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Author Topic: What happens to BTC after they're all mined and billionaires own majority btc's?  (Read 4144 times)
J. Cooper
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October 07, 2017, 10:50:28 PM
 #41

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!
Of course they sell a portion of their mining profits. They are obliged to if they want to be able to keep operating.
I also feel like it's more likely that bitcoin will create more rich people than there will be rich people buying into bitcoin and crypto currency right now. Remember, we're approaching the total market cap of bitcoi very quickly so at this point they should already be buying in heaps of bitcoin.

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October 08, 2017, 11:35:39 AM
 #42

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!
At some point in the future, the last bitcoin will be mined. Once 21 million bitcoins are created, no more bitcoins will ever be created. That doesn't mean that the bitcoin world will come crashing down, however. Besides awards for hashing, bitcoin also provides transaction fees. Currently, these fees amount to only a tiny amount, only a fraction of a sent. However, as bitcoin awards go down, the fees will likely increase, as will the value of bitcoin.

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October 10, 2017, 09:54:16 PM
 #43

Bitcoin miners can not cheat by raising their own rewards, nor can they process fraudulent transactions that could damage Bitcoin's network because all Bitcoin connections will reject any type of block containing invalid data. for miners, when bitcoin is done mined, they will still get a fee from every transaction that occurs.

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October 10, 2017, 11:49:43 PM
 #44

Good question.. unfortunately don't think there is a way to tell currently what will happen. I believe another cryptocoin will become superior to BTC eventually just because of its technical limits. There are better alternatives that function much better overall. Another question that remains is will another coin become as well known as bitcoin to the regular public? What coins will make access for a regular person as easy as FIAT is now.. time will tell.

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October 11, 2017, 06:19:10 AM
 #45



       There are only 21 million bitcoins that can be mined regardless of the earths population and its corresponding demand for bitcoins. Once
21 million have mined there will be never be any new bitcoin unless a change to the protocol is made to increase the supply.
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October 11, 2017, 09:47:14 AM
 #46

As a decentralized cryptocurrency, BTC will be harmed by more centralized miners or more centralized BTC holders?
some altcoin try to resolved centralized mining by asic resistant mining. while eos try to move to POS consensus, is it terrible if centralized etc holders? And during ICO, some will try to deliver tokens as dispersed as possible.
It is a social experiment?  Cool
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October 11, 2017, 09:08:39 PM
 #47

Good question.. unfortunately don't think there is a way to tell currently what will happen. I believe another cryptocoin will become superior to BTC eventually just because of its technical limits. There are better alternatives that function much better overall. Another question that remains is will another coin become as well known as bitcoin to the regular public? What coins will make access for a regular person as easy as FIAT is now.. time will tell.

You might be surprised on how many improvements can be done to Bitcoin without creating a new cryptocurrency. Bitcoin was designed with many features in mind that were never deployed due to slow and secure development on Bitcoin. You might notice Bitcoin Core version starting with a zero, which is to indicate that all of this is still just an experimental version. Many other currencies, like Ethereum, has experienced bad transaction scripts that enabled thefts of large amounts of money. Bitcoin is still the most secure network and blockchain to date.


Bitcoin protocol was left with many op codes that were never filled and serve as a placeholder for many features that Bitcoin plans to implement eventually.
Satoshi and the devs didn't just make a first cryptocurrency and leave the job half done. they spent A LOT of time exploring all the possible benefits and applications and features that such technology could bring. But altcoins popped up in hopes of generating revenue when they saw Bitcoin early adopters easily becoming rich, so they rushed to make all the features that Bitcoin didn't have yet due to slow and steady development that focuses on security and stability.
Bitcoin can't run around implementing new feature every month even if it has the most talented and skilled developers of all cryptocurrencies. They have big expectations and a very big responsibility to make a first and best crytpocurrency in the world.

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October 12, 2017, 07:31:31 AM
 #48

Bitcoin should be fine, the tokens will have inherent value which will generate new wealth from fluctuating exchange rates and there will be fees for the miners.
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October 12, 2017, 07:44:39 AM
 #49

Really the main thing that happens is that they turn out very bunt after all that hard work. thats allot of numbers right there to own and have full possession.
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October 12, 2017, 09:51:59 AM
 #50

Good question.. unfortunately don't think there is a way to tell currently what will happen. I believe another cryptocoin will become superior to BTC eventually just because of its technical limits. There are better alternatives that function much better overall. Another question that remains is will another coin become as well known as bitcoin to the regular public? What coins will make access for a regular person as easy as FIAT is now.. time will tell.

You might be surprised on how many improvements can be done to Bitcoin without creating a new cryptocurrency. Bitcoin was designed with many features in mind that were never deployed due to slow and secure development on Bitcoin. You might notice Bitcoin Core version starting with a zero, which is to indicate that all of this is still just an experimental version. Many other currencies, like Ethereum, has experienced bad transaction scripts that enabled thefts of large amounts of money. Bitcoin is still the most secure network and blockchain to date.


