Bitcoin halving to be canceled?

[RodeoX]

Who has the authority to cancel halving? Absolutely no one, that's who.

[pereira4]

Who has the authority to cancel halving? Absolutely no one, that's who.

Yeah this is nonsense.

Also about the blockchain split, in the unfortunate even that this happened, your funds would be availible on both chains, so you would never lose money.

I wouldn't worry much about those things tho, I find the whole debate to be very overly dramatic and overblown. Just keep on collecting the cheap coins while it's still 3 figures.

[VirosaGITS]

Who has the authority to cancel halving? Absolutely no one, that's who.

Yeah this is nonsense.

Also about the blockchain split, in the unfortunate even that this happened, your funds would be availible on both chains, so you would never lose money.

I wouldn't worry much about those things tho, I find the whole debate to be very overly dramatic and overblown. Just keep on collecting the cheap coins while it's still 3 figures.

Only the funds obtained before the split, not the one after. For a miner this is a problem because they are actually getting the fund in one or the other. Not both.

[Meuh6879]

Who has the most power over Bitcoin? Right, these are mining pools.

it's holding people with BTC fund ... right now.
because 70% of BTC have already mined.

[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

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

I think you make it too complicated. Yes, the reward is some kind of inflation maybe but in fact it isn't. The price ONLY get's established on the exchanges and markets. Which means only what all users believe bitcoin should be worth will be what bitcoin will be worth. And miner rewards and other things seems to have no impact on that.

No real stuff, that is way too hard. The adoption is not as it should but still good.

And real value... everytime someone buys bitcoins with fiat or sells it for fiat it means he puts value into bitcoin or takes it out of bitcoin.

[SebastianJu]

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...

That is from a study published some weeks, or months ago.

The price of the currency unfortunately can't be found as the price of the currency and at the same time be found as the fair reward for miners. That doesn't work. So the price get's established by the users but the effect is that mining is so rewarding that bitcoin is a huge energy waste at the moment. Well, better then the opposite, bitcoin would die when it would be not secure enough. But still a problem i think.

[DiamondCardz]

Never happening unless Bitcoin gets hit by a 51% attack. I really doubt that the majority of full nodes will start consenting to blocks which don't follow the normal rules of the halving of the Bitcoin reward unless some kind of fork like Bitcoin-XT goes mainstream, which I doubt.

[uki]

Who has the authority to cancel halving? Absolutely no one, that's who.

Yeah this is nonsense.

Also about the blockchain split, in the unfortunate even that this happened, your funds would be availible on both chains, so you would never lose money.

I wouldn't worry much about those things tho, I find the whole debate to be very overly dramatic and overblown. Just keep on collecting the cheap coins while it's still 3 figures.

absolute nonsense, I agree. Purely academical exercise to imagine what happen if the unrealistic 'if' would happen one day. It won't. The market cap is to big now to make it scalable. It is like with Internet, the last flag off day was back in 1981 when the change to TCP protocol was made. Already back then it didn't go smooth to update all machines in one day. Since then nobody even thought seriously about such option, taking into account the scale of things. We are not there yet with Bitcoin, but we are definitely beyond the point were such 'games' would be feasible.

[deisik]

I think you make it too complicated. Yes, the reward is some kind of inflation maybe but in fact it isn't. The price ONLY get's established on the exchanges and markets. Which means only what all users believe bitcoin should be worth will be what bitcoin will be worth. And miner rewards and other things seems to have no impact on that.

I don't see how it can be too complicated. When miners sell their stash of coins, they are just like any other Bitcoin sellers, and the effect they have on the price is in no way different than it would be if someone else had sold the same coins. The only difference is that they sell newly minted coins. The price changing effect is absolutely the same. If what you say were true, it would mean that the bitcoins that miners produce and sell somehow avoid affecting the price of Bitcoin...

In short, you shouldn't consider the miner's reward in isolation, taken per se, but you should look at the supply of new coins which enters the market and where the reward plays a secondary role as a factor in quantifying the amount of this supply

[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...

That is from a study published some weeks, or months ago.

And so what? Does it give more credibility to your words? Internet is full of garbage. Mining being a huge energy waster (even if so) is of no relevance to it being over or undervalued. Market doesn't set the reward figure, but it does set (in a sense) a total amount of coins that miners get for mining (i.e. their revenue)...

[crazyivan]

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

What are you talking about??? Bitcoin halving isn't an option cause BTC s not controlled by a group, govt or individual. That s one of the major advantages of this beautiful currency. So yes, halving WILL take place.

