Bitcoin "end game" a mathematical certainty even as Japanese and Korean noobs...

[BADecker]

Bitcoin "end game" a mathematical certainty even as Japanese and Korean noobs ...

A quick mathematical analysis of Bitcoin and the world of crypto-currencies: After plunging nearly 30% last week in a severe correction, Bitcoin has since surged back to the $2800 range, this time riding a wave of optimism from Bitcoin noobs in Japan and South Korea who have become irrationally convinced that Bitcoin is a replacement for their retirement savings (see Reuters report, below). Now, even kindergarten teachers are throwing money at Bitcoin, believing they've discovered a magical source of unlimited wealth (yep, they really believe it's all different this time).

Little do they know they are going to lose nearly everything when the Bitcoin end game rears its ugly head, as has already been mathematically programmed into the system. How's that, exactly?

For starters, due to increased volume, Bitcoin transactional costs have now skyrocketed from roughly $16 per transaction to $23.30 per transaction in just the past week or so, according to Blockchain.info. This is a transactional cost increase of over 30% in just a few days, and it demonstrates the stress of the increasing volume of transactions on the distributed blockchain ledger. It is yet more mathematical evidence that selling Bitcoin and exiting the market in a time of high trading volume will be increasingly expensive and difficult, with long delays on transactions that could require days or even weeks to be confirmed.

Bitcoin mining will collapse in the next few years, and the blockchain will follow

Bitcoin will approach its "end game" in the next decade when all Bitcoin mining permanently ceases due to the mathematical limit of 21 million Bitcoins in circulation. (The mining algorithm allows no more than 21 million coins to exist.) In the last 24 hours, 1,850 Bitcoins were successfully mined. This is equivalent to approximately 675,000 Bitcoins in a year, accounting for parallel increases in computational difficulty and enhancements in ASIC mining rigs that carry out hashing calculations more efficiently.

As Bitcoins are limited to a grand total of 21 million Bitcoins, and given that nearly 16.4 million Bitcoins are already mined, this means that if the current mining computational infrastructure keeps pace with the increasing mathematical difficulty for achieving Bitcoin rewards, all Bitcoins will be mined out in about seven years (by roughly 2024). (There are difficulty adjustments in the Bitcoin algorithm, so it might take longer, but Bitcoin mining is approaching an end point in the very near future.)

Read more at http://www.naturalnews.com/2017-06-05-bitcoin-end-game-japanese-korean-kindergarten-teachers-magical-source-endless-wealth.html.

[BADecker]

Personally, I think the articles is wrong. When all the bitcoins have been mined, there will be a limited number of them, without an increase possible. They will still have value regarding free trade. This means that their value will increase because of people who hoard them, for exactly that, an increase.

As for the time when the bitcoins will all have been mined, the schedule of 4-year halving extends this into the next century, rather than just a decade away as the article suggests.

While it is difficult to determine what will really happen with Bitcoin, I am a little surprised at the author of the article (Natural News) is supporting the idea of a collapse. Not because a collapse couldn't happen, but because Bitcoin embodies the idea of freedom, the thing that Natural News has been fighting for, for a long time.

For the little guy, fiat has already collapsed. Prices of products seem to rise faster than wages. The old supply and demand idea doesn't seem to bring prices down. So, fiat is already lost. All of its bubbles will only show what has already happened, when they burst. Regarding money, seems to me that Bitcoin (and various altcoins) are all that is safe in the world of actual trade.

World fiat is going to collapse. There are no two ways about it. If Bitcoin is still being traded with reasonable vigor at that time, it will soar to unrecognizable heights in value against the collapsing currencies. Bitcoin will be salvation. Hoard some. Don't put your life savings into it, but hoard some. It could go higher than $10,000,000 if enough fiat bubbles burst. And buying groceries with Bitcoin will start during the fiat bubble bursts.

[Qartada]

Personally, I think the articles is wrong. When all the bitcoins have been mined, there will be a limited number of them, without an increase possible. They will still have value regarding free trade. This means that their value will increase because of people who hoard them, for exactly that, an increase.

While it is difficult to determine what will really happen with Bitcoin, I am a little surprised at the author of the article (Natural News) is supporting the idea of a collapse. Not because a collapse couldn't happen, but because Bitcoin embodies the idea of freedom, the thing that Natural News has been fighting for, for a long time.

