deisik (OP)
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September 22, 2015, 04:11:24 PM
Last edit: September 22, 2015, 06:49:40 PM by deisik |
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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
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deisik (OP)
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September 22, 2015, 04:49:14 PM |
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What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools... |
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randy8777
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September 22, 2015, 04:50:45 PM |
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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.
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deisik (OP)
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September 22, 2015, 04:55:43 PM
Last edit: September 22, 2015, 07:35:36 PM by deisik |
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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... |
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spazzdla
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September 22, 2015, 06:03:59 PM |
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What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools... Who gives a fuck what the pools do, it's what the miners do. I see a .000000000000000000000000000000000000000000000000000000000000000000000000000000 00000001% chance miners agree to risk the value of bitcoin and change the 21 mill target. |
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deisik (OP)
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September 22, 2015, 06:38:16 PM |
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What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools... Who gives a fuck what the pools do, it's what the miners do. Mining pools act on behalf of the miners. Besides, do you understand that the miners will be the first to welcome the cancellation of halving? |
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peonminer
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September 22, 2015, 06:56:06 PM |
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Halving will happen. If it were to be "deleted", price would not increase. The FIRST thing miners want is a price increase.
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deisik (OP)
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September 22, 2015, 06:57:43 PM |
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Halving will happen. If it were to be "deleted", price would not increase. The FIRST thing miners want is a price increase.
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 |
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madken7777
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September 22, 2015, 07:16:34 PM |
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Can not cancel something that is build into the design.
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peonminer
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September 22, 2015, 07:18:37 PM |
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Can not cancel something that is build into the design.
This Halving will happen. If it were to be "deleted", price would not increase. The FIRST thing miners want is a price increase.
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 make some prophetic points. No one truly knows . . . I'm along for the ride brother  |
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deisik (OP)
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September 22, 2015, 07:26:49 PM |
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Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this... Laws carved in stone are rewritten in blood |
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ask
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September 22, 2015, 07:35:17 PM |
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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
There will not be any halving anymore.Bitcoin will have doublings in the future. |
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deisik (OP)
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September 22, 2015, 07:37:34 PM |
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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
There will not be any halving anymore.Bitcoin will have doublings in the future. And the 21M coins limit raised or totally abandoned (like it happened with Dogecoin in the past)... |
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bimasena25
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https://bitcointester.com/
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September 22, 2015, 07:48:29 PM |
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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
There will not be any halving anymore.Bitcoin will have doublings in the future. yes, I agree with you I predict bitcoin will increase again later |
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sidhujag
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September 22, 2015, 07:50:53 PM |
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you change the schedule and you lose bitcoin period
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spazzdla
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September 22, 2015, 07:51:10 PM |
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What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools... Who gives a fuck what the pools do, it's what the miners do. Mining pools act on behalf of the miners. Besides, do you understand that the miners will be the first to welcome the cancellation of halving? I understand you have no idea what you're talking about. WHy would they welcome it? The would not welcome it nor accept it. Such a change to bitcoin would send people running, thus decimating the price and making all of their gear worthless. |
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deisik (OP)
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September 22, 2015, 08:18:43 PM
Last edit: September 22, 2015, 09:58:50 PM by deisik |
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What?
Who has the most power over Bitcoin? Right, these are mining pools. Who is most interested in preserving the current block reward? The same mining pools... Who gives a fuck what the pools do, it's what the miners do. Mining pools act on behalf of the miners. Besides, do you understand that the miners will be the first to welcome the cancellation of halving? I understand you have no idea what you're talking about. WHy would they welcome it? The would not welcome it nor accept it. Such a change to bitcoin would send people running, thus decimating the price and making all of their gear worthless. I thought that wouldn't require much mental effort to embrace the point made. But just in case, because they would get twice as less for the same amount of effort. Regarding the effect that Bitcoin halving cancellation might have on the price, I don't see why it should negatively affect it in the long run... Before all, Bitcoin is a payment system (as opposed to a financial pyramid), this you obviously fail to grasp |
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painlord2k
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September 22, 2015, 08:34:31 PM |
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Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this... Laws carved in stone are rewritten in blood The miners can just modify the reward as they feel fit. Unfortunately, for them, the blocks with a different reward will be considered invalid and rejected by the full nodes. They can mine as much as they are able, but the rules on the other full nodes will not change and their blocks will be discarded. For example, the exchanges will not accept the bitcoin mined by invalid blocks. The shops will not accept them. Now, the Core developers could change the rules in a new version of the Core, but I would not count on the users to download and upgrade their nodes with the new code when they discover what is in it. |
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deisik (OP)
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September 22, 2015, 08:46:20 PM |
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Can not cancel something that is build into the design.
What is made by one human can be unmade by another human (and most certainly will be). Personally, I wouldn't count on this... Laws carved in stone are rewritten in blood The miners can just modify the reward as they feel fit. Unfortunately, for them, the blocks with a different reward will be considered invalid and rejected by the full nodes. They can mine as much as they are able, but the rules on the other full nodes will not change and their blocks will be discarded. For example, the exchanges will not accept the bitcoin mined by invalid blocks. The shops will not accept them. Now, the Core developers could change the rules in a new version of the Core, but I would not count on the users to download and upgrade their nodes with the new code when they discover what is in it. Necessity is the mother of invention If Bitcoin halving will negatively affect its infrastructure, up to a point of an escalating failure (e.g. due to miners leaving), this may be the only option, that is, to change the protocol and cancel the halving... |
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Mickeyb
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September 22, 2015, 09:04:31 PM |
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Honestly if your scenario would to happen, I bet everything that Bitcoin would be done right away. It would be history and forgotten and some other altcoin would come and replace it.
If this was decided, why then wouldn't one day be decided that the max supply will be 100 million instead of 21 million while effectively cutting your stash's worth by 5.
Banks are doing things like this and we are not banks. That's why we are all here!
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