Bitcoin halving to be canceled?

[Monnt]

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this.

[deisik]

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this

If we ever live up to that (lol), it is assumed that miners will profit by fees only

[Amph]

This won't happen since they are too far in it now, development wise, to stop it all the sudden. That could create unforeseen ramifications for the blockchain and that won't be good for anyone involved with bitcoin.
That is certain.

As said it looks to be completely a drawback for the users if halving doesn't take place. Even this might create flaws in the bitcoin technology. Certainly halving won't get cancelled rather than a postpone.

The halving wont really be cancelled because there is no reason for it and it is in the program of bitcoin that there will be halving every 4 years.

You clearly don't understand. There currently is a hard cap of bitcoin, but what would happen when we reach 21 mil coins? No one will want to mine. Yes, it is in the "program" (I'm pretty sure the correct term is "code"), but a bitcoin consensus could change this

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

[deisik]

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

Will this celebrate the end of Bitcoin? Why would miners be happy to continue mining (or whatever this process will be called by then) just for lulz fees? Fees should skyrocket to make what's left of mining profitable...

And no one will be using Bitcoin any longer after that

[bitdumper]

It cant be canceled
Bitcoin is a computer program and it will function as it was coded.
It's not human. Human made bitcoin and they can change it, but its against community.

[gtglener]

It cant be canceled
Bitcoin is a computer program and it will function as it was coded.
It's not human. Human made bitcoin and they can change it, but its against community.

agree, it is the rules coded for the bitcoin. If it is changed manually then people will definitely lose faith on bitcoin as then in this case anything is possible as the escape of bitcoin.
But halving will occur as coded.

[ronaldinho_07]

Well im glad i will be able to see the halving ,over the next 30 years,atleast i believe i will be alive on that time,soo on that time i will record my posts about everything i dreamed about bitcoin.Halving is a must to bitcoin,a huge difference from the others coins,will bitcoin be staked on wallets to get the interest or the fees will be the support to the network?

[Amph]

If we ever live up to that (lol), it is assumed that miners will profit by fees only

there is not the need to wait for 2140 or whatever date is the end of the reward, you can have the importance of the fee much early around 2028 the block reward will be very small already, so fee must compensate, by being more remunerative

Will this celebrate the end of Bitcoin? Why would miners be happy to continue mining (or whatever this process will be called by then) just for lulz fees? Fees should skyrocket to make what's left of mining profitable...

And no one will be using Bitcoin any longer after that

fee right now are giving 50 btc daily to miners vs 3600 of regular reward, so fee value, in bitcoin valu not in numbers, must increase 70x

so by 2028 bitcoin need to be 70x to allow miners to earn the same as today, unless the number of tx increae which mean more fee from btc, so the value in dollar does not need to increase to 70x

[deisik]

so by 2028 bitcoin need to be 70x to allow miners to earn the same as today, unless the number of tx increae which mean more fee from btc, so the value in dollar does not need to increase to 70x

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

[makingwin1]

i highly doubt that bitcoin halving will ever be canceled because of a lot of reasons that would cause the delay or the complete cancel of the halving

first of all people would be really sad that their bitcoin price will not grow at all besides that investors would quit from bitcoin so the price would be dumped alot

[deisik]

first of all people would be really sad that their bitcoin price will not grow at all besides that investors would quit from bitcoin so the price would be dumped alot

But if the Bitcoin price doesn't grow at least 2x with each halving (which most certainly won't happen), each halving will be a new turn in the downward spiral that Bitcoin may get trapped in. Mathematics (or rather its detachment from reality) would mercilessly and relentlessly kill Bitcoin within a decade, i.e. in 2-3 halvings...

Unless they get canceled, of course

[rizkyhiw]

i highly doubt that bitcoin halving will ever be canceled because of a lot of reasons that would cause the delay or the complete cancel of the halving

first of all people would be really sad that their bitcoin price will not grow at all besides that investors would quit from bitcoin so the price would be dumped alot

yes,we all will upset if bitcoin halving canceled,and its not gonna canceled for any reason,but its too much if investor would quit because halving is canceled,even bitcoin halving canceeled,they will stay on bitcoin i think.

