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Title: what happens when all bitcoins are mined ? Post by: vortexz on September 21, 2014, 10:09:13 AM what happens when all bitcoins are mined ?as far as i know the mining ascis are needed to complete the transaction of bitcoins between wallets, but when all coins will be mined all ascis will be shut down because there is no need for them anymore,right ?
how will the transactions be made then withtout the asics to process them ? Title: Re: what happens when all bitcoins are mined ? Post by: deepceleron on September 21, 2014, 10:24:03 AM The blockchain reward halves every 210000 blocks, so before the reward becomes 0 BTC around 2140, it will have already been 0.00000008, 0.00000004, 0.00000002, and 0.00000001 BTC for eight years. The economy will have to transition to a reward based on transaction fees long before the reward actually becomes zero.
The question is then one of investment vs greedy reward. Will companies who have a million-dollar-a-year bitcoin business invest in mining just to defend the blockchain against attack? Will the fees (which have been drastically reduced recently way beyond sustainable levels) create enough incentive on their own to continue mining with strong enough difficulty? Will there be $1000 in fees per block because each bitcoin is worth a luxury house? All of these are unknown, but the rules of the currency and the money supply inflation rate are well known for hundreds of years and available for all to plan for the future, unlike all government currencies. I should add that the mining difficulty is ridiculous right now because $1.8 Million worth of BTC is being printed every day and goes solely to the miners. A lot of the mining capacity online now was planned when the value was only increasing exponentially (up to $1000/BTC and beyond), not the finally stable $500/BTC we've had for six months. Title: Re: what happens when all bitcoins are mined ? Post by: vortexz on September 21, 2014, 10:57:50 AM thanks for great explanation.
indeed, this is hard times for bitcoin right now, i hope everything goes back to normal soon. hope to see BTC rise above 1000 $ anytime soon. Title: Re: what happens when all bitcoins are mined ? Post by: dothebeats on September 21, 2014, 11:41:15 AM I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole.
Title: Re: what happens when all bitcoins are mined ? Post by: botany on September 21, 2014, 01:17:30 PM I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole. Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving. Title: Re: what happens when all bitcoins are mined ? Post by: waterpile on September 21, 2014, 01:29:15 PM asic won't be useless they will use it to mine other altcoins
Title: Re: what happens when all bitcoins are mined ? Post by: K128kevin2 on September 21, 2014, 01:31:35 PM We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences.
Title: Re: what happens when all bitcoins are mined ? Post by: kittycatbtc on September 21, 2014, 04:02:31 PM We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences. Legit, but how do I get rich NOW then?Title: Re: what happens when all bitcoins are mined ? Post by: pawel7777 on September 21, 2014, 08:40:41 PM We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences. What's dumb is your post. If any currency was, by design, to die after some certain time (even 100 years) it would be already reflected in the current price (likely to be close to zero). It could have some value if it had really useful, practical functions, but still would be worthless as a long term investment/store of value. Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on September 21, 2014, 08:48:50 PM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble.