Bitcoin protocol was left with many op codes that were never filled and serve as a placeholder for many features that Bitcoin plans to implement eventually.
Satoshi and the devs didn't just make a first cryptocurrency and leave the job half done. they spent A LOT of time exploring all the possible benefits and applications and features that such technology could bring. But altcoins popped up in hopes of generating revenue when they saw Bitcoin early adopters easily becoming rich, so they rushed to make all the features that Bitcoin didn't have yet due to slow and steady development that focuses on security and stability.
Bitcoin can't run around implementing new feature every month even if it has the most talented and skilled developers of all cryptocurrencies. They have big expectations and a very big responsibility to make a first and best crytpocurrency in the world.

well explained. Thank you!
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October 12, 2017, 10:24:39 AM
 #51

I think that the same thing will happen to bitcoin as of what's happening now. I mean only the rich people control the world because of money, right? So, I'm guessing they will also manipulate bitcoins the same with what they do with money.

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October 12, 2017, 01:27:34 PM
 #52

Maybe Satoshi will withdraw his 1 Million BTC. If they are worth like 50k each, just imagine the shit it would create: the dude would be calling on 50 TRILLION DOLLARS. Bye bye, the economy.
I mean, it IS possible... If we reach this price...
How would the world react to this ? He would be worth fifty Apple compagnies, like, wtf. He could buy back the whole US debt, twice, and still have 10 trillions to play with. This guy... would be the master of the world.

And the banks would be fucking broke at the very instant he withdraws. Maybe it will be like a declaration of war or something, like:

Satoshi : "gibbe me my monies"
Banks : "noez"
Satoshi : "y u no gibbe me monies"
Banks : "bcuz i dont have dat monies"
Satoshi : "but why mah account says I haz deez monies ?"
Banks : "lol dunno"

"maybe bcuz frauds. who cares"

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October 12, 2017, 02:27:08 PM
 #53



       There are only 21 million bitcoins that can be mined regardless of the earths population and its corresponding demand for bitcoins. Once
21 million have mined there will be never be any new bitcoin unless a change to the protocol is made to increase the supply.

Exact!  Wink
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October 12, 2017, 03:30:25 PM
 #54

When all coins are mined the demand would rise very high and the price also. It might happen that majority of coins will be owned by rich Bitcoin owners but there will still some amount circulating. But there will be big space for manipulation and how the situation will develope also depends what the wales will decide to do with their Bitcoins.
My advice is to collect much Bitcoins as you can before that happenes.

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Joricbarmeb
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October 12, 2017, 05:02:00 PM
 #55

I think alt coins would rice with btc and you may hold a few btc or 100 000 tokens of another cryptocurrency.

More tokens=much more profit
the rise
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October 13, 2017, 02:29:19 AM
 #56

When all coins are mined the demand would rise very high and the price also. It might happen that majority of coins will be owned by rich Bitcoin owners but there will still some amount circulating. But there will be big space for manipulation and how the situation will develope also depends what the wales will decide to do with their Bitcoins.
My advice is to collect much Bitcoins as you can before that happenes.

bitcoin will be dominated by whale holder, is very likely to occur and force many users to engage only in altcoin markets only. but the negative effect will be greater where the trading volume will move marked with stronger confidence to certain coins, the greater the trust it will increasingly make the system develop, especially ethereum that can already pair with fiat. This is a threat to bitcoin in the future.

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BitcoinCommodor
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October 13, 2017, 07:00:41 AM
 #57

The reward divides in half over and over, it technically will never stop. But the last million blocks or so will show the wear and tear of life as the diff keeps rising and the reward keeps dropping.

But, there may be fun times, as the power miners will eventually bail and that will drop the diff and the weaker miners will make a good return and that might bring the power miners back, it will get weird.

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Cutekittens21
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October 14, 2017, 05:19:56 PM
 #58

Bitcoin will rocket.
It will take many years before bitcoin is completely mined though.
15-30 years maybe.

I also estimate bitcoin will cost 500 000$

The 21st million bitcoin will be mined in 2140! I don't think any of us will be alive to see it happen. I'm with you on your price estimate  Wink
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October 14, 2017, 10:46:20 PM
 #59

The reward divides in half over and over, it technically will never stop. But the last million blocks or so will show the wear and tear of life as the diff keeps rising and the reward keeps dropping.

But, there may be fun times, as the power miners will eventually bail and that will drop the diff and the weaker miners will make a good return and that might bring the power miners back, it will get weird.

It can't half forever since you can't half a single satoshi. The rewards will stop, this is intended by design. Just try halving the current block reward and in about 30-something halves (you will have to remove the digits below one satoshi to be accurate). Since halving is every 4 years, you get a number somewhat over 100 years, but it is there.

FuzzyQuant
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October 14, 2017, 11:50:23 PM
 #60

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!

Most likely all bitcoins will not be mined in our lifetime, the expected last block to be mined is around 2140, so you better get some anti-aging therapies going, haha!

But otherwise, the miners at that point will still make profits in the form of transaction fees and, as the network is showing greater and greater adoption already, there will likely be tons of transactions by then for the miners to stay profitable.

Otherwise, bitcoins will probably be held as a store of wealth by some, with some of it being sold and bought at different prices, just like gold or any other commodity.

I think we will see a larger integration of bitcoin in our every day lives in the coming decade (easily pay at most places with it, maybe even banking sector adoption?).

Nevertheless, it will be one interesting ride!
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