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Author Topic: After 21 million bitcoins have been mined...  (Read 1558 times)
boconniff40
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March 02, 2012, 10:08:29 PM
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What happens next?
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Stephen Gornick
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March 02, 2012, 11:53:44 PM
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Well, likely none of us will be around when that happens in the next century.  We're more than 40% of the way there, and by December 2016 will be 75% of the way there (15.75 million bitcoins mined), so for the most part how many are issued daily (rate of currency inflation) will become less and less of a factor each day.

Here's some more on that.
 - http://en.bitcoin.it/wiki/Myths#21_million_coins_isn.27t_enough.3B_doesn.27t_scale

And as far as why miners will continue mining even though less currency is issued to them?  Fees will start to become more relevant to miners.
 - http://en.bitcoin.it/wiki/Myths#After_21_million_coins_are_mined.2C_no_one_will_generate_new_blocks

boconniff40
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March 02, 2012, 11:59:14 PM
 #3

This one made me laugh:

Quantum computers would break Bitcoin's security

Yes, but quantum computers don't yet exist and probably won't for a while. Bitcoin's security can be upgraded if this were considered an imminent threat.
See the implications of quantum computers on public key cryptography here http://en.wikipedia.org/wiki/Quantum_computer#Potential
The risk of quantum computers is also there for financial institutions, like banks, because they heavily rely on cryptography when doing transactions.

Because if you go to this site: http://www.dwavesys.com/en/products-services.html
the joint
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March 03, 2012, 12:07:50 AM
 #4

This one made me laugh:

Quantum computers would break Bitcoin's security

Yes, but quantum computers don't yet exist and probably won't for a while. Bitcoin's security can be upgraded if this were considered an imminent threat.
See the implications of quantum computers on public key cryptography here http://en.wikipedia.org/wiki/Quantum_computer#Potential
The risk of quantum computers is also there for financial institutions, like banks, because they heavily rely on cryptography when doing transactions.

Because if you go to this site: http://www.dwavesys.com/en/products-services.html

Actually, quantum computers do exist in extremely infant stages.

http://en.wikipedia.org/wiki/Quantum_computer

2nd paragraph.  And, seriously, if this is the most recent information publicly available, you have to be naive to think that governments don't have much more advanced technology than this.  Unless entire governments are truly that stupid, there is no fucking way that the public gets to know the specs on the most advanced stuff.

boconniff40
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March 03, 2012, 12:17:37 AM
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WTF are you talking about, just go to the link at the bottom of my post.

They're already selling it to the public.
the joint
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March 03, 2012, 12:20:06 AM
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WTF are you talking about, just go to the link at the bottom of my post.

They're already selling it to the public.

I know.  It's a baby computer.

Gabi
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March 03, 2012, 01:08:41 PM
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WTF are you talking about, just go to the link at the bottom of my post.

They're already selling it to the public.
Nice, go buy one and crack bitcoin.

What? With that computer it's still happily impossible?  Cheesy
boconniff40
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March 03, 2012, 02:35:11 PM
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If I find out that it's hash rate is better than anything out there then I might put it on my list.
Gabi
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March 03, 2012, 03:20:21 PM
 #9

Implying it even can mine...
boconniff40
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March 03, 2012, 04:26:55 PM
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I don't see why not
Gabi
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March 03, 2012, 04:44:52 PM
 #11

Then buy one...
boconniff40
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March 04, 2012, 03:07:37 AM
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I just went through this thread again and realized that nobody really answered the question that thoroughly... maybe I should be more specific... once we've mined all 21 million bitcoins, does that mean all mining efforts will be stopped and we all have to fight over the currently existing bitcoins through microtransactions? microbitcoins?
the joint
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March 04, 2012, 03:18:32 AM
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I just went through this thread again and realized that nobody really answered the question that thoroughly... maybe I should be more specific... once we've mined all 21 million bitcoins, does that mean all mining efforts will be stopped and we all have to fight over the currently existing bitcoins through microtransactions? microbitcoins?

Mining will continue and it will be sustained by transaction fees only.  The whole point is that by the time this actually happens, adoption will (theoretically) be sufficient such that the block-rewards from transaction fees will be a worthwhile incentive to mine.

boconniff40
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March 04, 2012, 04:31:24 AM
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So you're saying transaction fees produce new blocks that we can mine? Also what are block rewards?
the joint
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March 04, 2012, 04:38:38 AM
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So you're saying transaction fees produce new blocks that we can mine? Also what are block rewards?

Whenever a Bitcoin transaction is made, it is broadcast to all nodes in the network.  All transactions since the previous block was solved are contained in the next block to be solved, and so all miners compete to be the first provide mathematical proof of work for the current block.

