Bitcoin Forum
June 15, 2024, 11:45:27 PM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: Philosofical question  (Read 1856 times)
lyhueBR (OP)
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
January 10, 2014, 07:28:00 AM
 #1

If we accept nowadays that we will still be using BTC after all mining be done (21 M coins), as the miners will continue the blockchain by earning the transaction's fees, why dont we accept that we in fact dont need to mine theses coins at all?

We could stop at this present moment  (@ ~12 M coins) and prevent spending all this energy and resources to mine virtual coins. Instead, miners could use the money of buying ASICs and stuff to invest in Bitcoins startups that solves real problems like security and education of use.

A "great" consequence of this would be that the BTCUSD price would go up since there would be far less offer of coins (~ theoretical double, 12M/21M).

I would like more experienced btcoiners to explain to me why this isnt good.

Regs
Lyhue
ning
Full Member
***
Offline Offline

Activity: 173
Merit: 100



View Profile
January 10, 2014, 07:50:14 AM
 #2

Mining needs to continue because it guarantees future transactions get included into the Blockchain. The huge hashing power of the Bitcoin network also guarantees the transactions already included in the Blockchain cannot be easily reversed. Even with fiat currencies, millions if not billions of dollars are being spent every year just to keep the currencies circulating (printing, recycling, transferring by armed trucks).

Depending on a person's position in the Bitcoin economy, BTCUSD price going wildly up might not necessarily be a "great" consequence. A gradual increase in dollar value might be more desirable.
FenixRD
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250


I am Citizenfive.


View Profile
January 10, 2014, 07:58:42 AM
 #3

If we accept nowadays that we will still be using BTC after all mining be done (21 M coins), as the miners will continue the blockchain by earning the transaction's fees, why dont we accept that we in fact dont need to mine theses coins at all?

We could stop at this present moment  (@ ~12 M coins) and prevent spending all this energy and resources to mine virtual coins. Instead, miners could use the money of buying ASICs and stuff to invest in Bitcoins startups that solves real problems like security and education of use.

A "great" consequence of this would be that the BTCUSD price would go up since there would be far less offer of coins (~ theoretical double, 12M/21M).

I would like more experienced btcoiners to explain to me why this isnt good.

Regs
Lyhue

Because this is impossible, because the community wouldn't accept it. The same reason Bitcoin is secure from future debasement — no central planners to decide to print more, or arbitrarily change things to suit their purposes — is the same reason this wouldn't happen. 21M and 128 years or whatever isn't "perfect" but it was a good guess at a set of parameters that should work, as a jumping off point. If someone could change that (without creating an "alt" chain, which certainly is permissible, so go nuts) then Bitcoin would be a broken concept.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
Unacceptable
Legendary
*
Offline Offline

Activity: 2212
Merit: 1001



View Profile
January 10, 2014, 08:23:34 AM
 #4

Simple,no mining= NO TRANSACTIONS are confirmed  Cry

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
gsupp
Sr. Member
****
Offline Offline

Activity: 308
Merit: 250


View Profile
January 10, 2014, 10:53:44 PM
 #5

Simple,no mining= NO TRANSACTIONS are confirmed  Cry

Exactly. Mining is required for the Bitcoin network to function. There is of course the question of will people continue to mine when all they'll get are the transaction fees. We have a while to go until this happens though, so it won't be a problem in any of our lifetimes.
Perseus353
Full Member
***
Offline Offline

Activity: 125
Merit: 100


View Profile
January 11, 2014, 01:35:54 AM
 #6

Simple,no mining= NO TRANSACTIONS are confirmed  Cry

Exactly. Mining is required for the Bitcoin network to function. There is of course the question of will people continue to mine when all they'll get are the transaction fees. We have a while to go until this happens though, so it won't be a problem in any of our lifetimes.

Mining will gradually transition to "harvesting" over the next century -- it will never end.

1CkV1H1CA67CjpG5QMxEgVU9tNto51DBHd
crazyates
Legendary
*
Offline Offline

Activity: 952
Merit: 1000



View Profile
January 11, 2014, 02:00:05 AM
 #7

I have another question: If someone spells it "Philosofical", do I take them seriously?

Tips? 1crazy8pMqgwJ7tX7ZPZmyPwFbc6xZKM9
Previous Trade History - Sale Thread
pjviitas
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250


View Profile
January 11, 2014, 02:09:24 AM
 #8

Stopping mining once all the bitcoins have been mined would be kind of like the bank posting all their books on the the internet for people to FUD up any way they wish.
FenixRD
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250


I am Citizenfive.


View Profile
January 11, 2014, 07:19:48 AM
 #9

I have another question: If someone spells it "Philosofical", do I take them seriously?

You do not.

I however choose to assume the "foreigner" explanation and give benefit of doubt. English is tricky for a non-native, even those with assess to google.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
Unacceptable
Legendary
*
Offline Offline

Activity: 2212
Merit: 1001



View Profile
January 11, 2014, 08:00:33 AM
 #10

I have another question: If someone spells it "Philosofical", do I take them seriously?

You do not.

