Bitcoin halving to be canceled?

[Amph]

besides that the only one that wants it to be cancelled are miners, but since they can not dictate shit, because merchants have same importance, we are hopefully safe from their centralization

there will be no cancellation, better efficiency and increae in price will make for it, like it was planned, and it's wokring as intended, bitcoin price is skyrocketing

before all of you start thinking that this is a fake pump and the price will return to the previous point, i can tell you that it will not happen, as it did not happen that we returned to 230 after the pump to 450-500

[kik1977]

Well I don't think that bitcoin halving will be cancelled because of two reasons.

Halving WILL NOT be canceled, just for one reason only. Because it CANNOT be canceled. It's among the fundamental principles of Bitcoin, hardcoded in the protocol. It's also one of the main reason why bitcoins have value. The predictability of the supply. No one can decide to cancel it. Only a hard fork could do it, but it wouldn't be Bitcoin anymore

Laws carved in stone are rewritten in blood. But Bitcoin is not a law, and blockchain is not a stone either. Dogecoins had also been capped initially, then the coin's protocol had been changed. And so what? What's done by one people can be undone by other people...

This is not the law of gravity after all

Not sure if you're seriously comparing Bitcoin with Dogecoin..

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

[deisik]

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

You can safely cross out "decentralized". Oh, wait, I already did that for you, I'm sorry

The main issue with your point is that Bitcoin is not a currency, and may never become such at all. So far it is no more than a speculative asset which intrinsic value (that of transactional utility since it pretends to be a currency) is next-to-nothing compared to its current market value (which is 99% sheer speculation)

[kik1977]

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

You can safely cross out "decentralized". Oh, wait, I already did that for you, I'm sorry

The main issue with your point is that Bitcoin is not a currency, and may never become such at all. So far it is no more than a speculative asset which intrinsic value (that of transactional utility since it pretends to be a currency) is next-to-nothing compared to its current market value (which is 99% sheer speculation)

Why you don't see it as a currency? I don't believe its value is caused by speculation (I would say the speculation part could be not more than 10%, maybe slightly more at current price). Although I see many people here who don't believe in Bitcoin, but rather see the currency as a mere speculation, I still believe that much of the current value is given by people who see it as a currency which can retain or increase its value. Of course I see your point regarding decentralisation, at least from the miners point of view. On the other hand, if it was so centralised as you say, they would do exactly what is mentioned by OP, i.e. revoking the halving rule, since they will be the only ones loosing money thanks to it.

[deisik]

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

You can safely cross out "decentralized". Oh, wait, I already did that for you, I'm sorry

The main issue with your point is that Bitcoin is not a currency, and may never become such at all. So far it is no more than a speculative asset which intrinsic value (that of transactional utility since it pretends to be a currency) is next-to-nothing compared to its current market value (which is 99% sheer speculation)

Why you don't see it as a currency? I don't believe its value is caused by speculation (I would say the speculation part could be not more than 10%, maybe slightly more at current price). Although I see many people here who don't believe in Bitcoin, but rather see the currency as a mere speculation, I still believe that much of the current value is given by people who see it as a currency which can retain or increase its value

Money is what money does. And what it should do is facilitate the exchange of goods. Now compare the amount of goods that are sold and bought for Bitcoin (say, in dollar terms) with the amount of bitcoins directly exchanged for fiat (in the same dollar terms)...

Bitcoin will become a currency when it starts being used as a currency, i.e. for commerce, not for profiteering ("buy low, sell high")

[kik1977]

Bitcoin will become a currency when it starts being used as a currency, i.e. for commerce, not for profiteering ("buy low, sell high")

Can't agree more.. that's why I hate 90% of the posts in this forum.

[Oralmat]

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

If someone is not believe on halving, so it doesn't mean that Halving will be canceled. I am using bitcoin because i believe on it, everyone know most of the other Cryptocurrencies are here, but people like bitcoin more than others, it is proof that they trust on it and also same situation on halving, if you say that halving is not coming, So what's going on?
Nothing. Mean it will come in his own time. No one can change, it is a big event, who made currency Bitcoin.

