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Author Topic: It's 2040, the last bitcoin was just mined...  (Read 468 times)
Spendulus
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December 17, 2018, 03:12:22 PM
 #1

What might the miners do at this junction?

Sure, they still get transaction fees. Would those escalate?

Might there be a reason to move to non-ASIC hardware?

Or a reason to change the reward algorithm?
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December 17, 2018, 03:17:40 PM
Merited by Foxpup (3)
 #2

It should be around May 2140 and not 2040. Why there will be a need to do any of these things you mentioned though? I'm pretty sure the transactions fees will be more than sufficient because by no longer having block reward, the supply will be pretty limited and that should give the price a huge boost.

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December 17, 2018, 03:40:27 PM
 #3

It should be around May 2140 and not 2040. Why there will be a need to do any of these things you mentioned though? I'm pretty sure the transactions fees will be more than sufficient because by no longer having block reward, the supply will be pretty limited and that should give the price a huge boost.

Oh, I'm off by 100 years! My bad...should have examined the elliptic curve and the exponential halving before posting.
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December 17, 2018, 03:47:54 PM
 #4

Sure, they still get transaction fees. Would those escalate?

Yep, it's 2140 and it's expected that the rise of the price will make the fees cover the mining costs and also give some profit.
I don't expect a change in the algo in the future, it could weaken the coin. But we cannot know what will happen in so much time, the technology will advance a lot...

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December 17, 2018, 03:49:22 PM
 #5

There would be no way to change the reward algorithm as there would be no more minable bitcoin available to serve as incentive for miners. The bitcoin protocol is built on immutabilty, and this builds trust, any change in the system would not be a welcome development.

Transactions fees would have to be modified to serve as reward enough and still make it profitable to confirm transactions.

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December 17, 2018, 03:54:28 PM
 #6

...the supply will be pretty limited and that should give the price a huge boost.
I am wondering what will be the price value? Will there be any fiat left by that time? Interesting future.


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December 17, 2018, 04:04:56 PM
Merited by MainIbem (1)
 #7

...the supply will be pretty limited and that should give the price a huge boost.
I am wondering what will be the price value? Will there be any fiat left by that time? Interesting future.


By 2140 I'm sure paper money will be gone everywhere, all the mines will be on the moon and heating everything by crypto heat which run off 99% efficient solar panels. Seriously though think of the tech gap from now and 120 years ago. It's foolish to even think is today's terms.

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December 17, 2018, 04:07:45 PM
 #8

It comes down to bitcoin having a high price resulting into the tx fees included in a block being a sufficient reward for the miners or a change in a less-aggressive, less power-hungry algorithm. PoW would still be the king for security, but then again you have the escalating problem for energy consumption especially since the difficulty increases over time, so some tweaks on the algorithm would do that could substantially reduce the amount of power needed to mine bitcoins without compromising the 'fairness' and security of the system.

But honestly, the options are too vague at this point, and it's quite hard to think of such problems when there are even bigger problems ahead of us, i.e. if we will still exist by that time.

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December 17, 2018, 04:10:13 PM
 #9

It's foolish to even think is today's terms.
I guess you killed all the fun of this topic here  Tongue

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December 17, 2018, 04:23:43 PM
 #10

If we continue along the uptrend line, in 100 years Bitcoin will be worth more than 1 million dollars. If not due to the fact that there's not enough coins for people of a middle size European country to own one, but also because inflation will have made USD worthless by then. Remember that 100 years ago people in the US were earning $10 a week, on the average. Nowadays $10 per hour is a low wage and this isn't going to stop. In 100 years, when Bitcoin mining will be coming to an end, people will have have to think of a way to make transactions confirm and nodes running. Maybe with crowdfunding? Maybe by increasing fees? Whatever happens, it will still be better than paying 1k USD for a pack of cigs.

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December 17, 2018, 04:25:00 PM
 #11

It's foolish to even think is today's terms.
I guess you killed all the fun of this topic here  Tongue
Hate to be a bummer but I mean come on 120 years with how quickly tech is advancing will be more drastically different than the change in the last 120 years. Especially in tech, I mean just look at the last 20 years, now it's augmented reality this, virtual reality that, auto driving cars, electric cars, crypto currency, smart phones, wifi, lte.

