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Author Topic: It's 2040, the last bitcoin was just mined...  (Read 494 times)
squatter
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December 17, 2018, 10:47:32 PM
 #21

What might the miners do at this junction?

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

Assuming the block size remains limited, fees should escalate over the same time that the subsidy drops. Hopefully, fees rise to an extent that miners continue to secure the chain without drastic drops in hash rate.

If the economic design looks to be failing, I'm sure we'll see it reflected in the hash rate long before the last coin is mined.

Or a reason to change the reward algorithm?

That's always a possibility, but I'm hoping the fee market created by limited block size will prevent the need for that.

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December 17, 2018, 11:39:22 PM
 #22

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?

Fees rise when there's a big transaction backlog. Since their price is dictated by a market, there's no reason to think that decreasing block rewards will affect them, because it won't change anything with blockspace supply/demand.

There's absolutely no difference what sort of hardware is required, mining is about converting electricity into hashpower.

There's no reason to think about changing the reward algorithm, we haven't yet seen what is going to happen when network rewards will become low. Maybe there's no reason to worry at all because the hashpower will remain sufficient to deter any potential attacks.

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December 18, 2018, 03:12:09 AM
 #23

i think bitcoin will jump at the new year
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December 18, 2018, 03:18:38 AM
 #24

In 2100 someone will probably start a new blockchain of the same bitcoin protocol.

This bitcoin2.0 would be valued at $0-1 for the first coins mined. It is the SAME protocol and security though that the existing chain uses.

People holding bitcoin for the next 40 years will have time to move onto the new bitcoin blockchain or keep their coins on the current blockchain.

There will still be miners getting fee's on the existing chain, just not as many obviously.


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December 19, 2018, 02:59:09 AM
 #25

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?

It is still far from 2040, peoples still mining bitcoin and get a decent reward in bitcoin.
Later, bitcoin mining reward will be lower than now and resulting the price to rising in the market.
I don't think bitcoin developer and community want to change their algorithm because they will bring much loss to ASIC companies.
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December 20, 2018, 02:43:47 AM
 #26

in my opinion. we don't need to wait that time. next year is a good time to rise
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December 20, 2018, 01:10:28 PM
 #27

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

Yes exactly the entire Atmosphere will be changed and crypto will be open to the public in the entire world. Technology will dominate everything as humans are insane sometimes. Just imagine where the price of 1btc will be.

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December 20, 2018, 01:23:00 PM
 #28

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 when that happens only some miners would be left to do it like those big companies and I think a lot of people will start to use Bitcoin and that would be enough for the miners.

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December 20, 2018, 01:26:16 PM
 #29

It's not something that is going to happen over night. The block reward is going to decrease gradually and so miners and the market will have plenty of time to adapt to that. What's likely is that the fees received per block will gradually increase over time as the block reward falls, keeping a relative parity to mining cost.

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December 20, 2018, 02:03:21 PM
 #30

The world will be so different in 2140, I doubt bitcoin will even exist at that point.  I'll be shocked if the world hasn't already been destroyed by a nuclear war or some other type of disaster.  The beauty of bitcoin is that it can be broken down into many decimal places so if bitcoin is worth $1million we can just use smaller units for our transactions.
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December 20, 2018, 02:57:47 PM
 #31

It's a shame, you are a Legendary but you mispronounced the year. It should be in the year 2140 not 2040. Come on, don't mislead members here.
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December 20, 2018, 03:34:16 PM
 #32

You may not be aware but after 1.5 years in the bitcoin network will be half the reward and this will happen quite often so as I read the mining will stop in 2140.

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December 20, 2018, 03:53:07 PM
 #33

...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.
For sure, the OP did this post out of excitement. We are just imagining how things will be in 120 years from now! Think back 120 years ago and you will not expect anyone thinking about computers not to talk of the internet, then virtual money.




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December 20, 2018, 04:05:44 PM
 #34

Every year the number of bitcoins minable is reducing.
This will let the miners stay if the price of bitcoin will increase yearly.
But how if the BTC mining will not be profitable? or lets say we can transfer even without any miner in the community?

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December 20, 2018, 04:41:53 PM
 #35

...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.
For sure, the OP did this post out of excitement. We are just imagining how things will be in 120 years from now! Think back 120 years ago and you will not expect anyone thinking about computers not to talk of the internet, then virtual money.

We're all probably dead by then so there' no wsy for us to really know lol. Though i doubt that it's a futuristic as you guys perceive it to be. If we don't do something about climate change, we may very well be living closer to how we live in the past than in a progressive future.

 
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December 20, 2018, 04:42:02 PM
 #36

By that time there will be global adoption, in other words the number of people or organizations that owns bitcoin will be much so there will be enough transactions for miners to make money through transaction fee.
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December 24, 2018, 03:15:05 PM
 #37

We're all probably dead by then so there' no wsy for us to really know lol.
What do you mean probably? LOL

Are you expecting to live more 120 years from now (assuming your age is x now)? x+120 and that's a lot of years which is enough for your third generation down the line. You and I will be very much forgotten unless we do something people will remember (example: satoshi creating bitcoin).

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December 24, 2018, 07:37:24 PM
 #38

On what exactly is based your prediction that last BTC would be mined on this exact year?
I see it differently, i thin kthat the price will rise once a again to new ATH and then the hashrate will rise also, which will lead to slower mining.

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December 24, 2018, 07:50:11 PM
 #39

I think that the complexity of the network will increase by several times and this date will be moved to 2100.

The cost of bitcoin will grow and in 2020 the price will reach $ 10,000. Bulls go to battle
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February 04, 2019, 02:02:14 PM
 #40

Regardless of the mistake of one hundred years, OP did not get too far off from point that 2040 all BTC will be mined. Not total 100%, but 99.80 which is almost all coins. We are now at around 87.50% of all coins mined, and by 2032 over 99% of all BTC will be mined - so 0.20 BTC left from 2040 means nothing.

Miners will have to adapt and earn from fees, and if BTC becomes a globally accepted payment instrument then number of transaction will increase, which will make a stable profit for miners.

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