[bitcoinhopper]

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

If someone is not believe on halving, so it doesn't mean that Halving will be canceled. I am using bitcoin because i believe on it, everyone know most of the other Cryptocurrencies are here, but people like bitcoin more than others, it is proof that they trust on it and also same situation on halving, if you say that halving is not coming, So what's going on?
Nothing. Mean it will come in his own time. No one can change, it is a big event, who made currency Bitcoin.

The halving will be not canceled and that is because you already can see that the price of Bitcoin is going to be higher and that is really nice.
But of course it is hard to know what is going to happen in the future with the currency but it will have a long life I think.

[Ziskinberg]

How can you cancel bitcoin halving, I think the price now even the halving is not happening is already the effect of it, why cancel if you can ride with it doing some short term investment with a guaranteed money in the near future, this is good and I love it.

[Chrismeister]

I dont think they canceled the halving i think the time is there to stop mining because it is not profitable anymore maybe for the bigger company's it is more profitable you know.

[Babayega31]

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

If someone is not believe on halving, so it doesn't mean that Halving will be canceled. I am using bitcoin because i believe on it, everyone know most of the other Cryptocurrencies are here, but people like bitcoin more than others, it is proof that they trust on it and also same situation on halving, if you say that halving is not coming, So what's going on?
Nothing. Mean it will come in his own time. No one can change, it is a big event, who made currency Bitcoin.

The halving will be not canceled and that is because you already can see that the price of Bitcoin is going to be higher and that is really nice.
But of course it is hard to know what is going to happen in the future with the currency but it will have a long life I think.

I agree because halving is cannot totally be cancel because it was schedule to be happen amd for this state its almost halfway mark to be done so i really belive that this will continue untill july eventhough this is my first time to experience in halving but i really do research about it and what i found is it has great effect on bitcoins price although it has a threat for bitcoins big crash coming.

[Semidetached]

before all of you start thinking that this is a fake pump and the price will return to the previous point, i can tell you that it will not happen, as it did not happen that we returned to 230 after the pump to 450-500

It's simple math to tell us that the price will not go back to where it was. It is actually impossible based on the network difficulty and also the price of electricity combined with the supply being cut in half.

[Ziskinberg]

before all of you start thinking that this is a fake pump and the price will return to the previous point, i can tell you that it will not happen, as it did not happen that we returned to 230 after the pump to 450-500

It's simple math to tell us that the price will not go back to where it was. It is actually impossible based on the network difficulty and also the price of electricity combined with the supply being cut in half.

You are extremely right, with bitcoin halving that is happening the difficulty of mining is really hard and the mining industry will not survive with the low price so this price of what we are seeing right now is just justifiable in my opinion.

[deisik]

before all of you start thinking that this is a fake pump and the price will return to the previous point, i can tell you that it will not happen, as it did not happen that we returned to 230 after the pump to 450-500

It's simple math to tell us that the price will not go back to where it was. It is actually impossible based on the network difficulty and also the price of electricity combined with the supply being cut in half.

You are extremely right, with bitcoin halving that is happening the difficulty of mining is really hard and the mining industry will not survive with the low price so this price of what we are seeing right now is just justifiable in my opinion.

The rules of simple math (or just the math) simply don't work where sentiment and emotions reign, and the whole conclusion is erroneous fundamentally. The price cannot be justifiable (legitimate, or anything of that kind) since it is not the difficulty of mining that determines it (just in case, the labor theory of value has long been abandoned). The causal relationship is in fact inverse, i.e. the difficulty depends on the price, not the other way round...

In other words, if the price tanks the difficulty would drop too in due course (since miners would start leaving). If the price hikes, the difficulty would follow soon thereafter

[jostorres]

Nice topic, I will consider the miners would be leaving if the difficulty of mining would become extremely hard
therefore the worst case would arise alternatively left everybody with a greatest problem of all time regarding BTC mining.