[Amph]

so by 2028 bitcoin need to be 70x to allow miners to earn the same as today, unless the number of tx increae which mean more fee from btc, so the value in dollar does not need to increase to 70x

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

it need surely a block limit increase because with 1mega you can not certainly achieve anything

it don't necessarily need to increase 70x, that is the final outcome that is needed, you can reach it with a combination of both of the 3 parameters, we can call them so

you have 3 parameters that should return a sum of 70x, these are: number of tx per day(which are equal to more fee in bitcoin), the value of the fee itself in bitcoin(now average is 10k satoshi? dunno i need to check), and the value of bitcoin itself, which would increase the value of fee indirectly

[deisik]

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

it need surely a block limit increase because with 1mega you can not certainly achieve anything

it don't necessarily need to increase 70x, that is the final outcome that is needed, you can reach it with a combination of both of the 3 parameters, we can call them so

Even if you take the cube root of 70, you would still get that each of these 3 factors should increase more than 4 times (provided they happen to increase evenly)

[deisik]

Also, these factors are not independent of each other. That is, if you arbitrarily increase the fees, it would most certainly lead to the decrease in the number of transactions per day. People will transact less with greater amounts per tx to keep up with the increased fees...

And this dependency may not be linear at that (higher fees may mean lesser yet transactions)

[Amph]

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

it need surely a block limit increase because with 1mega you can not certainly achieve anything

it don't necessarily need to increase 70x, that is the final outcome that is needed, you can reach it with a combination of both of the 3 parameters, we can call them so

Even if you take the cube root of 70, you would still get that each of these 3 factors should increase more than 4 times (provided they happen to increase evenly)

well 4 times is doable especially for the limit, in fact you have seg with plus HF to 2mb, which is exactly 4 times bigger than the current limit, this would allow 4x increase on the tx per day

[deisik]

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

it need surely a block limit increase because with 1mega you can not certainly achieve anything

it don't necessarily need to increase 70x, that is the final outcome that is needed, you can reach it with a combination of both of the 3 parameters, we can call them so

Even if you take the cube root of 70, you would still get that each of these 3 factors should increase more than 4 times (provided they happen to increase evenly)

well 4 times is doable especially for the limit, in fact you have seg with plus HF to 2mb, which is exactly 4 times bigger than the current limit, this would allow 4x increase on the tx per day

But you forget that you should increase each of your factors 4 times to get miners income from fees increased 70 times (actually 4x4x4=64 times). Besides, raising the tx limit doesn't in the least mean that the number of transactions gets increased as well. If it were so, that would mean two things, i.e. either Bitcoin development is stuck (no one can agree on anything)...

Or, otherwise, the limit should have already been lifted long ago

[deisik]

Furthermore, increased load on the network (tx per day) would require more miners and propagating nodes. But if the revenue from mining constantly falls, why should anyone give a fuck?

Could the current Bitcoin infrastructure pipe through such a load?

[haileysantos95]

I doubt that it will be canceled,no one can canceled they halving because it will breach the program of bitcoin and that is bad for everyone who is using bitcoin.

[Amph]

But wouldn't Bitcoin need more mining power from the network to process all these new transactions? The coming halvings pose a threat to Bitcoin well-being (or just being, lol) as I see it. If the Bitcoin price stays relatively the same, I can't possibly imagine the number of tx increase 70x...

And who would process this new additional load?

it need surely a block limit increase because with 1mega you can not certainly achieve anything

it don't necessarily need to increase 70x, that is the final outcome that is needed, you can reach it with a combination of both of the 3 parameters, we can call them so

Even if you take the cube root of 70, you would still get that each of these 3 factors should increase more than 4 times (provided they happen to increase evenly)

well 4 times is doable especially for the limit, in fact you have seg with plus HF to 2mb, which is exactly 4 times bigger than the current limit, this would allow 4x increase on the tx per day

But you forget that you should increase each of your factors 4 times to get miners income from fees increased 70 times (actually 4x4x4=64 times). Besides, raising the tx limit doesn't in the least mean that the number of transactions gets increased as well. If it were so, that would mean two things, i.e. either Bitcoin development is stuck (no one can agree on anything)...

Or, otherwise, the limit should have already been lifted long ago

there are some block that are full, this mean that we have already surpassed the limit on average, so it most certainly increase a bit, not 4x right, but 1.5x for now

the other factors are easy to have at x4, price of bitcoin at 4x is easy, just 1600, i can see this happen in the next 5 years without doubts basically, fees to 40k satoshi, also not that impossible to have