Happy halving day

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World:
Quote from: TradeFortress on November 29, 2012, 04:54:24 AM

Quote from: DeathAndTaxes on November 28, 2012, 04:51:11 PM

Happy halving day everyone. In 30 or 40 years you can tell all those next generation Bitcoin developers that you have been using Bitcoin so long that when you started blocks had a 50 BTC reward.

It is kinda weird seeing blocks with a 25 BTC subsidy though ...

Yeah :)

I want to have mined a block with a 50 btc reward..

interesting chart but there is a long way to go yet
Network Deficit

MoonShadow:
Quote from: World on November 29, 2012, 04:18:18 PM

Quote from: TradeFortress on November 29, 2012, 04:54:24 AM

Quote from: DeathAndTaxes on November 28, 2012, 04:51:11 PM

Happy halving day everyone. In 30 or 40 years you can tell all those next generation Bitcoin developers that you have been using Bitcoin so long that when you started blocks had a 50 BTC reward.

It is kinda weird seeing blocks with a 25 BTC subsidy though ...

Yeah :)

I want to have mined a block with a 50 btc reward..

interesting chart but there is a long way to go yet
Network Deficit

I don't understand what that chart is trying to tell me. What is the "network deficit"?

Come-from-Beyond:
Quote from: MoonShadow on November 29, 2012, 07:22:51 PM

I don't understand what that chart is trying to tell me. What is the "network deficit"?

It shows how much miners would earn if the block reward was 0 BTC (not 25 as currently). It's supposed that in the future miner's income will be mainly tx fees. The fees will cover expenses for mining (electricity). Now most of the miners would switch their hardware off if there was no 25 BTC given each block. Bitcoin will survive only if its price or fees will be high enough to cover expenses. If this doesn't happen then only a few computers will mine and a successful 51% attack will be easily achieved.

NB: I may be wrong in my interpretation of "network deficit".

Frequency:
Quote from: Come-from-Beyond on November 29, 2012, 10:15:07 PM

Quote from: MoonShadow on November 29, 2012, 07:22:51 PM

I don't understand what that chart is trying to tell me. What is the "network deficit"?

It shows how much miners would earn if the block reward was 0 BTC (not 25 as currently). It's supposed that in the future miner's income will be mainly tx fees. The fees will cover expenses for mining (electricity). Now most of the miners would switch their hardware off if there was no 25 BTC given each block. Bitcoin will survive only if its price or fees will be high enough to cover expenses. If this doesn't happen then only a few computers will mine and a successful 51% attack will be easily achieved.

NB: I may be wrong in my interpretation of "network deficit".

Thats why I.. who believes in BTC for the long term will never ever shutdown my rigs even when i for some time make some loss knowing i already made money out of the system and becourse if you are a true Bitcoin believer you are willing to invest some time keeping the protocol alive ..untill ASIC will arrive true miners should keep mining...but thats just how i think about it im a true supporter of the project not only for the money ...money is what is killing this world...and I have enough to live well..

But I also will laugh IF one time 1 BTC reaches $100 or 1000 pp .... ;)

timeshareafrica:
Thanks intresting stuff, I wounder if one could predict more or less the event (price, hashrate or difficulty) at the end of the bitcoin payout mechanism in 2140.

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