Let's say someone mines a block solo.  As we know, 50 BTC is generated with each solved block.  But let's say there was 1 transaction during that time containing a transaction fee of .005 BTC.  Then, that miner will receive 50.005 BTC.  Right now, the network is small and there are relatively few transactions, so the amount of transaction fees included in the block is small.

After all 21 million BTC have been generated, the 50 BTC will no longer be generated, but miners will still be rewarded with the transaction fees.  By this time, assuming that BTC is widely adopted, there will be many many times the number of transactions and thus the amount accumulated in transaction fees per block will be greatly increased.  It's possible that by this time, miners who solve a block solo will receive even more than 50 BTC, but they won't be new coins.  They will simply be existing coins that were included in the block in the form of transaction fees.

late443
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March 04, 2012, 04:59:52 AM
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So you're saying transaction fees produce new blocks that we can mine? Also what are block rewards?

Whenever a Bitcoin transaction is made, it is broadcast to all nodes in the network.  All transactions since the previous block was solved are contained in the next block to be solved, and so all miners compete to be the first provide mathematical proof of work for the current block.

Let's say someone mines a block solo.  As we know, 50 BTC is generated with each solved block.  But let's say there was 1 transaction during that time containing a transaction fee of .005 BTC.  Then, that miner will receive 50.005 BTC.  Right now, the network is small and there are relatively few transactions, so the amount of transaction fees included in the block are small.

After all 21 million BTC have been generated, the 50 BTC will no longer be generated, but miners will still be rewarded with the transaction fees.  By this time, assuming that BTC is widely adopted, there will be many many times the number of transactions and thus the amount accumulate in transaction fees per block will be greatly increased.  It's possible that by this time, miners who solve a block solo will receive even more than 50 BTC, but they won't be new coins.  They will simply be existing coins that were included in the block in the form of transaction fees.
Thanks, finally an answer that makes sense.

tom10122
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March 04, 2012, 05:02:23 AM
 #17

This one made me laugh:

Quantum computers would break Bitcoin's security

Yes, but quantum computers don't yet exist and probably won't for a while. Bitcoin's security can be upgraded if this were considered an imminent threat.
See the implications of quantum computers on public key cryptography here http://en.wikipedia.org/wiki/Quantum_computer#Potential
The risk of quantum computers is also there for financial institutions, like banks, because they heavily rely on cryptography when doing transactions.

Because if you go to this site: http://www.dwavesys.com/en/products-services.html

Actually, quantum computers do exist in extremely infant stages.

http://en.wikipedia.org/wiki/Quantum_computer

2nd paragraph.  And, seriously, if this is the most recent information publicly available, you have to be naive to think that governments don't have much more advanced technology than this.  Unless entire governments are truly that stupid, there is no fucking way that the public gets to know the specs on the most advanced stuff.

Are you really gonna trust that source? It also says they use magica......nuff said
the joint
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March 04, 2012, 05:06:05 AM
 #18

So you're saying transaction fees produce new blocks that we can mine? Also what are block rewards?

Whenever a Bitcoin transaction is made, it is broadcast to all nodes in the network.  All transactions since the previous block was solved are contained in the next block to be solved, and so all miners compete to be the first provide mathematical proof of work for the current block.

Let's say someone mines a block solo.  As we know, 50 BTC is generated with each solved block.  But let's say there was 1 transaction during that time containing a transaction fee of .005 BTC.  Then, that miner will receive 50.005 BTC.  Right now, the network is small and there are relatively few transactions, so the amount of transaction fees included in the block are small.

After all 21 million BTC have been generated, the 50 BTC will no longer be generated, but miners will still be rewarded with the transaction fees.  By this time, assuming that BTC is widely adopted, there will be many many times the number of transactions and thus the amount accumulate in transaction fees per block will be greatly increased.  It's possible that by this time, miners who solve a block solo will receive even more than 50 BTC, but they won't be new coins.  They will simply be existing coins that were included in the block in the form of transaction fees.
Thanks, finally an answer that makes sense.

No problem.  The same principle applies to Litecoins.  I've solved a few blocks mining Litecoins solo, and I've received varying amounts ranging from 50.0 LTC to 50.3 LTC.  There were no transaction fees contained in the 50 LTC block that I solved, but there were .3 LTC in transaction fees in the 50.3 LTC block that I solved.

boconniff40
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March 05, 2012, 07:35:45 AM
 #19

Okay, now WHAT IF, Bitcoin as a currency was not popular AT ALL and there are barely any transactions?

Also what if only a couple of pools or players have cornered the market?
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