Bitcoin halving to be canceled?

[coinzat]

we are very few days away from thee halving.
I believe no on in the community wants  the halving timing to be changed even the next ones. it is the better way to keep mining long time without raising fees that much

[socks435]

Bitcoin halving cancel? its impossible  to happen because it already publish that even since 2013 we experience it and now block halving will happen again and i think no can prevent or cancel it.

[buyinbtc]

Bitcoin halving cancel? its impossible  to happen because it already publish that even since 2013 we experience it and now block halving will happen again and i think no can prevent or cancel it.

of course halving will not be canceled in my opinion because it would be really bad i think because people would lose their belief in bitcoins and that would be terrible i think

[avw1982]

Bitcoin halving cancel? its impossible  to happen because it already publish that even since 2013 we experience it and now block halving will happen again and i think no can prevent or cancel it.

Bitcoin took off but only slightly. The current status surely is not the target already. When adoption is so high that the fees are high enough to reward miners and at least make the network secure a couple of times then we would not need block rewards beside fee anymore. But we have a long way to go till that.

[kik1977]

the OP is just shared a thought which may be right or may be wrong..

Not really. It's simply wrong, full stop

So you insist that under no circumstances Bitcoin halving could be (have been) canceled?

Short reply: yes, I insist

So you don't even admit the possibility of being wrong? What if you just don't know something or, which is even worse, know something which is not what you think it is?

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so"

Hi Deisik! Noooo, not at all. I am often wrong like everybody, and everything I write is simply "my humble opinion". In fact I also wrote, in the "more elaborated reply" which was not quoted, that to cancel the halving is technically possible, although, for the reasons I have explained, is 99.99999999% impossible (unless the miners decide to voluntarily decide to implement a new rule that would put them out of business).

The whole point of what I am writing in this post, is to try and let new users understand how Bitcoin works and that yes, the halving will take place in exactly 409 blocks. Why? Because it's a rule written in the Bitcoin code. Can't the rule be changed? Theoretically yes, but nobody would implement it.

I still have to understand if you disagree with what I say or not! 

[deisik]

So you don't even admit the possibility of being wrong? What if you just don't know something or, which is even worse, know something which is not what you think it is?

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so"

Hi Deisik! Noooo, not at all. I am often wrong like everybody, and everything I write is simply "my humble opinion". In fact I also wrote, in the "more elaborated reply" which was not quoted, that to cancel the halving is technically possible, although, for the reasons I have explained, is 99.99999999% impossible (unless the miners decide to voluntarily decide to implement a new rule that would put them out of business).

The whole point of what I am writing in this post, is to try and let new users understand how Bitcoin works and that yes, the halving will take place in exactly 409 blocks. Why? Because it's a rule written in the Bitcoin code. Can't the rule be changed? Theoretically yes, but nobody would implement it.

I still have to understand if you disagree with what I say or not! 

If you insist that Bitcoin halving is inevitable, then no, I can't agree with that. And I disagree not because there is a tiny but real chance of an asteroid hitting the Earth thereby making Bitcoin and its mining reward halving irrelevant (or something along these lines), but because you base your assumptions and conclusions (that Bitcoin halving is inevitable) on premises which you consider as adamant and rock-solid ("it's a rule written in the Bitcoin code") while I think them rather shaky in fact...

On the other hand, the Bitcoin high price as of recent seems to me to be a more decisive factor in favor of the coming halving than some obscure variable (or constant) hidden in the depths of Bitcoin codebase

[ImHash]

So it doesn't matter what the network hash power rate is and the difficulty would be adjusted accordingly to push a certain date for halving?

If so then it's all predetermined as how long going to take to mine all the bitcoins and you can predict exactly how much you can earn.
What I mean is if net hash power doubles just right now still difficulty will be adjusted to prevent halving  sooner right?

Guess who profits the most here? the hardware manufacturers, since having hash power is never going to be enough to mine more but
Only you need to add to your power constantly to be able to continue mining as before, meaning if you have 10 times of whole network power right now you couldn't mine 10 times more bitcoin but because of difficulty increase you will just mine the same amount as before.
What that means is every one can start mining at any time as long as they just go and buy the miners(machines) and again as more people join
The old miners(people) need to add more miner(machines) to again mine as before.

Then f**k this system which is made to benefit big companies and produce more heat and uses more electricity.

Even if 10 QC start mining at full scale and no matter what we do the bitcoins would always take decades to be mined.

[deisik]

Then f**k this system which is made to benefit big companies and produce more heat and uses more electricity.

Even if 10 QC start mining at full scale and no matter what we do the bitcoins would always take decades to be mined.

It is not only the manufacturers of mining hardware who benefit from this never-ending race. The effects are more subtle than that. Ever increasing difficulty necessarily leads to the accumulation of hashing power in fewer hands (in this case, mining pools), which will obviously abuse their monopolistic position whenever it suits them most. If any pool is ever able to account for 51% of the total hashing power on the network, it will be able to force its will over the entire blockchain. In fact, we are already past that point since just a few pools have over 90% of all hashing power out there...

