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Author Topic: What happens to BTC after they're all mined and billionaires own majority btc's?  (Read 4144 times)
embodytantra
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September 13, 2017, 07:06:56 AM
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I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!
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September 13, 2017, 07:11:56 AM
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I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

Look at gold - what happened t here?

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September 13, 2017, 05:10:39 PM
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They pay for their appearance on CNBC to tell us how Bitcoin is the only way things should be and if anything better comes along the government should ban it.
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September 14, 2017, 12:01:38 PM
 #4

I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

I believe that even the biggest miners must sell some of their BTC to pay for electricity and other expenses. If wealth people would own a big percentage of BTC and hold them price would grow faster. It would fall off course if they sell a lot of them, but after that, they wouldn't have those bitcoins anymore. So this is not a big problem I think.

Remember this: if you don't sell/spend your BTC no one can ever get it. So definetely HODL at least a bit no matter the price!

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September 14, 2017, 12:01:38 PM
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I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

Just because a rich miner owns a ton of hashrate, doesn't mean they keep it all on BTC. In fact, a lot of them are just here for the fiat, and they sell every month at market rate to whatever fiat currency they use on their country. They are all at least forced to sell a % to pay electricity fees and other expenses from mining that cannot be paid in BTC, so they don't keep 100%.

Holders and miners are a different breed.

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September 14, 2017, 12:31:25 PM
 #6

Block rewards will be replaced by mining fees in every aspect.

When these billionaires move their coins, they will pay a fee to the miner and anyone can be a miner.
If they never move their coins, then it is like they don't exist and poses no problems in the first place.

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September 14, 2017, 02:36:01 PM
 #7

I think then Bitcoin will be become more valuable then Dimond

miguelmorales85
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September 14, 2017, 08:37:08 PM
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I think then Bitcoin will be become more valuable then Dimond

it's definitely more useful than diamonds. Even silver is more useful than diamond!
embodytantra
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September 15, 2017, 12:35:07 AM
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I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

I believe that even the biggest miners must sell some of their BTC to pay for electricity and other expenses. If wealth people would own a big percentage of BTC and hold them price would grow faster. It would fall off course if they sell a lot of them, but after that, they wouldn't have those bitcoins anymore. So this is not a big problem I think.

Remember this: if you don't sell/spend your BTC no one can ever get it. So definetely HODL at least a bit no matter the price!

It's interesting to view it that way.  I was actually thinking the opposite - that if the wealthy people own almost all the coins then it will become completely obsolete (simply because the coins aren't being used and because what drives something to rise in value is popularity, only a fraction of the world's population is elite wealthy). I would think we would go with another cryto far before that happened though.
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September 15, 2017, 02:50:26 AM
 #10

It's interesting to view it that way.  I was actually thinking the opposite - that if the wealthy people own almost all the coins then it will become completely obsolete (simply because the coins aren't being used and because what drives something to rise in value is popularity, only a fraction of the world's population is elite wealthy). I would think we would go with another cryto far before that happened though.
That is if only they own all the coin. If there is still coins in circulation, Bitcoin cannot die.

Bitcoin works on the principles of supply and demand. If the rich people own majority of the coins and decides not to touch them, the remaining coins will become more valuable since the supply of it becomes scarce. There is no problem with it, we can easily increase the number of decimals and people would continue to use Bitcoins in small denominations.














 

 

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Kogs
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September 15, 2017, 05:13:51 AM
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It's interesting to view it that way.  I was actually thinking the opposite - that if the wealthy people own almost all the coins then it will become completely obsolete (simply because the coins aren't being used and because what drives something to rise in value is popularity, only a fraction of the world's population is elite wealthy). I would think we would go with another cryto far before that happened though.

I don't think that this situation will look different for other mainstream cryptos.
All popular cryptos will attract rich people. It is likely that the distribution of all those cryptos will look like the same.
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September 15, 2017, 12:25:58 PM
 #12

then another paradigm shift happens in economics and cs

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w33man
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September 18, 2017, 07:41:23 PM
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I think there would be no complete sense if billionaires would hold on to their bitcoin. They would also use it as well, the reason why they kept it is for them to earn. So, I think they would still use it and it would be foolish if you would save all of it until you die without even making use even a fraction of your bitcoin.

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nikisev
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September 18, 2017, 08:14:15 PM
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The problem we are talking about is not if some people would hold on on BTC.
The problem is what if they will use their coins to manipulate market. Like drop coin rates and buy in on lower price to make it look not stable. Until bitcoin cannot be freely converted to actual things. It will be vulnerable.

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September 19, 2017, 06:52:03 AM
 #15

This is why this is still called an experiment. We do not know if there will be enough transactions in the future to sustain mining operations. < The Block reward is filling that need now, but miners fees should replace the Block reward in the future and If a bunch of Billionaires hold most of the coins, it would not generate enough transactions to make mining profitable, so it will be anyone's guess what will happen then.

We might even get consensus to implement some other way of paying the miners/node operators. < Lightning Network >

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September 21, 2017, 05:47:33 AM
 #16

I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

1. If majority of billionaires will hoard their bitcoins the rest who will be using Bitcoins will enjoy the ultimate rise in value of bitcoin.
2. Miners fee in transactions will maintain operations.
3. It could go with the model of Dogecoin. Producing additional Bitcoins per year after the last Bitcoin has been mined.
4. Or nobody can resist hoarding Bitcoins because of profitability.

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September 21, 2017, 08:36:53 AM
 #17

First of all this problem will arise in 2140, long after everyone who are living right now on planet earth will be dead.
2nd bitcoin has been alive for less than 10 years, thinking what will happen 120 years from now is science fiction since you can't even predict what will happen next year or if humanity will still be around in 100 years.
lastly- if bitcoin will still be used 120 years from now it will probably have replaced all of the currecny so people wont be able to keep bitcoin since they will have to use it to buy food, cloth etc.
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September 21, 2017, 09:01:41 AM
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im newbie haha
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September 21, 2017, 09:48:52 AM
 #19

If rich people owned a lot of Bitcoins, then they will remain like that and the poorer remains same because the market value will increase soon. I don't think they are going to invest a lot time or monies into Bitcoins as they had already own business that would be making profit for them.

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September 21, 2017, 08:31:55 PM
 #20

I'm a newb, and curious what happens to bitcoin after they're all mined (considering that it's mostly wealth to absurdly wealthy people mining them now and has been for a while, aside from cloud mining sure but that's not that many is it? IDK), but curious what is the vision 10-15 years down the road it's possible that most the very wealthy people own BTCs? Seeing how more and more transactions are going to be paid via bitcoin (and rich people own most of the companies that GET paid in these transactions) - so I'm curious how it's going to be different?

Thanks!

Does wealthy people hold bitcoin? Yes, they are the big whales we have we the world of bitcoin and most mining farm were own by the billionaires. Mean while, I think every new bitcoin create or mine will be automatically add to the capital market.

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