You shouldn't be surprised in the slightest.

This is exactly the kind of "news" site that plays on people who are intelligent enough to realise that the mainstream media is corrupt but too dumb to realise that much of what they say is based on truth and reasonable scientific opinion.  The mainstream media is corrupt, but that doesn't mean you should just assume everything is wrong based on some paranoid fantasy.

You can see just from this article that they're too dumb to do the slightest bit of research into how Bitcoin mining works, so they just create an article packed with bullshit without thinking.

Maybe after seeing this you should consider that they're making up bullshit about other subjects as well.

[BillyBobZorton]

According to the graphs i've seen:



So I don't see how 2024 is the year the 21 million coins are mined. What I am reading?

The coin release is fixed. By 2029 the curve becomes almost a straight line, so the price should be huge, $1,000,000+ per coin.

[CoinCube]

Maybe after seeing this you should consider that they're making up bullshit about other subjects as well.

Although I am not familiar with this webpage this particular article is certainly poorly written and researched.

[l32]

Maybe after seeing this you should consider that they're making up bullshit about other subjects as well.

Although I am not familiar with this webpage this particular article is certainly poorly written and researched.

Any discussion on this http://www.coindesk.com/bip-148-segwit2x-bitcoin-scaling-compromise-might-not-easy/?

[Omega Weapon]

There is some truth in the article, many people invest their saving in bitcoin without knowing what they are getting into, but there are many things that are wrong, they predict every single bitcoin is going to be mined by 2024 because computers become more efficient, they may have forgot that the difficulty gets adjusted every once in a while so that is not going to happen.

[U2]

Jesus. $23 a transaction. The writer of this article should have gotten rid of their faucet earnings before the tx fees got out of control. This is so poorly written. Do they have any proof that "literally everyone in Asia is trading in their retirement funds for bitcoins. Kindergarten teachers are going nuts over this shit!!!" That's the stupidest part of the article. Source? I call bullshit. How many kindergarten teachers did they poll? 1? 0? Idiots.

There is some truth in the article, many people invest their saving in bitcoin without knowing what they are getting into, but there are many things that are wrong, they predict every single bitcoin is going to be mined by 2024 because computers become more efficient, they may have forgot that the difficulty gets adjusted every once in a while so that is not going to happen.

No one thinks that all bitcoins will be mined bye 2024 rofl. It's mathematically impossible. The writer of this must be a fucking moron who didn't even check wiki. I know when I wake up tommorow 2+2 won't equal 3.737836848041 but I bet I could convince this degenerate that it's possible.

[stompix]

First:

As Bitcoins are limited to a grand total of 21 million Bitcoins, and given that nearly 16.4 million Bitcoins are already mined, this means that if the current mining computational infrastructure keeps pace with the increasing mathematical difficulty for achieving Bitcoin rewards, all Bitcoins will be mined out in about seven years (by roughly 2024). (There are difficulty adjustments in the Bitcoin algorithm, so it might take longer, but Bitcoin mining is approaching an end point in the very near future.

Somebody tell this moron about bitcoin halving.

Second:

For starters, due to increased volume, Bitcoin transactional costs have now skyrocketed from roughly $16 per transaction to $23.30 per transaction in just the past week or so, according to Blockchain.info.

This is another bs as bc counts also the mining reward in the transactions cost.
The 23.30 fee is the cost of mining in the graph not the cost per tx.

Kindergarten teachers in Japan now convinced that Bitcoin is a magical, rainbow-powered unicorn for earning money without effort

Well this is half bs.
The true part is that every time bitcoin price is going up there are a lot of people who throw money in without knowing what bitcoin is. But that's the same story in every investment from stocks to manure.

The bs is about the size of the unicorn mania. If it were that big we would be at 10 000 or 20 000 not hovering at2.5k

[Kakmakr]

This article is riddled with mistakes. The writer has no clue how programmable Crypto currencies work and that the 21 000 000 bitcoins can be sub-divided even further, to create more units. < 0.000000001 > He also blows up the miners fee that needs to be paid to crazy numbers? < $16 per transaction to $23.30 per transaction??? > I have done several transactions these past weeks via Blockchain.info with $1 to $3 miners fees.  

The shilling and FUD in this article is blatant but people believe this shit, because they are too lazy to do their own research to verify and fact check these articles. ^sad^