So they are essentially controlling Bitcoin and its fate, whether you like it or not

[kik1977]

So you don't even admit the possibility of being wrong? What if you just don't know something or, which is even worse, know something which is not what you think it is?

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so"

Hi Deisik! Noooo, not at all. I am often wrong like everybody, and everything I write is simply "my humble opinion". In fact I also wrote, in the "more elaborated reply" which was not quoted, that to cancel the halving is technically possible, although, for the reasons I have explained, is 99.99999999% impossible (unless the miners decide to voluntarily decide to implement a new rule that would put them out of business).

The whole point of what I am writing in this post, is to try and let new users understand how Bitcoin works and that yes, the halving will take place in exactly 409 blocks. Why? Because it's a rule written in the Bitcoin code. Can't the rule be changed? Theoretically yes, but nobody would implement it.

I still have to understand if you disagree with what I say or not! 

If you insist that Bitcoin halving is inevitable, then no, I can't agree with that. And I disagree not because there is a tiny but real chance of an asteroid hitting the Earth thereby making Bitcoin and its mining reward halving irrelevant (or something along these lines), but because you base your assumptions and conclusions (that Bitcoin halving is inevitable) on premises which you consider as adamant and rock-solid ("it's a rule written in the Bitcoin code") while I think them rather shaky in fact...

On the other hand, the Bitcoin high price as of recent seems to me to be a more decisive factor in favor of the coming halving than some obscure variable (or constant) hidden in the depths of Bitcoin codebase

Mmmmmh, the problem with what you say, is that the fact that the halving is coded in the Bitcoin, it's not an opinion, is a fact. Obviously I don't pretend that you trust me. In fact you shouldn't. The beauty of Bitcoin is also that you can go on github and look for it yourself.

Anyway, the part of the code that deals with the halving is this:

int64_t GetBlockValue(int nHeight, int64_t nFees)
{
    int64_t nSubsidy = 50 * COIN;
    int halvings = nHeight / Params().SubsidyHalvingInterval();

    // Force block reward to zero when right shift is undefined.
    if (halvings >= 64)
        return nFees;

    // Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years.
    nSubsidy >>= halvings;

    return nSubsidy + nFees;
}

The initial reward is calculated (in satoshis) multiplying 50 for the constant of 100.000.000 satoshis {COIN}. The initial reward is therefore 50.000.000.000 satoshis (50 bitcoin).

As you can see, in the line after that, the script calculates the number of halving that have already occurred. It does that dividing the current block height by the interval {SubsidyHalvingInterval}. For blocks from 1 to 209.999, the result is zero. For blocks from 210.000 to 419.999 (which is where we are now) the result is 1. From block 420.000 to 629.999 will be 2, and so on.

The next line of code, the reward {nSubsidy} is divided in two for each halving that has occurred, as calculated above. So if one halving has occurred (which is where we are now) the reward will be 50.000.000.000/2= 25.000.000.000 satoshis (25 bitcoins). The constant has been divided by 2 one time.

In three days, we will reach block 420.000, therefore the result will be 2. Ergo, the reward will be 50.000.000.000/2= 25.000.000.000/2= 12.500.000.000 satoshis (12.5 bitcoins). The costant has been divided by 2, two times.

As you can see in the code, the maximum number of halvings that are allowed is 64 (which will occur in the first half on the next century). After that, the reward drops to zero.

Finally (last part of the cose), the script sums {nSubsidy} and {nFees} which are the transaction fees.

This is how the reward is calculated, and it's not my opinion, it's simply what's written in the code. If this can be changed or not...we have discussed it already.

[universe_]

Bitcoin halving cancel? its impossible  to happen because it already publish that even since 2013 we experience it and now block halving will happen again and i think no can prevent or cancel it.

yes, i think it is pretty much impossible to happen because bitcoin is just programmed in such way that it should have a halving, in my opinion its good that itt is impossible to cancel halving

[deisik]

Mmmmmh, the problem with what you say, is that the fact that the halving is coded in the Bitcoin, it's not an opinion, is a fact. Obviously I don't pretend that you trust me. In fact you shouldn't. The beauty of Bitcoin is also that you can go on github and look for it yourself

You seem to have misunderstood me. I don't doubt that the Bitcoin halving is hard-coded. My point is that your certainty in this code immutability is way above mine. In fact, I consider any code as well as variables and constants therein as mutable...

That is, no matter how they are declared, private or public, mutable or constant (or as mutable constants, lol)

[kik1977]

But I agree that what may seem impossible to someone, can in fact be possible!

