Bitcoin halving to be canceled?

[deisik]

If something like bitcoin halving ever get cancelled and changed how exactly devs are gonna explain this?
Crucial matter like halving is precisely planned, designed and anticipated bye everyone. Changing it would shaken bitcoin economy and put it in very uncomfortable spot because if halving can be changed then maybe devs will next change total number of bitcoin?

First, it is not up to devs to decide. Second, the same devs (well, some part of) already decided to create a new Bitcoin (that is, Bitcoin XT). I don't think they will have difficulty in finding an excuse once they are up to something...

And last (but not least), hasn't their last decision already shaken the Bitcoin economy?

[n2004al]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

I'm afraid that is not possible to stop the halving of the bitcoin because this characteristic is in its algorithm of production. I'm not a specialist but according to BitcoinWiki: "Bitcoins are created each time a user discovers a new block. The rate of block creation is approximately constant over time: 6 per hour. The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years.The result is that the number of bitcoins in existence will never exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are: it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."

Then:

"This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners."

[deisik]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

I'm afraid that is not possible to stop the halving of the bitcoin because this characteristic is in its algorithm of production. I'm not a specialist but according to BitcoinWiki: "Bitcoins are created each time a user discovers a new block. The rate of block creation is approximately constant over time: 6 per hour. The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years.The result is that the number of bitcoins in existence will never exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are: it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."

It has been discussed earlier in the thread. In short, there are no technical issues to change this behavior

[n2004al]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

I'm afraid that is not possible to stop the halving of the bitcoin because this characteristic is in its algorithm of production. I'm not a specialist but according to BitcoinWiki: "Bitcoins are created each time a user discovers a new block. The rate of block creation is approximately constant over time: 6 per hour. The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years.The result is that the number of bitcoins in existence will never exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are: it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."

It has been discussed earlier in the thread. In short, there are no technical issues to change this behavior

Naturally that algorithm of production can be changed but with this must be agreed from all the team who develops the core of bitcoin. Those cannot agree the size of  blocks. Speak and agree about this problem I think it was more difficult. First of all because have other problems to solve before.

[bryant.coleman]

If they (Bitcoin Foundation) are going to cancel the block reward halving, then I am going to dump my coins and exit the Bitcoin sector. If they change the fundamentals every now and then, what is the difference between Bitcoin and a fiat currency such as the United States Dollar? Already we are having more than enough issues with the block size.

[deisik]

If they (Bitcoin Foundation) are going to cancel the block reward halving, then I am going to dump my coins and exit the Bitcoin sector. If they change the fundamentals every now and then, what is the difference between Bitcoin and a fiat currency such as the United States Dollar? Already we are having more than enough issues with the block size.

If Bitcoin is destined to survive, that won't be on the score of those who are trying to buy it cheaper in hope of selling it dearer. Otherwise it wouldn't be much different from yet another financial pyramid...

And it wouldn't have lasted long in the first place

[Ibian]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

I'm afraid that is not possible to stop the halving of the bitcoin because this characteristic is in its algorithm of production. I'm not a specialist but according to BitcoinWiki: "Bitcoins are created each time a user discovers a new block. The rate of block creation is approximately constant over time: 6 per hour. The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years.The result is that the number of bitcoins in existence will never exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are: it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."

Then:

"This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners."

Why are you afraid of it?

[n2004al]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

I'm afraid that is not possible to stop the halving of the bitcoin because this characteristic is in its algorithm of production. I'm not a specialist but according to BitcoinWiki: "Bitcoins are created each time a user discovers a new block. The rate of block creation is approximately constant over time: 6 per hour. The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years.The result is that the number of bitcoins in existence will never exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are: it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."

Then:

"This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners."

Why are you afraid of it?

Good observation! Congrats mate. It an expression which derive from the language of my country (at least here is used) and express the fear that can born when something you want cannot happen.

It is not the classic fear like fear from death or fear from something very bad. Is fear in the meaning that is possibility to be verified something that cannot be made even if wanted with all the hart.

[Q7]

will not happen. it's something you can't mess with as satoshi made bitcoin in the way he think it will work in the best way possible for us. the community would defenitely not agree with this.

What is community?

I think the reward halving might have devastating consequences on the Bitcoin ecosystem. People seem to forget that Bitcoin is not just a digital currency. It is also a payment system which is backing up this currency, and its success (or failure) predetermines Bitcoin's ultimate destiny as money...

I just thought we are generating too much hype. On one side I can see people predicting we will get to see an eventual increase in the price while the other side, looking at a total failure of the whole system, if that was what I tried to intrepret from your conversation.

Whatever the condition, I think it will eventually balanced out. If a miner finds it hard to maintain profitability and dropped out, there will always be others who will know how to operate efficiently to cover the mining cost. Provided that demand for the coins remains strong, this will also have positive effect on the price. Thus whatever the scenario, bitcoin will survive through.

[deisik]

Whatever the condition, I think it will eventually balanced out. If a miner finds it hard to maintain profitability and dropped out, there will always be others who will know how to operate efficiently to cover the mining cost. Provided that demand for the coins remains strong, this will also have positive effect on the price. Thus whatever the scenario, bitcoin will survive through.

Most certainly it will in the end. But it makes a big difference at which price that will happen. I'm dead sure that if it falls to sub $100 level (which is quite possible), many of those who are right now mindlessly and blindly endorsing the coming halving will have to rethink their attitude...

