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adibe
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January 28, 2016, 02:52:13 PM |
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If there is no more coins to mine, i'm sure the bitcoin price will increase very very high. and it will affect the bitcoin itself. i mean like, it will hard to earn free bitcoin. maybe like that.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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russian_pete
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January 28, 2016, 02:52:35 PM |
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All we talk about now is capacity of processing transactions. If transactions continue to increase, there will be plenty of demand from miners to process all the transactions and keep the currency alive. That's the geniality of it. And, of course, by then every miner will have ROI'd already, so it wouldn't be any disaster for the investors.
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winspiral
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Free WSPU2 Token or real dollars
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January 28, 2016, 03:49:09 PM |
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What if there is nomore coins to mine?
What if there is nomore gold to mine? The answer is "almost" same for coins with the difference that we will "mine" transaction fees... |
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funkenstein
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Khazad ai-menu!
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January 28, 2016, 04:30:26 PM |
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We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.
This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.
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knowhow
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January 28, 2016, 05:17:49 PM |
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Bitcoin projects for the future are unknown ,the thing is the foundation works at the present and have some things they changing slowly.
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enhu
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January 28, 2016, 06:34:18 PM |
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I'm impatient to see what will happen after the halving.
12.5 BTC per block is not much...if the price will not double...
many many miners will give up...certainly
You should just wait and see. Maybe keep the coins though. And if the coins leave then they surely again there something else came up. So there's no reason to stop. Recently blockchain implement its wallet update and seem like they take out sign message which I believe can affect the blocksize. Other wallets may also implement such and hope this will also end the blocksize issue and price may go up.  miners may still be miners. |
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Quantus
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January 28, 2016, 06:48:26 PM
Last edit: January 28, 2016, 07:14:36 PM by Quantus |
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So I was watching videos on youtube and I came across to a video rearding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?
The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit This is the best explanation IMO. Simple but still very accurate. I'll try to make it even more simple: The lesser the number of the miners the more the rewards the left miners get.So, no worries, Bitcoin will be here until the end of times. ) You guys are missing the point. The deeper question here is 'how thick do the walls of a safe need to be to protect its contents when the value of its contents is always changing and ultimately unknowable?' What you miss is when miners abandon the community the hardware they used regardless if its resold or trashed will be antiquated within a year, so the community has to be continuously reinvesting profits in new state of the art mining hardware, cutting edge hardware or the network becomes antiquated and the price to attack the network falls below the incentives to protect it. This inflection point is currently unknowable because we don't know how much value has been stored using the bitcoin blockchain outside of its traditional use as a currency. Under your retarded explanation of the situation the whole bitcoin network would run off 1 cent in total transaction fees per block because the last man standing would still be able to turn a profit but that dose nothing for our security. |
(I am a 1MB block supporter who thinks all users should be using Full-Node clients) Avoid the XT shills, they only want to destroy bitcoin, their hubris and greed will destroy us. Know your adversary https://www.youtube.com/watch?v=BKorP55Aqvg |
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Amph
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January 28, 2016, 06:48:55 PM
Last edit: January 28, 2016, 07:01:31 PM by Amph |
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We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.
This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.
right now tx fee are 1/8 of the total reward from mining, and they will be 1/4 with the halving, so tx fee don't need to be worth a lot more, if the value skyrocket to 8x what it is now, miners could already earn good from the fee alone |
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davinchi
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January 28, 2016, 06:58:55 PM |
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We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.
This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.
right now tx fee are 1/8 of the total reward from mining, and they will be 1/4 with the halving, so tx fee don't need to be worth a lot more, if the value skyrocket to 8x what it is now, miners could already earn good from the fee alone Yes, when block reward goes down, value of one satoshi and number of transactions will be keeping on raising. When block reward = 0 BTC, at that time also miners will be earning equivalent worth of bitcoins due to high bitcoin value ( like one satoshi = $10 ) and immense number of transactions. |
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Amph
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January 28, 2016, 07:01:18 PM |
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We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.
This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.
right now tx fee are 1/8 of the total reward from mining, and they will be 1/4 with the halving, so tx fee don't need to be worth a lot more, if the value skyrocket to 8x what it is now, miners could already earn good from the fee alone Yes, when block reward goes down, value of one satoshi and number of transactions are keeping on raising. When block reward = 0 BTC, at that time also miners will be earning equivalent worth of bitcoins due to high bitcoin value ( like one satoshi = $10 ) and immense number of transactions. i made a mistake it's 1/80 and not 1/8, so value need to skyrocket to 80x, a different story indeed... because it mean that we need a $32K in value in the future, around 2028 already, fee must account for a greater portion of the profit, because the reward would be only 1 btc |
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AGD
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Keeper of the Private Key
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January 28, 2016, 09:08:45 PM |
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So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?
