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Title: Max BTC generated is limited to? Post by: awigaxeh-443 on April 02, 2012, 11:29:55 AM I thought that the system will keep generating coins well after all the blocks have been mined?
Title: Re: Max BTC generated is limited to? Post by: Raoul Duke on April 02, 2012, 12:00:44 PM 21 million baby. That's all the Bitcoins that will ever be created.
And read the wiki before "thinking" about the protocol. You're clearly not very good at it :D http://bitcoin.it/wiki/ Title: Re: Max BTC generated is limited to? Post by: BadBear on April 02, 2012, 12:11:16 PM I had a big post typed up but I'm just gonna quote DaT.
Mining =/= block rewards. Mining will continue forever (as long as the block chain exists). Block rewards will decrease to zero. A better name for block rewards is "block subsidy" because they pay for the network instead of fees. As subsidies decline to have the same network strength fees will need to rise. The strength of the network will be determined by how much is paid to miners. Another way to look at it. Imagine today that Bitcoin had Paypal level transaction volume. Roughly 100 transactions per second. That is 100*60*10 roughly 60,000 transactions per block. If each transaction paid just 0.001 BTC each it would be fees of ~60 BTC per block. Tada the network is "self paid for". So Bitcoin can have a powerful network supported by fees @ Paypal level transaction volume. With modestly higher fee per transaction (say 0.01) you could have the same 60 BTC per block in fees w/ roughly only 1/10th transaction volume. However today the network only has ~50 transactions per block (~0.1 tps). To support current payments to miners without block subsidies would require a transaction fee of roughly 1 BTC each. Obviously too high. Volume is too low making fees too high. The block subsidies are simply a solution to two problems: a) how do you distribute the money so it can begin circulating. b) how do you support a strong network with minimal fees (w/o strong network who will use Bitcoin i.e. chicken & egg scenario). Title: Re: Max BTC generated is limited to? Post by: Gabi on April 02, 2012, 12:18:36 PM +1 to psy and badbear :)
Title: Re: Max BTC generated is limited to? Post by: Raoul Duke on April 02, 2012, 12:24:01 PM Reading the OP more closely one thing bugs me...
well after all the blocks have been mined? If coins are generated by mining blocks how would they continue to be created if, like you said, "ALL" the blocks have been mined ::) Besides, if "ALL" blocks are mined Bitcoin is dead :P I correct my previous post: You're clearly not good at "thinking", period. Title: Re: Max BTC generated is limited to? Post by: GTRsdk on April 02, 2012, 05:04:52 PM Blocks are to keep being mined as long as Bitcion stays alive.
Now after all of the BTC is generated (21 million), there might be blocks still being mined (if people haven;t lost interest, and bitcoin is still alive and miners are still going or something hasn't replaced mining all together). Those blocks are only paid for using transaction fees. But as far as anyone living in this century would really care about... There are currently coins being generated (unless you are reading this in 2140 or later). Title: Re: Max BTC generated is limited to? Post by: jevon on April 02, 2012, 05:39:31 PM Decades from now, if Bitcoin hasn't caught on enough by then to have significant transaction fee volume to replace the dwindling block rewards, it's never going to catch on.
Title: Re: Max BTC generated is limited to? Post by: awigaxeh-443 on April 02, 2012, 10:44:37 PM Reading the OP more closely one thing bugs me... well after all the blocks have been mined? If coins are generated by mining blocks how would they continue to be created if, like you said, "ALL" the blocks have been mined ::) Besides, if "ALL" blocks are mined Bitcoin is dead :P I correct my previous post: You're clearly not good at "thinking", period. Shut the fuck up loser bitch cunt whore cocksucker motherfucker. My original statement was not incorrect moron, the system will be maintained by transactions therefore there really will be more coins. Now go jack off you fucking loser bitch who can't get a girl in real life. Title: Re: Max BTC generated is limited to? Post by: schnell on April 02, 2012, 10:59:13 PM Reading the OP more closely one thing bugs me... well after all the blocks have been mined? If coins are generated by mining blocks how would they continue to be created if, like you said, "ALL" the blocks have been mined ::) Besides, if "ALL" blocks are mined Bitcoin is dead :P I correct my previous post: You're clearly not good at "thinking", period. Shut the fuck up loser bitch cunt whore cocksucker motherfucker. My original statement was not incorrect moron, the system will be maintained by transactions therefore there really will be more coins. Now go jack off you fucking loser bitch who can't get a girl in real life. He wasn't that bad, didn't even insult you, then you just flipped. A 12 year old once sent me a message going along those lines, trying to get as many swear words in as possible to sound hard. How old are you, exactly? My bet is that you havnt yet hit teens, let alone adulthood. Title: Re: Max BTC generated is limited to? Post by: Raoul Duke on April 03, 2012, 12:52:30 AM That's what I get for trying to help the sorry cunt to stay away from something he's not good at: thinking!
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