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Author Topic: Bitcoin's long term future at stake?  (Read 764 times)
Entengro (OP)
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January 09, 2014, 01:28:31 AM
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What happens when all bitcoins are mined and competition for bitcoin mining decreases because there are only transaction fees?  What then?  Bitcoin may run into serious complications 40 years down the line from now.  This means the longevity of bitcoin network is at stake.  Once the hashing rate decreases then, any government/ corporation can jump in and perform a 51% attack. 
Bitcoinpro
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January 09, 2014, 01:35:15 AM
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What happens when all bitcoins are mined and competition for bitcoin mining decreases because there are only transaction fees?  What then?  Bitcoin may run into serious complications 40 years down the line from now.  This means the longevity of bitcoin network is at stake.  Once the hashing rate decreases then, any government/ corporation can jump in and perform a 51% attack. 

what year are we talking here

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BittBurger
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January 09, 2014, 01:37:57 AM
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What happens when all bitcoins are mined and competition for bitcoin mining decreases because there are only transaction fees?  What then?  Bitcoin may run into serious complications 40 years down the line from now.  This means the longevity of bitcoin network is at stake.  Once the hashing rate decreases then, any government/ corporation can jump in and perform a 51% attack. 

It is going to be over 100 years before the final coins are mined.  The year 2140.

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Entengro (OP)
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January 09, 2014, 01:40:44 AM
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Incorrect.  The new mining rate after 2040 is pretty much close to zero.  We reach 20million around 2033.  


chart in this article
http://makeeasymoneyfaster.com/make-money-from-home-as-bitcoin-miner.html
whtchocla7e
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January 09, 2014, 02:07:19 AM
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What happens when all bitcoins are mined and competition for bitcoin mining decreases because there are only transaction fees?  What then? 

There will be a new, better coin by then. People are mobile and follow the path to where new opportunities lie.

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Duane Vick
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January 09, 2014, 02:49:16 AM
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I think the adoption rate of bitcoin will resolve this. As more and more transactions are made, there will be a lot of fees to be made by mining. Also, as interest in mining drops, so will difficulty until an equilibrium is achieved.

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