Bitcoin Forum

bitcoin 21m limit will stop mining,  people do not volunteer for fees;  math people should find the right  way to supply bitcoins forever using smart algorithms;  Wolfram "new kind of science"  people are welcome to step in!!!!!

I think it's trying to communicate...

Do your homework and educate yourself before posting your stupidity.
https://en.bitcoin.it/wiki/Mining#Reward
https://en.bitcoin.it/wiki/Controlled_Currency_Supply

You should ask questions and take the time to understand how things work before you waste time making ridiculous assertions.


Evidence does not support your assertion.  Saying it doesn't make it true, no matter how you feel about it.


"math people"? "Wolfram people"?  Bitcoin is intentionally designed to have a limit on the supply.  If you don't like it, go use something else.  Perhaps you'd be happier with some other currency.

EDIT: I really need to remember not to feed the trolls.

lol

Transaction fees will eventually be more significant than the block reward, and this will be far before the 21m cap is reached.

Stop feeding the troll.. He asked the same basic question yesterday.

But of course people will keep writing their opinions over and over anyway...

Edit: yesterdays post -- > https://bitcointalk.org/index.php?topic=908850 (https://bitcointalk.org/index.php?topic=908850)

AgentofCoin  I like to have answers;  I'm open and I like to understand;  You all guys look so sure... ;  I really like the bitcoin people, and let me say something as a joke:  to succeed in life it is not enough to be stupid;  you must also have good manners  (Voltaire)

The fixed amount of bitcoins is one of its defining features. To change it would be fundamentally wrong. The fixed amount will also make existing coins more valuable.

Winning response. lol

I think we could call this comment "Best Response to a troll of the year"
But in case he actually wanted to learn something. Thank you should even after all the bitcoins are mined blocks are still going to be mined and the reward for that work would be transaction fees.

ill pretend your not a troll and instead just a noob.. so here goes

in 120 years the rewards would be insignificant.. so for 119 years relax its not your problem

in 120 years peoples mindsets would change from thousands of people mining for profit. to become a diverse range of hundreds of thousands or millions of people mining purely to secure their bitcoin.

the transaction fee at the moment is less than half a penny.. and over 120 years the transaction limits and usage of bitcoin will change soo much that these half pennies will add up to be a sufficient amount to cover basic electric costs of the devoted miners that only care about security..

infact these devoted miners may have such a substantial hoard of bitcoin that the electric usage just to secure the network is cheaper then trying to secure their fiat investments and thus the transaction fee's wont be something they require.

put it this way..

if i have 50,000 bitcoin id happily spend a couple bitcoin of my own savings on the electric just to secure my hoard and i would not ask anyone else to pay me tx fee's for any blocks my miner solves..

but as i said in my first statement.. your worry is about something that is MANY MANY years away, far past your lifetime and plenty of time to deal with, it's not going to be something that shocks the world over night anytime soon

It's sometimes hard to tell between the two sometimes. Sometimes I don't know whether people are genuinely trying to propose something or are just trolling for responses.

It's an interesting subject nevertheless... Supposedly Bitcoin becomes so valuable by the time (125+ years) reward ends miners will be motivated enough by pure transaction fees to continue support the network. Not to mention small % transaction fee might be mandatory and coded into every wallet by that time. I guess this would have been an original Satoshi idea, idk.

Sometimes you get that feeling you should be nice, just in case it's aliens.

Nah, kill them all and let god sort them out.

Keep your mouth shut and people will think you're an idiot.

Open it and you confirm it for them.

lol  ;D
i agree with you dude  ;)

Bitcoin mining is limited to 21 million Bitcoins total, but as a functional currency and payment method it's actually closer to infinite.

http://image.slidesharecdn.com/bitcoin4goodstripped-140409001724-phpapp02/95/lets-learn-about-using-bitcoin-for-social-good-presentation-8-638.jpg?cb=1397020722

http://bitcoinmagazine.com/wp-content/uploads/2013/11/Monkey-copy.jpg

By the time we do reach 21 million BTC, it'll be 2140, and there's a chance 1 Satoshi = 1 USD.

But much before 2140 the mining reward will be negligible, unless BTC price reaches 1B each or something. So the negligible reward situation will arise way before 2140

 :D hrhr, good one.

I'm surely try to communicate;  deflation means that my bitcoin will increase their value in time:  so I will keep them:  I will NOT spend them because tomorrow they will be more precious:   I will spend dollars or EURO (now the BCE is printing...)

so if bitcoin mining has reached the end point, it is likely the price will increase to $1,000 :D

then you are helping the BTC ecosystem too.

and you also want, that BTC value will rise over time? so you should use it and spread the word bro  :)

only big farm will keep mining at that point

Tik Tok

https://i.imgur.com/k7SKUt2.png

doesnt have to be, if bitcoin gets expected popularity over the next 10 years, there should be insane amount of fee-s in blocks,
that would probably be more worth than block reward itself.

excuse me if i understood something wrong, but i think its like this.

cheers

Best first reply ever.

If this was reddit (thank god it's not) I'd tip you for this.

Just PM him for his address or changetip username, boom, you can tip!

every day there is a new funny post here in bitcointalk. a while back it was the "Bitcoin is dead" wave now this. what is going to be next?

As far as I know, in 5 years the mining will be negligible rewards will be negigible as hell, so the price needs to be high as hell in 5 years..

In 5 years the mining reward will be 6.25 BTC per block (900 BTC per day).

If you think 6.25 BTC is "negligible", feel free to send 6 BTC to me.  I'll even mail you a thank you card.

I also really want to, let alone 6.25 BTC,1 BTC course I've been grateful  :D

the 21M alone mean that the price should be high, even right now, but the RL don't work in this way

Not really.  Another way to look at it is that the reward halves every ~4 years, so if the USD/BTC exchange rate doubles every 4 years then in USD terms miners will have the same revenue they do now.  A 100% increase in 4 years is only 18% compounded annually.  This isn't to say Bitcoin will rise 18% annually (it could go to zero) but if Bitcoin continues to grow, 18% a year is a pretty low bar.

25 BTC @ $250 = 12.5 BTC @ $500 = 6.25 BTC @ $1,000 = 3.125 BTC @ $2,000

For those thinking ahead yes this does mean the level of security as a ratio of the value of the money supply will decline but the network is probably "overprotected" right now so we have a couple halvings before that becomes an issue.

Indeed. If you own 21 btc and bitcoin goes mainstream, you should be a guaranteed millonaire... IF bitcoin goes mainstream. But real life acts different than maths.

Oh we can only hope.

and the BEST REPLY AWARD GOES TO....... :)