[SebastianJu]

I think you make it too complicated. Yes, the reward is some kind of inflation maybe but in fact it isn't. The price ONLY get's established on the exchanges and markets. Which means only what all users believe bitcoin should be worth will be what bitcoin will be worth. And miner rewards and other things seems to have no impact on that.

I don't see how it can be too complicated. When miners sell their stash of coins, they are just like any other Bitcoin sellers, and the effect they have on the price is in no way different than it would be if someone else had sold the same coins. The only difference is that they sell newly minted coins. The price changing effect is absolutely the same. If what you say were true, it would mean that the bitcoins that miners produce and sell somehow avoid affecting the price of Bitcoin...

In short, you shouldn't consider the miner's reward in isolation, taken per se, but you should look at the supply of new coins which enters the market and where the reward plays a secondary role as a factor in quantifying the amount of this supply

The reward for miners is coming from the amount of bitcoins they receive and the value the bitcoins have. It is not possible for us to manipulate the value of bitcoins we give to miners, so that we might lower or raise their reward. The only way to make mining more or less lucrative would be to lower or raise the amount of bitcoins they receive. That's why i said we don't have much influence on the reward for miners. Of course they are normal player in the markets.

[SebastianJu]

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...

That is from a study published some weeks, or months ago.

And so what? Does it give more credibility to your words? Internet is full of garbage. Mining being a huge energy waster (even if so) is of no relevance to it being over or undervalued. Market doesn't set the reward figure, but it does set (in a sense) a total amount of coins that miners get for mining (i.e. their revenue)...

But it is relevant for those who demand we would need to keep 1MB blocks so that the fees for transactions rise and the miners get a higher pay. There simply is no need for a higher pay. There is a need for dropping outdated hardware only. When we can't manipulate the bitcoin price only because we want to adjust the miner fee then the amount of coins they get is the only way to adjust the total value they get.

Nothing more i said.

[Amph]

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

What are you talking about??? Bitcoin halving isn't an option cause BTC s not controlled by a group, govt or individual. That s one of the major advantages of this beautiful currency. So yes, halving WILL take place.

he think that miners can fork bitcoin core, seeing how they have the power, and cancel the halving maybe, but they will end up mining on another fokr, because no merchant will accept their scam chain

[eternalgloom]

Never happening unless Bitcoin gets hit by a 51% attack. I really doubt that the majority of full nodes will start consenting to blocks which don't follow the normal rules of the halving of the Bitcoin reward unless some kind of fork like Bitcoin-XT goes mainstream, which I doubt.

Looking at the current situation, I'd say chances are slim that we'll see something like Bitcoin-XT take off.
Plus reward halving is beneficial for miner since it creates hype and drives the prices up, in theory at least

[deisik]

Never happening unless Bitcoin gets hit by a 51% attack. I really doubt that the majority of full nodes will start consenting to blocks which don't follow the normal rules of the halving of the Bitcoin reward unless some kind of fork like Bitcoin-XT goes mainstream, which I doubt.

Looking at the current situation, I'd say chances are slim that we'll see something like Bitcoin-XT take off.
Plus reward halving is beneficial for miner since it creates hype and drives the prices up, in theory at least

In theory, theory and practice are the same. In practice, though, they are not

[bitcoinbettingtips]

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

What are you talking about??? Bitcoin halving isn't an option cause BTC s not controlled by a group, govt or individual. That s one of the major advantages of this beautiful currency. So yes, halving WILL take place.

he think that miners can fork bitcoin core, seeing how they have the power, and cancel the halving maybe, but they will end up mining on another fokr, because no merchant will accept their scam chain

Miners can create and maintain as many coins as possible, but we will not use it. It is a scam coin, like thousands out there.

[SebastianJu]

Never happening unless Bitcoin gets hit by a 51% attack. I really doubt that the majority of full nodes will start consenting to blocks which don't follow the normal rules of the halving of the Bitcoin reward unless some kind of fork like Bitcoin-XT goes mainstream, which I doubt.

Looking at the current situation, I'd say chances are slim that we'll see something like Bitcoin-XT take off.
Plus reward halving is beneficial for miner since it creates hype and drives the prices up, in theory at least

I still hope that an uncontroversial developer manages to release a fork that has no problems connected to like a hearn as developer or so. I surely would support that since we already see problems start with 1MB blocks. We saw that when the bitcoin price rallied and crashed. Blocks were full with legit transactions and confirmation times went up.

[UnknownUsername]

Dude the halving will be happening.. wether you like it or not

[bitcoinbettingtips]

The halving every 4 years is programmed in the protocol. It is widely accepted by the community. This will not be changed unless agreed by the community.