Title: Re: what happens when all bitcoins are mined ? Post by: pawel7777 on September 21, 2014, 09:23:13 PM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc. First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention). Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse. So the only question is: "is bitcoin good enough?" Title: Re: what happens when all bitcoins are mined ? Post by: redsn0w on September 21, 2014, 09:28:31 PM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc. First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention). Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse. So the only question is: "is bitcoin good enough?" Bitcoin is : First come, first served ! So it is not necessary to add or modify its system . Title: Re: what happens when all bitcoins are mined ? Post by: snappa4ever on September 22, 2014, 05:13:03 AM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. But there already are First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention). Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse. So the only question is: "is bitcoin good enough?" Just because something is faster to confirm does not mean that something is better. I would personally actually argue that the opposite is true because of the fact that shorter confirmation times means more orphaned blocks, and potential long orphaned chains, which leads to more uncertainty and less number of miners wanting to mine on the network in the first place Title: Re: what happens when all bitcoins are mined ? Post by: dothebeats on September 22, 2014, 11:50:06 AM I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole. Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving. Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs. Lemme google it myself. :v Title: Re: what happens when all bitcoins are mined ? Post by: dothebeats on September 22, 2014, 12:20:05 PM I've once read an article about the same question posed in this thread: what will happen if all the 21m coins were mined? As most of us know, the transactions on the blockchain are moved by the miners. The incentive that keeps the miners processing these transactions is 25 btc per block as of the current time. However, this reward is designed to halve every halving (forgive me but I forgot how many blocks were needed before the halving take place :v), so as to prevent a fast minting of coins. So why would the miners continue to process these transactions if in the end they cannot even pay the bills with the rewards they are getting? That's when the problem occurs. The miners' rewards weren't enough to keep them from running these miners and helping the transactions move, unless the reward system is change: a reward system that would benefit the miners, the users, and the network as a whole. Halving occurs every 4 years. I presume the price would move up sufficiently to cover the block halving. Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs. Lemme google it myself. :v Found what I've been looking for. Yep, the 4-year time frame is correct. Apologies for my ignorance. I think I'm losing track of the basics. :v Title: Re: what happens when all bitcoins are mined ? Post by: Oscilson on September 22, 2014, 01:34:52 PM thanks for great explanation. indeed, this is hard times for bitcoin right now, i hope everything goes back to normal soon. hope to see BTC rise above 1000 $ anytime soon. If you have a miner with 1GH/W hash efficiency, and $0.1/kWh electricity price, the revenue is about 3 times the electricity cost. So you will keep on mining and selling the BTC. So the price will be suppressed as the miners are still profitable at present difficulty level and BTC price. Title: Re: what happens when all bitcoins are mined ? Post by: deepceleron on September 22, 2014, 03:49:33 PM Is that 4 years a constant time frame in which a halving occur? I don't think so. The time that it takes the bitcoin network to arrive in a halving greatly depends on the global hashrate. So I suppose that 4 years is just an estimate, right? I want to know how many blocks does the network need to solve before a halving occurs. Lemme google it myself. :v Found what I've been looking for. Yep, the 4-year time frame is correct. Apologies for my ignorance. I think I'm losing track of the basics. :v The block reward is actually halved every 210,000 blocks. At the target rate of 6 blocks per hour * 24 hours per day, that is 1458.33 days between halving (3 years 363.3 days). While the hashrate is growing, the blocks occur faster than this rate (due to lag in difficulty adjustment), but when the hashrate decreases, the block rate is lower. The hashrate may continue to grow forever due to technology advances over 100 more years, or it may end up decreasing after the reward doesn't pay electric bills of the latest tech. If the huge increases level off, we will stay close to this schedule: Block # Year Reward/Block Total_Reward_For_Period ------- ---- ---------- ------------------------ 0000000 2009 