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Author Topic: Mining after 21 million (What will block fee's be worth??)  (Read 1874 times)
lovenlifelarge
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May 09, 2013, 03:53:16 PM
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Excuse if this has been asked before, I know a similar question has been but not as this specific...

Once the last coin has been mined, we will be mining for block fee's (Is this correct??)

If so, What would one speculate the block fee's to be worth?Huh (As in how many bitcoin would the fee's be not how much would bitcoin be worth?)

At the moment from what i can gather, Fee's per block start around 1.0 upto 4 or 5.0 bitcoin perblock depending on what other transactions on the block have occour'd.

Are we saying, That by the time all the coins are gone, Fee's will be 50 bitcoins per block??? (Approx only) to make it worth mining after all the coins are gone??

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mgio
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May 09, 2013, 04:42:37 PM
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That's well over a hundred years from now so it's impossible to say.

But, if bitcoin lasts another 100+ years it will be mean it actually has gone at least somewhat mainstream. That means there will be far more transactions than there are today and blocks are likely to be much more larger. Larger blocks mean more transaction fees.
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May 12, 2013, 11:29:57 PM
 #3

Excuse if this has been asked before, I know a similar question has been but not as this specific...

Once the last coin has been mined, we will be mining for block fee's (Is this correct??)

If so, What would one speculate the block fee's to be worth?Huh (As in how many bitcoin would the fee's be not how much would bitcoin be worth?)

At the moment from what i can gather, Fee's per block start around 1.0 upto 4 or 5.0 bitcoin perblock depending on what other transactions on the block have occour'd.

Are we saying, That by the time all the coins are gone, Fee's will be 50 bitcoins per block??? (Approx only) to make it worth mining after all the coins are gone??

I would say focus on the problems of today, this is so far out we'll all be long dead by the time it comes to worry about transaction fees after year 2140. A lot can happen in 127 years Smiley

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May 12, 2013, 11:33:45 PM
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Long before that a union of miners will have lifted that silly 21mln limit.
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May 13, 2013, 07:06:00 AM
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Long before that a union of miners will have lifted that silly 21mln limit.

...and killed the goose that lays the golden eggs.

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May 13, 2013, 07:10:56 AM
 #6

Long before that a union of miners will have lifted that silly 21mln limit.

Then it isn't Bitcoin and the non-union miners will continue to miner the real Bitcoin and keep all the rewards to themselves.

Barring a scenario where 100% of users, miners, merchants, exchanges, service providers, and developers stop all support for the current chain at best all you can do is fork the existing chain.  You can't stop people from using it.

Given the choice of:
a) highly successfuly and well supported current fork
or
b) an inflat-a-coin fork which benefits some miners (the 1%) at the expense of everyone else (the 99%)

why exactly would people stop using the current fork?
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