Bitcoin halving to be canceled?

[deisik]

wont happen.
every miner, every user and every shop would need to upgrade

if only two people run their old client bitcoin will continue to exist as planned. its called "social contract".

and i know for sure there are more than two people who want to have the halving. so bitcoin will continue as is

Okay, it seems that I have to clarify my point. I don't say that Bitcoin halving should or will be canceled for no reason at all. Everything that I say here revolves about trade-offs. That is, I assume that the coming halving could potentially wreak havoc on the Bitcoin infrastructure. It may appear as not a big deal (in this aspect), but it may be the last straw to break the camel's back, as it were...

I call it an escalating failure

well it may fail (bitcoin is still an experiment), but that doesnt change the fact that, what we call bitcoin today, will have its halving

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

[onemorexmr]

wont happen.
every miner, every user and every shop would need to upgrade

if only two people run their old client bitcoin will continue to exist as planned. its called "social contract".

and i know for sure there are more than two people who want to have the halving. so bitcoin will continue as is

Okay, it seems that I have to clarify my point. I don't say that Bitcoin halving should or will be canceled for no reason at all. Everything that I say here revolves about trade-offs. That is, I assume that the coming halving could potentially wreak havoc on the Bitcoin infrastructure. It may appear as not a big deal (in this aspect), but it may be the last straw to break the camel's back, as it were...

I call it an escalating failure

well it may fail (bitcoin is still an experiment), but that doesnt change the fact that, what we call bitcoin today, will have its halving

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

edit: if you look at my sig you see i like an altcoin which has a tail reward. this means the block reward will not reduce after it reached 0.3xmr/blocl. i see your point that sth like this is needed. but with bitcoin its impossible. the halving is part of the definition of bitcoin itself

[deisik]

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

Could you (or anyone, for that matter) give a simple answer, yes or no?

[onemorexmr]

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

Could you (or anyone, for that matter) give a simple answer, yes or no?

i think yes. thats why i like an altcoin (monero).

[deisik]

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

Could you (or anyone, for that matter) give a simple answer, yes or no?

i think yes. thats why i like an altcoin (monero).

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial than that, up to a point of a zeroed reward?

Think twice before you slice

[onemorexmr]

Mining is what makes Bitcoin tick. Today miners get 25 BTC per block mined. I don't think they have very high profit margins since competition is tough. Definitely not what it was at the time of the previous halving in 2012. All of a sudden (just a phrase), they begin to earn twice as less. Will this be beneficial to the whole Bitcoin ecosystem?

miners cant decide that.
anybody running a bitcoin client needs to switch.

even if some miners fork to a non halving bitcoin they would just have created an altcoin which has no right to call itself bitcoin anymore.

the ecosystem has nothing to do with it.

Could you (or anyone, for that matter) give a simple answer, yes or no?

i think yes. thats why i like an altcoin (monero).

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial, up to a point of a zeroed reward?

imho: 25btc/block forever is too much.
the monero way: reduce until 0.3/xmr block seems very good to me.

i dont think it doesnt really matter how fast it gets there. i am more thinking longterm 10yrs+

[deisik]

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial, up to a point of a zeroed reward?

imho: 25btc/block forever is too much.
the monero way: reduce until 0.3/xmr block seems very good to me.

i dont think it doesnt really matter how fast it gets there. i am more thinking longterm 10yrs+

So you just don't know (whether it is actually beneficial), right?

[doublemore]

The Bitoin CEO cancelled the bitcoin halving? wtf

[onemorexmr]

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial, up to a point of a zeroed reward?

imho: 25btc/block forever is too much.
the monero way: reduce until 0.3/xmr block seems very good to me.

i dont think it doesnt really matter how fast it gets there. i am more thinking longterm 10yrs+

So you just don't know (whether it is actually beneficial), right?

no. thats why i said imho.

[deisik]

If so (Bitcoin halving being beneficial), will slashing the reward more drastically, or just more frequent halving be even more beneficial, up to a point of a zeroed reward?

imho: 25btc/block forever is too much.
the monero way: reduce until 0.3/xmr block seems very good to me.

i dont think it doesnt really matter how fast it gets there. i am more thinking longterm 10yrs+

So you just don't know (whether it is actually beneficial), right?

no. thats why i said imho.

That's exactly what I was trying to convey. That we can't say beforehand whether the coming halving will be beneficial to Bitcoin, or, at least, that it will not have devastating consequences

[onemorexmr]

[...] That we can't say beforehand whether the coming halving will be beneficial to Bitcoin, or, at least, that it will not have devastating consequences

all we can say for sure is that the halving's will happen.

[deisik]

[...] That we can't say beforehand whether the coming halving will be beneficial to Bitcoin, or, at least, that it will not have devastating consequences

all we can say for sure is that the halving's will happen.