50.0000000 10500000 0210000 2013 25.0000000 5250000 0420000 2017 12.5000000 2625000 0630000 2021 6.25000000 1312500 0840000 2025 3.12500000 656250 1050000 2029 1.56250000 328125 1260000 2033 0.78125000 164062.5 1470000 2037 0.39062500 82031.25 1680000 2041 0.19531250 41015.625 1890000 2045 0.09765625 20507.8125 2100000 2049 0.04882812 10253.9052 2310000 2053 0.02441406 5126.9526 2520000 2057 0.01220703 2563.4763 2730000 2061 0.00610351 1281.7371 2940000 2065 0.00305175 640.8675 3150000 2069 0.00152587 320.4327 3360000 2073 0.00076293 160.2153 3570000 2077 0.00038146 80.1066 3780000 2081 0.00019073 40.0533 3990000 2085 0.00009536 20.0256 4200000 2089 0.00004768 10.0128 4410000 2093 0.00002384 5.0064 4620000 2097 0.00001192 2.5032 4830000 2101 0.00000596 1.2516 5040000 2105 0.00000298 0.6258 5250000 2109 0.00000149 0.3129 5460000 2113 0.00000074 0.1554 5670000 2117 0.00000037 0.0777 5880000 2121 0.00000018 0.0378 6090000 2125 0.00000009 0.0189 6300000 2129 0.00000004 0.0084 6510000 2133 0.00000002 0.0042 6720000 2137 0.00000001 0.0021 6930000 2141 0.00000000 0 Total coins distributed: 20999999.9769 Title: Re: what happens when all bitcoins are mined ? Post by: TradersWay.JC on September 22, 2014, 04:02:42 PM No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;)
Title: Re: what happens when all bitcoins are mined ? Post by: botany on September 22, 2014, 04:44:04 PM No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) Miners can make a lot of money in transaction fees as well. :) Title: Re: what happens when all bitcoins are mined ? Post by: realdope on September 22, 2014, 05:52:21 PM No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned. Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on September 22, 2014, 09:46:30 PM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. But there already are better crypto currencies! faster, safer, PoS, X11, hybrids, better distributed, with better names etc. First altcoin was Litecoin and it was already an improvement over bitcoin, but it didn't overtake bitcoin (not to mention that it was never LTC's devs intention). Bitcoin doesn't have to be 'the best', it has to be 'good enough'. There will never be the ultimate 'the best' crypto, because there will always be a room for improvements. And if we all were to jump from one coin to another (new and better) one, all concept would collapse. So the only question is: "is bitcoin good enough?" Its still early days. One of those you mentioned might just replace it. You can not say with just a few months of evidence. Title: Re: what happens when all bitcoins are mined ? Post by: FreedomCoin on September 23, 2014, 08:57:39 PM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013.
Title: Re: what happens when all bitcoins are mined ? Post by: pawel7777 on September 23, 2014, 09:08:50 PM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. It sure going to be interesting, still long time to go tho. And think it's going to happen in 2016 not 2017: Quote Bitcoin Clock Reward-Drop ETA: 2016-08-02 16:36:15 UTC (96 weeks, 6 days, 23 hours, 30 minutes) http://bitcoinclock.com/ (http://bitcoinclock.com/) Title: Re: what happens when all bitcoins are mined ? Post by: elgimpo on September 24, 2014, 02:17:34 AM Shit will definitely be getting real
Title: Re: what happens when all bitcoins are mined ? Post by: zorke on September 24, 2014, 04:29:55 AM No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned. I personally think that TX volume (and TX fees) will increase substantially over the years making the block subsidy less important Title: Re: what happens when all bitcoins are mined ? Post by: Oscilson on September 24, 2014, 04:47:38 AM If the transaction fee is high enough, the network will still be secured by miners.
Title: Re: what happens when all bitcoins are mined ? Post by: zebedee on September 24, 2014, 07:25:11 AM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. Lol, are you living in the same world as me? Looking quite good and healthy from where I'm sitting.Title: Re: what happens when all bitcoins are mined ? Post by: Amph on September 24, 2014, 10:01:43 AM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. no, bitcoin can be upgraded, it's open source remember... Title: Re: what happens when all bitcoins are mined ? Post by: CryptoCarmen on September 24, 2014, 10:31:27 AM No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) You don't get it. There will always be someone doing the job, because if few people are doing it, the ones doing it will get a lot of reward. It gets itself balanced. Satoshi had it all planned. yes and with technology progress, much less electricity will be needed to make 1 transaction. Title: Re: what happens when all bitcoins are mined ? Post by: mavericklm on September 24, 2014, 12:18:07 PM IF no one will mine, everyone will shut down, then bitcoin=0...
Title: Re: what happens when all bitcoins are mined ? Post by: rivoke on September 24, 2014, 12:59:10 PM The price should be going up at the end right?