By this time it will be the end of Bitcoin No. 1337 |
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calkob
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January 28, 2016, 09:18:34 PM |
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So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?
Miners will then make their money from transaction fees which by that stage should be fairly sizeable considering it will be over 100 years away..... |
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DrLove2048
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January 29, 2016, 02:28:12 AM |
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I like to think of it as oil drilling (ignoring the fact oil is being created every day)
Basically, there will be the easy stuff to pull out first, and then it slowly gets to harder and harder things to drill for. Until the point where the price of oil needs to keep going up to support those businesses.
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Next BillG
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February 02, 2016, 10:26:08 AM |
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We'll see won't we? Perhaps the transaction fees will be both enough to secure the coin and not enough to force users into other coins. I don't see this as a sure thing though.
This is why woodcoin uses a logarithmic supply curve rather than geometric - there will always be some more coins left to distribute in coinbase. Well, for the next 300 million years at least.
right now tx fee are 1/8 of the total reward from mining, and they will be 1/4 with the halving, so tx fee don't need to be worth a lot more, if the value skyrocket to 8x what it is now, miners could already earn good from the fee alone Yes, when block reward goes down, value of one satoshi and number of transactions are keeping on raising. When block reward = 0 BTC, at that time also miners will be earning equivalent worth of bitcoins due to high bitcoin value ( like one satoshi = $10 ) and immense number of transactions. i made a mistake it's 1/80 and not 1/8, so value need to skyrocket to 80x, a different story indeed... because it mean that we need a $32K in value in the future, around 2028 already, fee must account for a greater portion of the profit, because the reward would be only 1 btc $32k bitcoin in 2028 is achieveable. It is 80 times of present value. The price just needs to rise 44% a year from now on. |
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HCLivess
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=== NODE IS OK! ==
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February 02, 2016, 10:27:14 AM |
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with no more coins to mine you achieve the NXT status
0 impact on price
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Wobberdk
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February 02, 2016, 10:47:37 AM |
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So I was watching videos on youtube and I came across to a video rearding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question i what will happen to the miners if tere will be no more coins to mine? Since there is only a limit on how many bitcokns can be produced, a time will vome that minin will put on stop. What will happen to the bitcoin price if then?
The miners still get the fees, so hopefully by then, the fees should be worth enough to make mining profitable If the fees aren't enough for mining to be profitable, some miners will stop mining, raising the amount of blocks found by the leftover miners... that way the leftover miners find more blocks => more fees => profit with the rising number of transactions and people adopting bitcoin, i strongly believe that will be the case, and all this machines already invested upon will then serve the transactions and make it a very resilient network. |
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Next BillG
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February 06, 2016, 11:21:12 PM |
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with no more coins to mine you achieve the NXT status
0 impact on price
With NXT, if there is no wide adoption, the price of each NXT will reduce proportionally to the newly created coins. |
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Cyaren
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February 06, 2016, 11:33:10 PM |
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This question's answer is basically the same as the answer to "What is there is no more gold to mine?". Well the currency supply stabilises and if the user base continues to grow, that would mean there is deflation instead of inflation!
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yenxz
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February 08, 2016, 12:39:25 PM |
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So I was watching videos on youtube and I came accross to a video regarding the facts about bitcoin. I saw there that every halving the reward block is halve right? And so the rewards that the miner will get will decreased. My question is what will happen to the miners if there will be no more coins to mine? Since there is only a limit on how many bitcoins can be produced, a time will come that mining will put on stop. What will happen to the bitcoin price if then?
if that happen,no more bitcoin to mined,i think there only bitcoin transaction,bitcoin move to wallet to other wallet,just it. and of course trading activity will not hold so long. |
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twister
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February 08, 2016, 04:31:22 PM |
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What if there is nomore coins to mine?
What if there is nomore gold to mine? The answer is "almost" same for coins with the difference that we will "mine" transaction fees... Gold miners would probably start to look for another work, don't know how this relate to bitcoin mining? Will mining only for fees cover the cost of big mining farms? |
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