[bit1]

Nice topic, I will consider the miners would be leaving if the difficulty of mining would become extremely hard
therefore the worst case would arise alternatively left everybody with a greatest problem of all time regarding BTC mining.

Surely you mean small and medium miners, The big miners hardly will stop doing, only that it will become a more restricted number than now is, Compare this with the gold mines, the cost of extraction makes uneconomic for most but no so for some.

[AndySt]

Nice topic, I will consider the miners would be leaving if the difficulty of mining would become extremely hard
therefore the worst case would arise alternatively left everybody with a greatest problem of all time regarding BTC mining.

Surely you mean small and medium miners, The big miners hardly will stop doing, only that it will become a more restricted number than now is, Compare this with the gold mines, the cost of extraction makes uneconomic for most but no so for some.

Small businesses and entrepreneurs is always hard because they have no airbags in case of an error, they run the risk of being ruined.

[Jmild1]

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

You can safely cross out "decentralized". Oh, wait, I already did that for you, I'm sorry

The main issue with your point is that Bitcoin is not a currency, and may never become such at all. So far it is no more than a speculative asset which intrinsic value (that of transactional utility since it pretends to be a currency) is next-to-nothing compared to its current market value (which is 99% sheer speculation)

Why you don't see it as a currency? I don't believe its value is caused by speculation (I would say the speculation part could be not more than 10%, maybe slightly more at current price). Although I see many people here who don't believe in Bitcoin, but rather see the currency as a mere speculation, I still believe that much of the current value is given by people who see it as a currency which can retain or increase its value

Money is what money does. And what it should do is facilitate the exchange of goods. Now compare the amount of goods that are sold and bought for Bitcoin (say, in dollar terms) with the amount of bitcoins directly exchanged for fiat (in the same dollar terms)...

Bitcoin will become a currency when it starts being used as a currency, i.e. for commerce, not for profiteering ("buy low, sell high")

It is being used already, so I can consider it as curreny. Steam wallet opened bitcoin as a new payment. Paying your bills using bitcoin, those things are already considered as using it in other things not just bitcoin for making a profit.

[DomesticTrader]

The difference is only quantitative really. If something should threaten Bitcoin existence as such and uncapping it (or cancelling halving, for that matter) would save it, I have no doubts that all required changes will be made (hard fork or no hard fork)...

Necessity is the mother of invention

I know, but why it should be canceled? As I said, halving is one of the main points of Bitcoin, the first time in history we have a currency that cannot be produced indefinitely + decentralised. If that is not needed, what's the point of having Bitcoin at all?

You can safely cross out "decentralized". Oh, wait, I already did that for you, I'm sorry

The main issue with your point is that Bitcoin is not a currency, and may never become such at all. So far it is no more than a speculative asset which intrinsic value (that of transactional utility since it pretends to be a currency) is next-to-nothing compared to its current market value (which is 99% sheer speculation)

That will not happen and that is because you have to know that the value of Bitcoin started rising so that is really nice and the chance that it can jump will be now also higher so that is perfect for the people who already have Bitcoin.
They just now have to wait a long time until the value will reach a high value and that is the only thing that they have to do.

[deisik]

Money is what money does. And what it should do is facilitate the exchange of goods. Now compare the amount of goods that are sold and bought for Bitcoin (say, in dollar terms) with the amount of bitcoins directly exchanged for fiat (in the same dollar terms)...

Bitcoin will become a currency when it starts being used as a currency, i.e. for commerce, not for profiteering ("buy low, sell high")

It is being used already, so I can consider it as curreny. Steam wallet opened bitcoin as a new payment. Paying your bills using bitcoin, those things are already considered as using it in other things not just bitcoin for making a profit.

These examples are few and far in between. Just yesterday I saw people complaining at the forum that a number of pornosites has stopped accepting Bitcoin as a payment method. It may be not related to Bitcoin itself (since these sites require you should be over 18), but you still can't get away from this fact...

Here's the link