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Author Topic: 12,000,000 BTC  (Read 4258 times)
jason44
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November 17, 2013, 05:00:52 AM
 #21



Yayyy! 12m mined Cheesy
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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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androz
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November 17, 2013, 06:13:28 AM
 #22

in the middle of path .....  Smiley


DeathAndTaxes
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November 17, 2013, 06:18:37 AM
 #23

Surely, by the time that mining only gets you 1 satoshi in however many years that is, it will not be anywhere near viable to mine anymore. It would cost so much more in electricity to mine than what you would earn unless bitcoins price soars to the point where 1 satoshi costs hundreds of dollars. I guess that almost seem like a possibility at the moment the way the price is going but i don't think it will rise forever, it will collapse some day soon under its own weight without the needs of governments to intervene.


or ... miners turn off rigs and difficulty goes down.  That combined with transaction fees should make the network viable forever.  What a great solution.   Too bad Satoshi didn't think of that.  Oh wait he did.   Difficulty goes up and down based on hashpower on the network.  The network will always reach equilibrium.  
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November 17, 2013, 06:22:27 AM
 #24

Surely, by the time that mining only gets you 1 satoshi in however many years that is, it will not be anywhere near viable to mine anymore. It would cost so much more in electricity to mine than what you would earn unless bitcoins price soars to the point where 1 satoshi costs hundreds of dollars. I guess that almost seem like a possibility at the moment the way the price is going but i don't think it will rise forever, it will collapse some day soon under its own weight without the needs of governments to intervene.
It is always best to learn how something is designed and how it works before you form opinions.

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November 17, 2013, 06:24:31 AM
 #25

12,000,000 / 21,000,000 !

~~~~~
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November 17, 2013, 06:28:05 AM
 #26

Surely, by the time that mining only gets you 1 satoshi in however many years that is, it will not be anywhere near viable to mine anymore. It would cost so much more in electricity to mine than what you would earn unless bitcoins price soars to the point where 1 satoshi costs hundreds of dollars. I guess that almost seem like a possibility at the moment the way the price is going but i don't think it will rise forever, it will collapse some day soon under its own weight without the needs of governments to intervene.
It is always best to learn how something is designed and how it works before you form opinions.

yeah, satoshi is one smart cookie.. would be crazy to believe that he did not plan in this event. but yeah, miners get subsidized for the proof of work (i think?), so it's not just mining "new coins."
AuroraHF
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November 17, 2013, 06:30:50 AM
 #27

Amazing, to the next 9 million!
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November 17, 2013, 06:40:36 AM
 #28

All looking pretty good for btc right now price is rising and bitcoin atm machines are out

Im going to be really happy when it hits 15 mill
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November 17, 2013, 07:10:34 AM
 #29

The last bitcoin is supposed to be mined in year 2141? Correct ?

Some people are so poor ALL they have is money
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November 17, 2013, 07:33:37 AM
 #30

Nice , wish satoshi make it more than 21M bitcoin available
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November 17, 2013, 08:44:46 AM
 #31

The last bitcoin is supposed to be mined in year 2141? Correct ?

Approximately.  It depends on how fast average network hashrate growth is.  If the network sustains a 10% per difficulty period average hashrate growth it would be more like 15 years earlier. 
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November 17, 2013, 05:42:32 PM
 #32

Surely, by the time that mining only gets you 1 satoshi in however many years that is, it will not be anywhere near viable to mine anymore. It would cost so much more in electricity to mine than what you would earn unless bitcoins price soars to the point where 1 satoshi costs hundreds of dollars. I guess that almost seem like a possibility at the moment the way the price is going but i don't think it will rise forever, it will collapse some day soon under its own weight without the needs of governments to intervene.
You do realise that miners collect transaction fees? In the far future the block reward itself isn't going to matter much anymore.

I'd buy that for a dollar bitcoin!
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November 17, 2013, 07:16:29 PM
 #33

Nice , wish satoshi make it more than 21M bitcoin available

try Litecoin, there are 84 mio ;-)

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November 17, 2013, 09:38:49 PM
 #34

Nice , wish satoshi make it more than 21M bitcoin available

try Litecoin, there are 84 mio ;-)

These are just arbitrary numbers.

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November 17, 2013, 09:45:41 PM
 #35

just want to be in this thread
historic moment

I am also toasting in this epic bread. 
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November 17, 2013, 10:39:20 PM
 #36

Cool! Thanks for pointing it out.
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November 17, 2013, 10:57:17 PM
 #37

Woo! Grin

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uMMcQxCWELNzkt
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November 17, 2013, 11:03:19 PM
 #38

Does this also mean a surge of new media reports are coming our way?  Wink
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November 17, 2013, 11:09:38 PM
 #39

I'll just ... leave this right here.

http://www.youtube.com/watch?v=ej6T4VR11PM

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smoothrunnings
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November 17, 2013, 11:19:35 PM
 #40

At the time of posting, 11,999,925 BTC have been mined.
3 blocks to go before 12M, everyone get party crackers! Smiley

It will be nice once Bitcoin is worth $10,000! Heck if it gets to more than 100k that would be great too! Smiley

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