Why kids born in 2140 don`t get a chance to mine rewards?

[Pizzalover420]

Bitcoin is 89% premine to any kid born today.
In 2140 it is 100% premine to any kid born that year.

Why the future generations don`t get any rewards?

What kind of design is this satoshi? to enslave the future of humanity?

[ABCbits]

Why the future generations don`t get any rewards?

They could earn rewards from transaction fee

What kind of design is this satoshi? to enslave the future of humanity?

There are many article which answer your question. Example,
https://decrypt.co/34876/why-is-bitcoins-supply-limit-set-to-21-million
https://en.bitcoin.it/wiki/Controlled_supply#Deflation

[bassbity]

Bitcoin is 89% premine to any kid born today.
In 2140 it is 100% premine to any kid born that year.

2140? Ah, sadly, I was unthinkable for years that had not necessarily arrived. Well this is why it is difficult for us to grow day by day, because we make too many plans far enough as you say 2140. why not designing a strategy for today and for tomorrow is much better, than you have to plan the rewards for the year. do your best for now and get started.

And one more thing, for every generation there will always be reformers, and even new Satoshi will be born according to their time, so don't worry about future generations getting rewarded or not. rest assured they will be much more developed than we have today.

[Charles-Tim]

We do not have to bother about this because 2140 is still more than a century from now, 2140 is just the estimated time calculated to be when all bitcoin will be mined, and if all bitcoin have been mined, no bitcoin will be generate again into circulation, but as bitcoin is deflationary by design, the price of bitcoin will increase more and more in such a way it will be substituting the increasing mining difficulty and decreasing mining reward, provided if more people are making use of it, and after all bitcoin are mined, the increased price of bitcoin will make the transaction fee to also increase as they are directly proportionate which will be the reward for miners. When all bitcoin are mined, transaction fee will be the reward for miners mining bitcoin.

[ranochigo]

I'm not sure why would you spend all your time trying to undermine Bitcoin when there is obviously loads of altcoins that does exactly what you envision, lifetime inflation, free from riding the coattails of fiat, whatever. There's probably an altcoin that is suitable for you. It's meaningless to try to entertain you when you obviously won't accept any logical answers. If you think Bitcoin should act like fiat, go use fiat.

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

[Pizzalover420]

They could earn rewards from transaction fee

But why don`t they get a chance to earn block rewards like we do?
Why don`t they get even a chance to generate any supply?

[Pizzalover420]

I'm not sure why would you spend all your time trying to undermine Bitcoin when there is obviously loads of altcoins that does exactly what you envision, lifetime inflation, free from riding the coattails of fiat, whatever. There's probably an altcoin that is suitable for you. It's meaningless to try to entertain you when you obviously won't accept any logical answers. If you think Bitcoin should act like fiat, go use fiat.

You never provided a logical answer.

@ranochigo

The answers that people have submitted is
"2140 is a long time away, lets not worry about it"

Show me the logical answer, because there is none. It is just simply unfair to future generations and that is the fact.

[LFC_Bitcoin]

Bitcoin mining is predominantly done by large pools with lots of money. Kids born today won’t be able to solo mine any way. The days of solo mining are long gone.

[ranochigo]

You never provided a logical answer.

I'm pretty sure I did quite a few times till I put you on my ignore list. Well, including that one time you compared a transaction fees to a tax, not sure what you were implying. Now that you say, perhaps I should supplement the answer above.

But why don`t they get a chance to earn block rewards?

As compared to the fiat system that you adore, Bitcoin does not have a steady or increasing inflation but rather it has a decreasing inflation. This means that Bitcoin will have a fixed supply cap and will not exceed the maximum limit as documented in the protocol, well unless you fork it for an altcoin. The primary function of a block reward is to distribute the coins fairly. If the currency has a fixed supply cap, there is no way you can achieve that without the block rewards being zero or negligible throughout it's lifespan. It does not matter if they get a chance to earn block rewards or not. The difficulty system ensures that the difficulty of mining a block is proportional to the cost of mining that block.

Having a steady/constant inflation would undoubtedly devalue the price of Bitcoins and the miner's would probably get compensated to the same effect if they're mining solely for the transaction fees in the future. If you don't see the block rewards and the transaction fees as a compensation for the miner's expenses to mine Bitcoins, then you probably won't accept most of the reasoning. Appreciate the reply though, hope we can finally have some constructive discussion.

[Ayiranorea]

We don't want to think far away from the present. The future generation have got more other possible chances to earn out of the network. With time we can expect more changes happening in the network. When there is high demand, automatically more transaction will happen within short time period. This way there's more chance of network getting congested. More the transaction fee provided, faster will be the confirmation. People are talking of bitcoin supporting micropayments, but what way this will be made possible. If I'm not wrong bitcoin will be used as a large scale transaction support system, because only for large scale transaction the fee seems to be fair.

[Pizzalover420]

As compared to the fiat system that you adore

Trust me I dislike fiat more than I dislike bitcoin, but like Elon Musk I realize "bitcoin is almost as bs as fiat"

I think we should hang all the people making fiat, I don`t think we should hang satoshi.