Title: Re: what happens when all bitcoins are mined ? Post by: thejaytiesto on September 24, 2014, 04:01:40 PM The price should be going up at the end right? To the contrary. From what I understood, at the end of the mining stages the price should be extremely stable and very high, like a 1 million dollar per coin minimum, if everything went accordingly and adoption happened. We will all be dead by then so whatever. Title: Re: what happens when all bitcoins are mined ? Post by: incomefx on September 24, 2014, 04:03:41 PM it will be redundant for sure.
the price might be vary though Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on September 25, 2014, 11:37:09 AM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. no, bitcoin can be upgraded, it's open source remember... The stubborn community will leave it till its too late. They will upgrade but by then the other will have overtaken. Bitcoin is paving the way and breaking barriers but its not the end game. Title: Re: what happens when all bitcoins are mined ? Post by: sandykho47 on September 25, 2014, 12:24:29 PM After all bitcoin is mined
Miner only get bitcoin only from tx fee :( But, if bitcoin price never raise up Only few people will mine it Maybe bitcoin will add Aux-PoW / PoS / something else Or hope someone want mine without get profit No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) It will be difficult for anyone to mine bitcoin :( If bitcoin price is low Title: Re: what happens when all bitcoins are mined ? Post by: CryptoCarmen on September 25, 2014, 08:50:24 PM After all bitcoin is mined Miner only get bitcoin only from tx fee :( But, if bitcoin price never raise up Only few people will mine it Maybe bitcoin will add Aux-PoW / PoS / something else Or hope someone want mine without get profit No one will be mining in 70 years unless Bitcoin is worth a ton of money. So it is do or die for the Bitcoin exchange rate. Otherwise we will never mine all of them.... unless we will have a difficulty decrease ;) It will be difficult for anyone to mine bitcoin :( If bitcoin price is low It is hard for anyone to mine if to many does mine. if price is low, not many will mine, so it will be easily to mine then. Title: Re: what happens when all bitcoins are mined ? Post by: money420weed on September 26, 2014, 03:05:37 AM Bitcoin will be redundant by that time. There will be better technologies which will overtake this. PoW already shows signs of having lot of trouble. Lol, are you living in the same world as me? Looking quite good and healthy from where I'm sitting.By the time that all bitcoin is mined the TX fees per block will hopefully be enough to cover the cost of mining. If it does not then the difficulty will decrease until the cost of mining is < the average amount of TX fees per block. If the total TX fees are not high enough then the network will not be very secure. Title: Re: what happens when all bitcoins are mined ? Post by: snappa4ever on September 26, 2014, 04:10:42 AM I don't think changing the algorithm to Proof of stake is possible because it's very complex process.
Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on September 26, 2014, 10:52:58 AM I don't think changing the algorithm to Proof of stake is possible because it's very complex process. Its quite easy. Just have a snapshot and then give the current holdings in the new genesis block and its sorted. Thats not the problem, the issue is to make them go over. Keep in mind that there are huge vested interests in mining who will do all to prevent it. On here you can see the older members claiming that mining is the only way to go. No coincidence that most of them started off by minng and now have spent on equipment. Title: Re: what happens when all bitcoins are mined ? Post by: Ayers on September 26, 2014, 11:13:20 AM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on September 30, 2014, 01:41:48 AM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced. Its priced by the market well ahead so it will not have much effect. Title: Re: what happens when all bitcoins are mined ? Post by: Traffic4u on October 01, 2014, 03:40:11 AM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced. Its priced by the market well ahead so it will not have much effect. Title: Re: what happens when all bitcoins are mined ? Post by: arvindr on October 01, 2014, 04:26:56 AM Even when the block reward halves, the cost of mining will go up significantly, which will cause miners to find other ways, and stop mining bitcoins, and this might increase the prices further.
