BTC account... I'm stupid. But it wouldn't be as nearly as profitable as before! Title: Re: I die before mining stops? Post by: pontiacg5 on December 17, 2013, 01:58:35 AM Hey, I just realised that the fees came out of the senders or receivers BTC account... I'm stupid. But it wouldn't be as nearly as profitable as before! Not right now, no. That's why we have block rewards. But, if there were hundreds of thousands of transactions a day maybe the fees alone would be profitable. That is why the block reward tapers off over time. And this is also why any newbie crying about BTC being impossible to mine, unevenly distributed, or some other "class superiority" complait clearly doesn't get it. For there to be anything for a newbie to mine the forerunners had to lay the chain to that point. Title: Re: I die before mining stops? Post by: williamj2543 on December 17, 2013, 02:11:53 AM Yes,
So I'm still stupid :P Block rewards, aren't they like the "reward" for adopting it early, and as it goes on and on mining becomes less profitable, but BTC is evolving. Eventually, I believe BTC will be a currency, and yes, there will be enough transaction fees to cover this. Title: Re: I die before mining stops? Post by: pand70 on December 17, 2013, 02:28:14 AM I thought it stopped soon but I was mistaken. This is the first thing I know that will surely happen after I die and I can't see it :/ So you thought that bitcoin was a bubble? Because mining will not stop in any other case... Title: Re: I die before mining stops? Post by: desticy on December 17, 2013, 02:36:18 AM If mining ever stops, so does bitcoin. Never stop! Feel like a pyramid scheme, find homes for excavator, it will become increasingly difficult. But as the post starter say, all of these will happen after we die.. :( Title: Re: I die before mining stops? Post by: williamj2543 on December 17, 2013, 02:37:35 AM Just like the environment. Why should we care about the environment because we will die way before it will get bad. JK ;D
We should preserve BTC for our future! Title: Re: I die before mining stops? Post by: pontiacg5 on December 17, 2013, 02:45:24 AM If mining ever stops, so does bitcoin. Never stop! Feel like a pyramid scheme, find homes for excavator, it will become increasingly difficult. But as the post starter say, all of these will happen after we die.. :( Yes, it does look a bit like a pyramid scheme at first glance. But how else do you propose to provide the initial interest in a decentralized network that makes people spend money on said network? That has to start somewhere... The real difference between BTC and a pyramid scheme is BTC doesn't need new income to support old profits, though it is nice and a side effect of the experiment going well. BTC still has value as a payment network if half the network magically gives up and goes home tomorrow. There have been times of extreme hardship in bitcoin, market tanks worse than we've seen lately, but bitcoin is still here ??? Title: Re: I die before mining stops? Post by: bitpop on December 17, 2013, 02:48:56 AM I thought it stopped soon but I was mistaken. This is the first thing I know that will surely happen after I die and I can't see it :/ So you thought that bitcoin was a bubble? Because mining will not stop in any other case... Yes mining will stop Title: Re: I die before mining stops? Post by: Ruzka on December 17, 2013, 02:52:02 AM Yes it will go on past all of our lifetimes lol
Title: Re: I die before mining stops? Post by: infinitybo on December 19, 2013, 05:02:44 AM Never really asked myself about it but somebody will die before the end of Bitcoin mining, to be honest.
Title: Re: I die before mining stops? Post by: bitpop on December 19, 2013, 05:07:11 AM We ALL will be dead.
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