Decreasing rewards

[cp1]

Duh the dollar's been worth $1 for forever now.

[jonanon]

The very first users, when trying Bitcoin for the first time, were not aware that it was going to become what it is today - they put in time, effort and risk when no one else would.

[jongameson]

Duh the dollar's been worth $1 for forever now.

yes but the Bitcoin is worth 25

[Phrenico]

The optimal crypto currency should have a built in algorithm for price stability, just like central banks try to target 1-2% inflation.

Has that been proven?

Seems to me that with inflation, people hold as cash balances less than the amount that they would otherwise. Hence, it's suboptimal from their point of view. What other factors do you know of that exactly offset that effect? Or are you just talking out of your ass?

Also, who gets the 1-2% new money? The government? How do we know that they will spend the money efficiently?

[empoweoqwj]

The optimal crypto currency should have a built in algorithm for price stability, just like central banks try to target 1-2% inflation.

Has that been proven?

Seems to me that with inflation, people hold as cash balances less than the amount that they would otherwise. Hence, it's suboptimal from their point of view. What other factors do you know of that exactly offset that effect? Or are you just talking out of your ass?

Also, who gets the 1-2% new money? The government? How do we know that they will spend the money efficiently?

Nope, just another economic  theory, and we all know how many of them float around the planet

[BlockChainLottery]

Another "I believe it is not fair" thread. It's never easy to make money. If it was, everybody would be rich. Bitcoin shouldn't be a vehicle that make people rich, it's an instrument to make payments and maybe store some value. The early adopters and developers got their fair share, that easy block reward was just their income paid for the time and money they put into it. The protocol as it is works fine until now, and if the decreasing rewards will fail in the future then so be it. Some other better crypto currency will pick up where Bitcoin left off. Maybe crypto currencies will fail all together.

You're welcome to make your own version if you don't like this one.  It was designed this way because the designer thought it was a good idea, so he tried it out.  Try yours out and see how it goes.

Make a new one, or continue to use Bitcoin for payments or make some awesome new application for it.

OP: I think your question is perfectly fine asking why the reward is chosen as it is, but maybe you should leave out the "it's unfair" part.

[justusranvier]

But maybe such concept was beyond the brilliant mind of Satoshi.

Or maybe you're just butthurt you didn't start mining in 2011.

Which do you think is most likely?

[cr1776]

The optimal crypto currency should have a built in algorithm for price stability, just like central banks try to target 1-2% inflation.

Has that been proven?

Seems to me that with inflation, people hold as cash balances less than the amount that they would otherwise. Hence, it's suboptimal from their point of view. What other factors do you know of that exactly offset that effect? Or are you just talking out of your ass?

Also, who gets the 1-2% new money? The government? How do we know that they will spend the money efficiently?

Nope, just another economic  theory, and we all know how many of them float around the toilet

FTFY

:-)

[empoweoqwj]

The optimal crypto currency should have a built in algorithm for price stability, just like central banks try to target 1-2% inflation.

Has that been proven?

Seems to me that with inflation, people hold as cash balances less than the amount that they would otherwise. Hence, it's suboptimal from their point of view. What other factors do you know of that exactly offset that effect? Or are you just talking out of your ass?

Also, who gets the 1-2% new money? The government? How do we know that they will spend the money efficiently?

Nope, just another economic  theory, and we all know how many of them float around the toilet

FTFY

:-)

Cheers, your fix is welcomed and appropriate. That pic above is rather beautiful

[marcotheminer]

The backbone of the network would still be made up of miners, who would mine in return for tx fees.

[Meuh6879]

Why was Bitcoin designed in such a way that the rewards from mining decrease over time?

Because mining is not the way to get rich ... 
"Mining" is the way to store and validate transactions !

[fr4nkthetank]

LOL

NO MINERS HAVE EVER GOTTEN RICH BY MINING




FUCKING TROLL

[cp1]

LOL

NO MINERS HAVE EVER GOTTEN RICH BY MINING




FUCKING TROLL

Should be able to send people back the newbie only area.

[whtchocla7e]

The very first users, when trying Bitcoin for the first time, were not aware that it was going to become what it is today - they put in time, effort and risk when no one else would.

What was the risk associated with mining the first blocks? A couple of minutes of personal time wasted, a couple of minutes of wear and tear on CPU, a dollar spent on electricity?

Man, that is a huge risk. I'm glad it paid off.  

[whtchocla7e]

But maybe such concept was beyond the brilliant mind of Satoshi.

Or maybe you're just butthurt you didn't start mining in 2011.

Which do you think is most likely?

I'm not butthurt. I was never interested in mining personally and do not mine any alt coins now.
I'm interested in the design choices and the motives behind them.

[empoweoqwj]

The very first users, when trying Bitcoin for the first time, were not aware that it was going to become what it is today - they put in time, effort and risk when no one else would.

What was the risk associated with mining the first blocks? A couple of minutes of personal time wasted, a couple of minutes of wear and tear on CPU, a dollar spent on electricity?

Man, that is a huge risk. I'm glad it paid off.  

Don't be such a huge p**** please. Have you ever invented the idea of a crypto-currency that could change the way the world uses money? Nope, I didn't think so. Rewards are due to innovators, especially if what they produce actually works in the real word.

It wasn't risk, it was genius.

[_Miracle]

Most of know (or should) what the rules were when we started to "play". Early adopters/miners who built this thing to what it is now took a huge leap of "faith" or interest or sheer force of believing in something until it was true.

We're late, we have to suck it up.

Ooor we're still early there is plenty of room for opportunity (just not in mining for us little guys ;-)

[umaOuma]

The optimal crypto currency should have a built in algorithm for price stability, just like central banks try to target 1-2% inflation.

But I value Bitcoin as a store of wealth, and it can be used as a transaction system as well. Better than inflationary currency

[odolvlobo]

The very first users, when trying Bitcoin for the first time, were not aware that it was going to become what it is today - they put in time, effort and risk when no one else would.

What was the risk associated with mining the first blocks? A couple of minutes of personal time wasted, a couple of minutes of wear and tear on CPU, a dollar spent on electricity?
Man, that is a huge risk. I'm glad it paid off.  

You are missing an important point. Even though the cost was small, the risk was huge.

Let me ask you this: why don't you start your own alt coin and start mining it? After all, it takes very little effort -- even less now because everything is already done for you. You stand to make billions of dollars! Not interested? Why not?

[BitchicksHusband]

The very first users, when trying Bitcoin for the first time, were not aware that it was going to become what it is today - they put in time, effort and risk when no one else would.

What was the risk associated with mining the first blocks? A couple of minutes of personal time wasted, a couple of minutes of wear and tear on CPU, a dollar spent on electricity?

Man, that is a huge risk. I'm glad it paid off.  

$100 in electricity per month for something that might never be worth anything?