Title: Re: what happens when all bitcoins are mined ? Post by: Ayers on October 01, 2014, 06:42:32 AM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced. Its priced by the market well ahead so it will not have much effect. if the block halve and the demand stay the same as today(i doubt it, in the sense that the demand will increase) the price can only go up, and the problem aren't the miners(their dumping is "fixed"), the problem are the buyers Title: Re: what happens when all bitcoins are mined ? Post by: fewcoins on October 01, 2014, 08:26:01 AM We'll all be dead when that happens, who cares. Anticipating future problems and thinking ahead is dumb. It's better to just do things blindly without thinking about the consequences. Legit, but how do I get rich NOW then?You won't get rich now or later! Bitcoin is not a get rich quick scheme, sorry Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on October 01, 2014, 12:54:05 PM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced. Its priced by the market well ahead so it will not have much effect. if the block halve and the demand stay the same as today(i doubt it, in the sense that the demand will increase) the price can only go up, and the problem aren't the miners(their dumping is "fixed"), the problem are the buyers The sellers are outnumbering buyers now. The daily inflation means there is need of new cash everyday just to hold still. The downward pressure will reduce when it halves, but it will still remain. Title: Re: what happens when all bitcoins are mined ? Post by: fewcoins on October 01, 2014, 04:09:30 PM looking forward to 2017 to see what happens, i remember the halving that occurred in 2013. halving is scheduled for 2016 actually, the price will rise for sure You mean it will stop falling at a lesser rate. The mining each day is generating new coins which is putting selling pressure. It will not magically rise when the new coins is reduced. Its priced by the market well ahead so it will not have much effect. if the block halve and the demand stay the same as today(i doubt it, in the sense that the demand will increase) the price can only go up, and the problem aren't the miners(their dumping is "fixed"), the problem are the buyers The sellers are outnumbering buyers now. The daily inflation means there is need of new cash everyday just to hold still. The downward pressure will reduce when it halves, but it will still remain. Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily??? Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running??? I think everyone will cash out long before the last bitcoin is mined anyway. Title: Re: what happens when all bitcoins are mined ? Post by: waterpile on October 02, 2014, 06:14:20 AM Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily??? Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running??? I think everyone will cash out long before the last bitcoin is mined anyway. if the price goes down, people tend to buy more coz its cheap and if its cheap the average person can afford it. In my opinion it is better if its cheap its more user friendly Title: Re: what happens when all bitcoins are mined ? Post by: fewcoins on October 03, 2014, 07:33:44 AM Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily??? Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running??? I think everyone will cash out long before the last bitcoin is mined anyway. if the price goes down, people tend to buy more coz its cheap and if its cheap the average person can afford it. In my opinion it is better if its cheap its more user friendly That's why this thing is going down to forex levels again... This is a longterm downtrend Title: Re: what happens when all bitcoins are mined ? Post by: Asrael999 on October 03, 2014, 07:45:35 AM Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily??? Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running??? I think everyone will cash out long before the last bitcoin is mined anyway. if the price goes down, people tend to buy more coz its cheap and if its cheap the average person can afford it. In my opinion it is better if its cheap its more user friendly Yes because I have to buy whole bitcoins don't I? Quick short gold because I have to buy it in whole ingots. Title: Re: what happens when all bitcoins are mined ? Post by: Oscilson on October 03, 2014, 09:18:26 AM Yes because I have to buy whole bitcoins don't I? Quick short gold because I have to buy it in whole ingots. You do not have to buy whole bitcoin. You can buy 0.1, 0.001 bitcoin. Title: Re: what happens when all bitcoins are mined ? Post by: Coinshot on October 03, 2014, 08:09:00 PM Yes because I have to buy whole bitcoins don't I? Quick short gold because I have to buy it in whole ingots. You do not have to buy whole bitcoin. You can buy 0.1, 0.001 bitcoin. Serious guy, eh? The sarcasm flew over your head? Title: Re: what happens when all bitcoins are mined ? Post by: Oscilson on October 03, 2014, 08:47:44 PM Yes because I have to buy whole bitcoins don't I? Quick