[SebastianJu]

will not happen. it's something you can't mess with as satoshi made bitcoin in the way he think it will work in the best way possible for us. the community would defenitely not agree with this.

What is community?

I think the reward halving might have devastating consequences on the Bitcoin ecosystem. People seem to forget that Bitcoin is not just a digital currency. It is also a payment system which is backing up this currency, and its success (or failure) predetermines Bitcoin's ultimate destiny as money...

Why do you think it will have a devastating effect on the bitcoin ecosystem? The price of bitcoin is determined of the believe of those holding, selling and buying. The reward for miners does play no role in this.

In fact the halving should come to make bitcoin better. And we should avoid trying to enforce a "fee market" by forcing bitcoin transactions in 1MB blocks, like some propose.

Why? The rewards for miners are way way too high. Nowadays the networks hashpower is 100 times higher then it would be needed. The consequences of this are that each and every transactions costs electricity of the size 1.75 average US-households use each day. Bigger transactions cost even more.

This is not healthy. Miners had to be switched off as unprofitable. This has to happen again. The reward halving is a welcome step.

[zimmah]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

of course it will happen

miners can't just change the protocol, blocks would be rejected by other miners and nodes (nodes aren't necessarily miners)

[VirosaGITS]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

of course it will happen

miners can't just change the protocol, blocks would be rejected by other miners and nodes (nodes aren't necessarily miners)

Miners can absolutely change the protocol, with consensus, which will absolutely not happen. The nodes are indeed not necessarily with any hashrate but they also have no voice power. The blockchain follow the hashrate, the nodes are just a tool for broadcasting.

[deisik]

will not happen. it's something you can't mess with as satoshi made bitcoin in the way he think it will work in the best way possible for us. the community would defenitely not agree with this.

What is community?

I think the reward halving might have devastating consequences on the Bitcoin ecosystem. People seem to forget that Bitcoin is not just a digital currency. It is also a payment system which is backing up this currency, and its success (or failure) predetermines Bitcoin's ultimate destiny as money...

Why do you think it will have a devastating effect on the bitcoin ecosystem? The price of bitcoin is determined of the believe of those holding, selling and buying. The reward for miners does play no role in this

I have explained my premises in another thread. In the simplest of terms, Bitcoin is more like a Ponzi right now. No one exchanges anything of real value ("real stuff") for it at the moment. Then again, the miners' reward is part of Bitcoin supply, their bitcoins are no different from someone else's, thereby it cannot be discarded as having no role in the price discovering mechanism (which directly affects the beliefs of those who hold, buy and sell)...

If you stop considering just the nominal reward rate (25 BTC or whatever) and instead take the number of bitcoins that miners earn as an aggregate, you will see where your reasoning fails

[deisik]

Why? The rewards for miners are way way too high. Nowadays the networks hashpower is 100 times higher then it would be needed. The consequences of this are that each and every transactions costs electricity of the size 1.75 average US-households use each day. Bigger transactions cost even more.

How do you know that? Or, to put it in a different perspective, the rewards (taken cumulatively) are what the market sets them to be. If Bitcoin was cheaper, less miners would be interested in mining...

[b1gcoiner15]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

the halving will not be prevented.

[freedomno1]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

It will happen like it has before, there is no version of Bitcoin that I would support that removes that in 2016.
Miners will need to take solace in the increased trading volume that has occurred over the last four years and incentives such as transaction fees in a realm of higher Bitcoin prices.

[bitcoinbettingtips]

The bitcoin halving should not be cancelled. Even if there is no bitcoin halving, we issue bitcoin all the time, the coin inflation will be close to 0% in a hundred years. The newly issued coin will compensate for the lost coins.

Monero has a small less than 1% inflation forever.

[zimmah]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

of course it will happen

miners can't just change the protocol, blocks would be rejected by other miners and nodes (nodes aren't necessarily miners)

Miners can absolutely change the protocol, with consensus, which will absolutely not happen. The nodes are indeed not necessarily with any hashrate but they also have no voice power. The blockchain follow the hashrate, the nodes are just a tool for broadcasting.

Exactly, but if the miners don't get broadcasts from nodes, their version of Bitcoin becomes useless.

If miners decide to not participate in the halving they are from that point forward no longer mining Bitcoin, but a new altcoin. It won't be compatible with the true Bitcoin blockchain, other miners and nodes will reject it.

[VirosaGITS]

There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?

I ain't sure

of course it will happen

miners can't just change the protocol, blocks would be rejected by other miners and nodes (nodes aren't necessarily miners)

Miners can absolutely change the protocol, with consensus, which will absolutely not happen. The nodes are indeed not necessarily with any hashrate but they also have no voice power. The blockchain follow the hashrate, the nodes are just a tool for broadcasting.

Exactly, but if the miners don't get broadcasts from nodes, their version of Bitcoin becomes useless.

If miners decide to not participate in the halving they are from that point forward no longer mining Bitcoin, but a new altcoin. It won't be compatible with the true Bitcoin blockchain, other miners and nodes will reject it.

Most mining nodes are being run by the pools which have absolutely no interest in splitting the blockchain since anyone who end up on the wrong side will lose money, thus will they.

So as long as people do pool mining, there will not be many people trying to mine the wrong chain, nor am i super anyone will really try to mine 25BTC blocks after the halving, they would squarely get rejected by the network.