This is not a given (that it will). And if it will, it should double (and do it fast), to offset the loss of profit by mining, right? Kinda seems like hardly possible...
Then again you seem to forget what makes Bitcoin roll

You wrote this on 22 September 2015: closing bitcoin price 230.52 USD
Price today: 673.19 USD

It has more than doubled. Therefore, even after the halving, miners will earn more than what they were earning when you opened this post!

[deisik]

But I agree that what may seem impossible to someone, can in fact be possible!

This is not a given (that it will). And if it will, it should double (and do it fast), to offset the loss of profit by mining, right? Kinda seems like hardly possible...
Then again you seem to forget what makes Bitcoin roll

You wrote this on 22 September 2015: closing bitcoin price 230.52 USD
Price today: 673.19 USD

It has more than doubled. Therefore, even after the halving, miners will earn more than what they were earning when you opened this post!

That was one of my premises for Bitcoin halving not to be canceled, that the price should at least double to offset the losses that miners would suffer due to halving

[kik1977]

Mmmmmh, the problem with what you say, is that the fact that the halving is coded in the Bitcoin, it's not an opinion, is a fact. Obviously I don't pretend that you trust me. In fact you shouldn't. The beauty of Bitcoin is also that you can go on github and look for it yourself

You seem to have misunderstood me. I don't doubt that the Bitcoin halving is hard-coded. My point is that your certainty in this code immutability is way above mine. In fact, I consider any code as well as variables and constants as mutable...

That is, no matter how they are declared, private or public, mutable or constant, lol

Ok, sorry if I misunderstood! But I have in fact said that the code is NOT immutable. It's just that it wouldn't make sense for the miners to accept a change (if anybody is so dumb to ever propose that) that would destroy their source of earning, when the increase in price has already balanced the drop in reward.

[deisik]

Mmmmmh, the problem with what you say, is that the fact that the halving is coded in the Bitcoin, it's not an opinion, is a fact. Obviously I don't pretend that you trust me. In fact you shouldn't. The beauty of Bitcoin is also that you can go on github and look for it yourself

You seem to have misunderstood me. I don't doubt that the Bitcoin halving is hard-coded. My point is that your certainty in this code immutability is way above mine. In fact, I consider any code as well as variables and constants as mutable...

That is, no matter how they are declared, private or public, mutable or constant, lol

Ok, sorry if I misunderstood! But I have in fact said that the code is NOT immutable. It's just that it wouldn't make sense for the miners to accept a change (if anybody is so dumb to ever propose that) that would destroy their source of earning, when the increase in price has already balanced the drop in reward.

But this increase wasn't evident a year ago. In fact, Bitcoin had been still spiraling down from the ATH with short-termed and small-ranged dead-cat bounces till it fell below $200 for some time

[Dwelach]

No of course the halving is not gonna be cancelled the fact is even that the halving is gonna be good this year.
The halving has a good worth and I think its gonna be very profitable for us all.

[criptix]

Mmmmmh, the problem with what you say, is that the fact that the halving is coded in the Bitcoin, it's not an opinion, is a fact. Obviously I don't pretend that you trust me. In fact you shouldn't. The beauty of Bitcoin is also that you can go on github and look for it yourself

You seem to have misunderstood me. I don't doubt that the Bitcoin halving is hard-coded. My point is that your certainty in this code immutability is way above mine. In fact, I consider any code as well as variables and constants as mutable...

That is, no matter how they are declared, private or public, mutable or constant, lol

Ok, sorry if I misunderstood! But I have in fact said that the code is NOT immutable. It's just that it wouldn't make sense for the miners to accept a change (if anybody is so dumb to ever propose that) that would destroy their source of earning, when the increase in price has already balanced the drop in reward.

But this increase wasn't evident a year ago. In fact, Bitcoin had been still spiraling down from the ATH with short-termed and small-ranged dead-cat bounces till it fell below $200 for some time

and the increase now to 750 (2 year high) or the ATH to 1200 was evident yes?

you argumentation sucks donkey balls and you pretty much have no clue of nothing dude and additionaly this is just one more thread to increase the/your sig spam.

this thread goes into the category of increasing the number of bitcoins ever generated 

[Blackmet]

2 days till halving will come and it's still not canceled, i am sure that it's even can't be canceled. Miners in china get a lot of money already and getting even more now, i think they will not lose money..

[deisik]

and the increase now to 750 (2 year high) or the ATH to 1200 was evident yes?

you argumentation sucks donkey balls and you pretty much have no clue of nothing dude and additionaly this is just one more thread to increase the/your sig spam

Sorry, but the only place where you will find sympathy is in the dictionary between shit and syphilis, lol

[useless4]

2 days till halving will come and it's still not canceled, i am sure that it's even can't be canceled. Miners in china get a lot of money already and getting even more now, i think they will not lose money..

not a lot of time left and still no news about the halving event so i guess it surely wont be canceled i hope, in my opinion halving is not going to be canceled for sure i hope it will not happen