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Author Topic: Mining after Bitcoins  (Read 1433 times)
lessPlastic
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June 15, 2011, 01:25:20 PM
 #1

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?
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June 15, 2011, 01:26:43 PM
 #2

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?

bonercoin.
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June 15, 2011, 01:55:07 PM
 #3

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?

bonercoin.

LMAO Cheesy

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June 15, 2011, 02:03:09 PM
 #4

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?

Mining Bitcoins is about being paid for securely processing Bitcoin transactions. The block reward is designed to be replaced by transfer fees. So, even without a block reward, there will still be incentive to mine. Time will tell how much incentive the transaction fees provide. This of course relies on the acceptance and use of Bitcoin in the future.
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July 14, 2011, 12:48:19 AM
 #5

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?

bonercoin.

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wolftaur
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July 14, 2011, 01:03:02 AM
 #6

There is one service that people always need, and will always need. One service that, when it comes right down to it, they'd pay anything for.

As such, I propose the next shootoff could be Shitcoin. Though we'll need a faster block rate, not many people could actually hold it while waiting for six confirmations with the current block chain's target averages.

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July 14, 2011, 03:04:37 AM
 #7

Mining Bitcoins is about being paid for securely processing Bitcoin transactions. The block reward is designed to be replaced by transfer fees. So, even without a block reward, there will still be incentive to mine. Time will tell how much incentive the transaction fees provide. This of course relies on the acceptance and use of Bitcoin in the future.

^ This. And indeed the transfer fees will be much larger than 50 btc when the bitcoin economy gets going. That said, difficulty will be so high that the "amateur" miner will likely not be involved accept for geek/tech enthusiasts. "Mining" will be carried out by the most efficient companies and clever students that hack their university render farms =)
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July 14, 2011, 03:33:14 AM
 #8

There is one service that people always need, and will always need. One service that, when it comes right down to it, they'd pay anything for.

As such, I propose the next shootoff could be Shitcoin. Though we'll need a faster block rate, not many people could actually hold it while waiting for six confirmations with the current block chain's target averages.

Increasing the block rate means you're undercutting the time for verifications with the same hashing power, which opens up a vulnerability when it comes to network propagation. There's a reason one block every ten minutes was selected, so every node had a chance to 'see' the transactions.

Anything else risks forking the chain more easily than it can now. (And given the collective hashing power, 'easily' isn't such an easy target to hit.)

fortitudinem multis - catenum regit omnia
smoothie
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July 14, 2011, 10:22:28 PM
 #9

Mining Bitcoins is about being paid for securely processing Bitcoin transactions. The block reward is designed to be replaced by transfer fees. So, even without a block reward, there will still be incentive to mine. Time will tell how much incentive the transaction fees provide. This of course relies on the acceptance and use of Bitcoin in the future.

^ This. And indeed the transfer fees will be much larger than 50 btc when the bitcoin economy gets going. That said, difficulty will be so high that the "amateur" miner will likely not be involved accept for geek/tech enthusiasts. "Mining" will be carried out by the most efficient companies and clever students that hack their university render farms =)

Good point. But you forgot that the reward for a block halves every so often so technically when the economy is getting upstarted the 25BTC reward will be complimented with another 25BTC in transaction fees. As the price of bitcoins go up the less the transaction fees become (smaller fractions of BTC). So in essence there will be a cap on the rewards.

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The_JMiner
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July 14, 2011, 11:58:59 PM
 #10

100 transactions every 10 mins (conservative estimate) x .5 fee = 50BTC  Basically transactions go up and people start adding some BTC to the mix and it will be worth more than the BTC Mining!

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July 15, 2011, 12:13:59 AM
 #11

100 transactions every 10 mins (conservative estimate) x .5 fee = 50BTC  Basically transactions go up and people start adding some BTC to the mix and it will be worth more than the BTC Mining!

A .5 fee? That is outrageous. A plausible future I see is bitcoins worth $150, and 10,000 transactions, 1/4 with a .005 fee. That is 12.5 bitcoins, at $150 = $1,875 per block. Currently you get about $700 a block.

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July 15, 2011, 01:13:25 AM
 #12

100 transactions every 10 mins (conservative estimate) x .5 fee = 50BTC  Basically transactions go up and people start adding some BTC to the mix and it will be worth more than the BTC Mining!

A .5 fee? That is outrageous. A plausible future I see is bitcoins worth $150, and 10,000 transactions, 1/4 with a .005 fee. That is 12.5 bitcoins, at $150 = $1,875 per block. Currently you get about $700 a block.

Your right, I was just trying to show in terms to understand that even when a block solved only gives you 12 or 6 BTC the fee's will easily make up the difference imo.

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July 15, 2011, 01:16:04 AM
 #13

Your right, I was just trying to show in terms to understand that even when a block solved only gives you 12 or 6 BTC the fee's will easily make up the difference imo.

Agreed. I don't think the OP understood mining. I think he actually thought that when bitcoins reach the maximum number, mining is done. he did not realize that it will always be used to secure the blockchain, and in the future, mining will be paid on fees.

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July 15, 2011, 03:40:12 AM
 #14

I feel with NMC and other -coins starting up, there will be quite a few things left to mine after BTC are all mined out. What's on the horizon?

bonercoin.

Bonercoin currently requires large amounts of bandwidth, only a back bone is capable of that much data, each bonercoin uses an estimated 1.5 TB/s

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