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December 17, 2018, 06:17:30 PM
 #12

What might the miners do at this junction?
Obviously there's nothing more to mine, most of them will put a stop to their mining rig.
Might there be a reason to move to non-ASIC hardware?
You just stated the reason, there's no more coins to be mined so no more profit.
Or a reason to change the reward algorithm?
I doubt that this will happen. During 2140, the transaction itself will be scarce. Fees will skyrocket.

I'm pretty sure by this moment in time there will be new technologies that will arise which will be better than bitcoin. We may not be present during those times but I'm positive that the future generation will come up with a better invention that could replace bitcoin as the number one crypto.
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December 17, 2018, 06:22:19 PM
 #13

What might the miners do at this junction?

Sure, they still get transaction fees. Would those escalate?

Might there be a reason to move to non-ASIC hardware?

Or a reason to change the reward algorithm?

I think bitcoin will not live so long. It is just a pioneer. Now and in future will be cryptocurrencies which really need in real world and solve huge problems.

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December 17, 2018, 06:24:41 PM
 #14

By 2140 Bitcoin might not exist anymore. You can't even imagine how advanced technology will be. Bitcoin is great as it is of now but surely there will be even better technology in upcoming years.
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December 17, 2018, 08:17:55 PM
 #15

Is there a particular year when bitcoin would no longer be mined what if all the bitcoin would be mined all before that stated time. Would there be renewed bitcoin available for mining?
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December 17, 2018, 08:20:56 PM
 #16

What might the miners do at this junction?
Obviously there's nothing more to mine, most of them will put a stop to their mining rig.
Might there be a reason to move to non-ASIC hardware?
You just stated the reason, there's no more coins to be mined so no more profit.
Or a reason to change the reward algorithm?
I doubt that this will happen. During 2140, the transaction itself will be scarce. Fees will skyrocket.

I'm pretty sure by this moment in time there will be new technologies that will arise which will be better than bitcoin. We may not be present during those times but I'm positive that the future generation will come up with a better invention that could replace bitcoin as the number one crypto.
You're wrong about your first and second point. Transactions will be minable. By that time the block reward would be pretty small, it would essentially be the last halvening. The last reward will probably be fees> block reward before the last reward is mined. By then if Bitcoin has adapted and is still being mined then it would be a massive Goliath with tons of users and that means lots of transactions and fees.

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December 17, 2018, 08:25:14 PM
Merited by Foxpup (2)
 #17

Don't forget the number of coins that will best lost forever in the next 120 years. Estimates are that we have lost 4 million coins so far, or 20% of the maximum supply, in under 10 years. Now obviously people were careless in the early days so the rate of loss will drastically reduce, but we still have to factor in 120 years of hardware failure, forgetting passwords, losing seeds, or simply dying without telling others how to access their coins. I don't think it is unreasonable to expect by 2140 that somewhere in the region of 40-50% of bitcoins may be lost forever, which will obviously have a huge impact on the price, if bitcoin still exists.

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December 17, 2018, 08:37:56 PM
 #18

It is possible that there will be no such problem. Technology is moving forward so fast, that in a few years can be created something like "MegaBitcoin" and all miners will move to the mining a new coin. In time, only a small group of fanatics will deal with the mining of Bitcoin. Problem solved  Grin

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December 17, 2018, 08:39:11 PM
 #19

Don't forget that technology is booming
It will be technology for more efficient mining
So it will be faster
Will be also more pressure on energy saving
It will be more and more warm
It is problem what need to be solved
As for now i will be happy of btc sidechain launch

 
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December 17, 2018, 08:40:33 PM
 #20

It is possible that there will be no such problem. Technology is moving forward so fast, that in a few years can be created something like "MegaBitcoin" and all miners will move to the mining a new coin. In time, only a small group of fanatics will deal with the mining of Bitcoin. Problem solved  Grin

and we will have yet another btc shitcoin that time mega shitcoin

 
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