Okay, let's say that we are given strong persuading evidence that the halving (in the way it is expected to happen) will put Bitcoin at the risk of total collapse. In that case, would you still insist that it will happen as designed, no matter what?

[onemorexmr]

[...] That we can't say beforehand whether the coming halving will be beneficial to Bitcoin, or, at least, that it will not have devastating consequences

all we can say for sure is that the halving's will happen.

Okay, let's say that we are given strong persuading evidence that the halving (in the way it is expected to happen) will put Bitcoin at risk of total collapse. In that case, would you still insist that it will happen, no matter what?

yes. because the halving is part of the definition what bitcoin is.
anything else is an altcoin which has no right to use that name.

only if 100% of miners, users and shops switch they may use the name bitcoin for their alt. but its impossible to convince 100%

[deisik]

[...] That we can't say beforehand whether the coming halving will be beneficial to Bitcoin, or, at least, that it will not have devastating consequences

all we can say for sure is that the halving's will happen.

Okay, let's say that we are given strong persuading evidence that the halving (in the way it is expected to happen) will put Bitcoin at risk of total collapse. In that case, would you still insist that it will happen, no matter what?

yes. because the halving is part of the definition what bitcoin is.
anything else is an altcoin which has no right to use that name.

only if 100% of miners, users and shops switch they may use the name bitcoin for their alt. but its impossible to convince 100%

Are there any technical issues that could hinder the switch? I mean the situation when a simple upgrade is not enough? In other words, if someone doesn't care about Bitcoin halving, would he notice anything?

[onemorexmr]

Are there any technical issues that could hinder the switch? I mean the situation when a simple upgrade is not enough? In other words, if someone doesn't care about Bitcoin halving, would he notice anything?

if bitcoin-core removes the halving and all miners, exchanges and shops switch your hypnotically user would be on a fork which means he wouldnt receive transactions and has problems sending them

also he could be attacked by time-warping and sybill attacks (though not sure why someone would do this on a worthless fork)

[deisik]

Are there any technical issues that could hinder the switch? I mean the situation when a simple upgrade is not enough? In other words, if someone doesn't care about Bitcoin halving, would he notice anything?

if bitcoin-core removes the halving and all miners, exchanges and shops switch your hypnotically user would be on a fork which means he wouldnt receive transactions and has problems sending them

If I got you right, a simple upgrade of the client will do the trick? So it is just some obscure constant set in the code which needs to be removed (from a technical point of view), right?

[onemorexmr]

Are there any technical issues that could hinder the switch? I mean the situation when a simple upgrade is not enough? In other words, if someone doesn't care about Bitcoin halving, would he notice anything?

if bitcoin-core removes the halving and all miners, exchanges and shops switch your hypnotically user would be on a fork which means he wouldnt receive transactions and has problems sending them

If I got you right, a simple upgrade of the client will do the trick? So it is just some obscure constant set in the code which needs to be removed, right?

yes (technically its not a constant), it is an easy change
the problem is to convince all users to use that client. so its easier to just use an altcoin which does this (in my case monero. dodge does it also though i think their tail reward is too large)

[deisik]

Are there any technical issues that could hinder the switch? I mean the situation when a simple upgrade is not enough? In other words, if someone doesn't care about Bitcoin halving, would he notice anything?

if bitcoin-core removes the halving and all miners, exchanges and shops switch your hypnotically user would be on a fork which means he wouldnt receive transactions and has problems sending them

If I got you right, a simple upgrade of the client will do the trick? So it is just some obscure constant set in the code which needs to be removed, right?

yes (technically its not a constant), it is an easy change
the problem is to convince all users to use that client. so its easier to just use an altcoin which does this (in my case monero. dodge does it also though i think their tail reward is too large)

That's what I expected to hear. Now, say, 90% of all miners agree on canceling Bitcoin halving and begin using a new version of the client between themselves. Then the disagreeing minority will either have to put up or shut up, right?

What will happen to Bitcoin holdings in that case?

[onemorexmr]

That's what I expected to hear. Now, say, 90% of all miners agree on canceling Bitcoin halving and begin using a new version of the client between themselves. Then the disagreeing minority will either have to put up or shut up, right?

What will happen to Bitcoin holdings?

no, that 10% can use bitcoin as-is.
and the 90% majority doesnt have the right to call it bitcoin. they have created an altcoin which initial balances would be "copied over" (copied is not technically correct but i think you get the point).

anybody will have their coins in both forks (well at least if they followed the rule "you only have bitcoins if you own the private key")

[Ibian]

Again, why are we entertaining this nonsense? This is entry level shit, the sort of question that belongs in the newbie section and which doesn't go on for more than three replies.