I however choose to assume the "foreigner" explanation and give benefit of doubt. English is tricky for a non-native, even those with assess to google.

I see what you mean  Cheesy Grin

Maybe he was taught Phonics  Cheesy  I was,at least he's not using "Ebonics"  Cheesy Cheesy Cheesy Cheesy

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
dex1
Full Member
***
Offline Offline

Activity: 141
Merit: 116



View Profile
January 11, 2014, 08:16:02 AM
 #11

I have another question: If someone spells it "Philosofical", do I take them seriously?

You do not.

I however choose to assume the "foreigner" explanation and give benefit of doubt. English is tricky for a non-native, even those with assess to google.


No doubt English is tricky as you most likely meant "access". Grin



FenixRD
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250


I am Citizenfive.


View Profile
January 12, 2014, 01:08:59 AM
 #12

I have another question: If someone spells it "Philosofical", do I take them seriously?

You do not.

I however choose to assume the "foreigner" explanation and give benefit of doubt. English is tricky for a non-native, even those with assess to google.


No doubt English is tricky as you most likely meant "access". Grin






Hahaha... Shit. Well, iPhones are to blame in this instance, fwiw...  Grin

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
krampus
Member
**
Offline Offline

Activity: 98
Merit: 10

Village Idiot


View Profile
January 12, 2014, 04:13:38 AM
 #13

I do get that everyone is a beginner at some point and doesn't necessarily have a complete grasp of the entirety of Bitcoin. Heck, there's much I don't know about it, and I'm a software engineer with years of experience.

That said, the OP's question smacks of an agenda. I'm going to go out on a limb and guess that the OP registered for the sole purpose of stirring the shit on the topic of Bitcoin's alleged carbon footprint.

I pledge never to use this space for sleazy referrals, gambling spam, or to beg for handouts.
pjviitas
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250


View Profile
January 12, 2014, 05:30:36 AM
 #14

I do get that everyone is a beginner at some point and doesn't necessarily have a complete grasp of the entirety of Bitcoin. Heck, there's much I don't know about it, and I'm a software engineer with years of experience.

That said, the OP's question smacks of an agenda. I'm going to go out on a limb and guess that the OP registered for the sole purpose of stirring the shit on the topic of Bitcoin's alleged carbon footprint.

That's possible however something that's distributed has advantages over something that's centralized from an energy point of view.

Many power utilities are acknowledging that distributed generation may be the future...solar and wind on everyone's home to supply at least part of their energy needs...it reduces the requirement for large power plants and the power losses associated with transporting power for large distances.

Not to mention that mining actually heats my apartment during the winter all my thermostats are turned off right now.
freebit13
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500

I got Satoshi's avatar!


View Profile
January 12, 2014, 06:21:06 AM
 #15

We could stop at this present moment  (@ ~12 M coins) and ....
A "great" consequence of this would be that the BTCUSD price would go up...

Nope, you'd lose one of the most important factors in any form of value exchange... CONFIDENCE!

Decentralize EVERYTHING!
marko9812
Newbie
*
Offline Offline

Activity: 33
Merit: 0


View Profile
January 13, 2014, 05:10:16 PM
 #16

because everybody follows their economic incentives /thread
SirBitsalot
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
January 13, 2014, 10:56:51 PM
 #17

On paper, it sounds ideal, but once it gets thrown into practice so many variables that you didn't think could effect it come into play.
Evil-Knievel
Legendary
*
Offline Offline

Activity: 1260
Merit: 1168



View Profile
January 13, 2014, 11:05:39 PM
Last edit: April 17, 2016, 09:25:00 PM by Evil-Knievel
 #18

This message was too old and has been purged
CatCoin
Newbie
*
Offline Offline

Activity: 38
Merit: 0


View Profile
January 14, 2014, 11:31:07 AM
 #19

I have another question: If someone spells it "Philosofical", do I take them seriously?
I was wondering the same thing.

At first I figured it was intentional... and then I remembered I'm on the internet.
zimmah
Legendary
*
Offline Offline

Activity: 1106
Merit: 1005



View Profile
January 14, 2014, 02:50:59 PM
 #20

If we accept nowadays that we will still be using BTC after all mining be done (21 M coins), as the miners will continue the blockchain by earning the transaction's fees, why dont we accept that we in fact dont need to mine theses coins at all?

We could stop at this present moment  (@ ~12 M coins) and prevent spending all this energy and resources to mine virtual coins. Instead, miners could use the money of buying ASICs and stuff to invest in Bitcoins startups that solves real problems like security and education of use.

A "great" consequence of this would be that the BTCUSD price would go up since there would be far less offer of coins (~ theoretical double, 12M/21M).

I would like more experienced btcoiners to explain to me why this isnt good.

Regs
Lyhue

Sure, let's close all banks too, we don't need them anymore since we have bitcoin, and for those who still use money, they can just send their dollars by mail. If all the banks would invest their money in water for the third world, no one would have to be thirsty.

Oh, while we are at it, why don't all criminals behave, so the police can quit their jobs as well and do something useful for society.

You can't just stop mining bitcoin, bitcoin mining is the process of protecting the network and making sure the transactions are made.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!