Now a coin backed by elasped duration is not fiat, fiat is created out of thin air in unlimited amounts, a coin generated at a fair rate to all, 1 hour coin an hour, is not fiat. It is a limited supply and unlimited supply in a sense. Limited to how long you live and unlimited that it can`t be mined out. Something we have never tried.

I will tell you the fate of bitcoin, it leads to mass murder.

[sheenshane]

I dont think to guess that far away, it can be tricky to answer since we don't know any of those developments that can be made in Bitcoin protocol, but on the other hand, you're right.  Estimated that the Bitcoin last can be mined by October 8, 2140 (just an approximately guessing).  As I can say, it will remain unpredictable and no one knows what will happens ahead.

Some people believe about Bitcoin stabilization near in the future, still, use as a currency.  Just like similar functions to fiat that regularly use by people and miners could earn in all transactions be made.  But at this point, I'm afraid that the decentralization of Bitcoin will become centralized since as of now we have big institutions that adopted Bitcoin altogether with (whales) big players in the market.

It can also increase the price forever that makes inflation towards dollars, sounds like following the global mankind GDP increase.  

[Sterbens]

I am sure that children who are the future generations will not get the opportunity to mine, but they will become new pioneers in the digital industry. Even if the year 2140 really will happen, I am optimistic that there will be more innovations and advanced technologies that will be created by future generations in the world of cryptocurrency. would even outweigh the current reward mining system.

[uneng]

Bitcoin is 89% premine to any kid born today.
In 2140 it is 100% premine to any kid born that year.

Why the future generations don`t get any rewards?

What kind of design is this satoshi? to enslave the future of humanity?

Bitcoin mining isn't supposed to last forever, otherwise it would look a very bad investment and probably a ponzi scheme. Every precious thing is limited in supply and that is what makes this thing valuable. That seems very logical to me. No way to change the fact this opportunity won't be available for kids of future generation as gold rush hasn't been available since my grandfather's generation more or less.
But don't worry, if technology keeps advancing and the humanity achieves even higher progress levels these kids will have better opportunities and life quality during their lifetime than we all have nowadays, even with bitcoin mining.

[bL4nkcode]

 So far your question can be answered on many existing articles and by far answered already above posts.

2140 is the estimated year to stop mining bitcoin so mining rewards will be stopped. And who knows there will be some consensus made between those years and will change everything on bitcoin codes, but that's all what-ifs.

[Pizzalover420]

I am sure that children who are the future generations will not get the opportunity to mine, but they will become new pioneers in the digital industry. Even if the year 2140 really will happen, I am optimistic that there will be more innovations and advanced technologies that will be created by future generations in the world of cryptocurrency. would even outweigh the current reward mining system.

Yah true, I think something better will have replaced the current systems by 2140.

Heck they might be smart enough to create a system where no matter what decade you are born in, you get a equal chance to mine rewards.
Heck they might be really smart and create a system with dna where people that are already born get to backtrack to their birthdate and collect all the rewards they missed because they were born before the system existed. Giving all older people a retirement fund.

[ene1980]

Why the future generations don`t get any rewards?
What kind of design is this satoshi? to enslave the future of humanity?

I cannot understand the problem with what is written in stone. The rewards were implemented to attract the early miners and by the time all the coins are mined the miners will earn the mining fees. When you start mining bitcoin you know the facts about the profit you can make and you only mine if you think it is feasible for you, there is no point in crying about it.

[Pizzalover420]

Why the future generations don`t get any rewards?
What kind of design is this satoshi? to enslave the future of humanity?

I cannot understand the problem with what is written in stone. The rewards were implemented to attract the early miners and by the time all the coins are mined the miners will earn the mining fees. When you start mining bitcoin you know the facts about the profit you can make and you only mine if you think it is feasible for you, there is no point in crying about it.

I mean I don`t mind, I`m not crying. I got a chance to mine in 2010, when supply was only 10% premined, But I am sure the future generations are probably going to think it is bullshit and cry and then use something else that is not bullshit.

[fillippone]

Why are you so focus on coinbase?
Miner profit  is given by block reward + transaction fees.
Usually in the past, coinbase has been predominant, we already had a few block with transaction fees being the higher than the block reward.
In the future this occurence will be more and more common, until 20140, when mining fee will be the only source of profitability for miners as the 32 halving would have taken the block reward below 1 satoshi (fun fact: halving are not necessary to make bitcoin deflationary. Bitcoin would have a deflationary stance, of a growing S2F, even without halving).


I can only imagine how hard it will be to write on the blockchain in 2140, and my suspect is mining fees will be very high in bitcoin terms, but even higher in FIAT equivalent (provided we still have a fiat system, in 2140).
Kids in 2140 will have still a huge possibility to profit securing the blockchain in 2140.

[ChrisPop]

What kind of design is this satoshi? to enslave the future of humanity?

Hey, hey. Please don't offend Satoshi.  His design is perfect for our needs if you ask me.

Next generations will still be able to benefit from block rewards from transaction fees so I don't see what is the problem here. Or they could just purchase Bitcoin from the market and not mine it. Anyway I think in 2140 Bitcoin has a high chance to be one of our or the single mainstream currency.