short gold because I have to buy it in whole ingots. You do not have to buy whole bitcoin. You can buy 0.1, 0.001 bitcoin. Serious guy, eh? The sarcasm flew over your head? Do you mean I should not answer that "whole bitcoin" quenstion? ??? Title: Re: what happens when all bitcoins are mined ? Post by: a447513372 on October 04, 2014, 06:52:51 AM Exactly!!! Thanks for confirming not everyone here is a permabull scammer... The people interested in Bitcoin are already in it! Holding their coins! There is no new money coming in and miners are producing $1.8m in bitcoin PER DAY EVERY DAY, It will never stop or slow down. When do you see that much money coming into BTC daily??? Probably around when the last bitcoin is set to be mined & right before all the miners shut off their machines since mining no longer has a reward for them why would they run these machines & pay electricity just to keep the network running??? I think everyone will cash out long before the last bitcoin is mined anyway. if the price goes down, people tend to buy more coz its cheap and if its cheap the average person can afford it. In my opinion it is better if its cheap its more user friendly Title: Re: what happens when all bitcoins are mined ? Post by: cutesakura on October 06, 2014, 01:10:56 PM if all the blocks in the bitcoin mining by miners, the bitcoin price will be higher, this is caused by eating less and less goods market will be more expensive goods, whereas if bitcoin more and more in the market, then it will be more expensive the price of bitcoin, bitcoin prices also depending on the number of people who use bitcoin as a means of transaction ... 8)
Title: Re: what happens when all bitcoins are mined ? Post by: topman21 on October 06, 2014, 03:18:23 PM I think it is because too much miners productivity caused too much supply and price is keep moving down with long downtrend in weekly chart and monthly chart as well.
Title: Re: what happens when all bitcoins are mined ? Post by: fewcoins on October 06, 2014, 03:51:10 PM I think it is because too much miners productivity caused too much supply and price is keep moving down with long downtrend in weekly chart and monthly chart as well. Long isn't the word when you talk about this downtrend... It has been going on all year & look its it will continue much much longer than that Title: Re: what happens when all bitcoins are mined ? Post by: Business on October 06, 2014, 03:53:44 PM When all bitcoins get mined, miners will keep working in the transactions. They will win with the fees. :)
Title: Re: what happens when all bitcoins are mined ? Post by: pitham1 on October 07, 2014, 07:07:18 AM When all bitcoins get mined, miners will keep working in the transactions. They will win with the fees. :) None of us will live to see what happens when all the bitcoins are mined. :) Title: Re: what happens when all bitcoins are mined ? Post by: fewcoins on October 09, 2014, 10:39:50 PM When all bitcoins get mined, miners will keep working in the transactions. They will win with the fees. :) None of us will live to see what happens when all the bitcoins are mined. :) We will be around for a new all time low that's for sure... Hopefully the round will blast us far away from this zone!! Title: Re: what happens when all bitcoins are mined ? Post by: pitham1 on October 12, 2014, 05:05:45 PM When all bitcoins get mined, miners will keep working in the transactions. They will win with the fees. :) None of us will live to see what happens when all the bitcoins are mined. :) We will be around for a new all time low that's for sure... Hopefully the round will blast us far away from this zone!! How do you define all time low for something which started at ~ 0 USD? ;D Title: Re: what happens when all bitcoins are mined ? Post by: Turnkey on October 14, 2014, 01:17:33 PM It is a long way to go. You might see other coins with more advanced technology before that.
Title: Re: what happens when all bitcoins are mined ? Post by: tripppn on October 14, 2014, 05:08:40 PM I have my doubts that bitcoin will be the end all coin. Some other coin will take its place as top dog and that coin prob exists today. As long as it's not some BS like Ripple I'll be happy.
However is Bitcoin is the top dog years and years from now and mining ends if bitcoin is to survive it will be mined for the tx fees which hopefully at that time will be worth more then the last block reward before the end. Mining itself will only stop if bitcoin dies. There will always be people mining the TX fees. Title: Re: what happens when all bitcoins are mined ? Post by: DhaniBoy on October 14, 2014, 10:39:04 PM if all bitcoin can be mined, I think all of bitcoin will be distributed to everyone, especially people who mine bitcoin, bitcoin mining everybody can, of course with no small amount of capital, but it is all just conjecture, we do not know what happens next, hopefully that bitcoin there can now be properly distributed so that everyone can enjoy bitcoin ... 8)
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