Bitcoin Forum
January 21, 2017, 12:07:04 AM *
News: Latest stable version of Bitcoin Core: 0.13.2  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: every 4 years halving  (Read 1751 times)
wyager
Member
**
Offline Offline

Activity: 98



View Profile
March 17, 2012, 03:54:52 AM
 #21

In a similar vein, and maybe I'm totally ignorant here, but it seems that the end game for bitcoin will be kind of a mess.  When the day comes that mining a block only gives the transaction fees, miners won't be actually creating anything.  We'll (okay I use "we" very loosely, as I'm only CPU mining for about 3Mhash/S right now) just be shuffling around coins, and unless the price of a coin goes back up drastically and/or the energy cost to mine a block drops drastically, it won't be economically feasible to mine anymore.

So what am I missing?

A few things.

1. Block miners can choose to ignore transactions that won't make them any money.
2. The difficulty of creating a block can be adjusted to be very, very easy or very, very hard. No matter what, a new block will always be created every 10 minutes or so. If this means making the block very cheap/easy to produce, that can be done.
3. Processing power is always getting cheaper (not that it matters all that much, considering #2). Power-efficient miners (like the FPGA miner project) are gaining popularity as well.



For anybody that thinks there is some huge gaping hole in Bitcoin: Please, try and read as much of the Wiki as you can. Satoshi is a freaking genius, he thought of pretty much everything.

OTC-WoT: 1BWF66DuVqBCSFksUgkLtdYmHucpBgPmVm
1484957224
Hero Member
*
Offline Offline

Posts: 1484957224

View Profile Personal Message (Offline)

Ignore
1484957224
Reply with quote  #2

1484957224
Report to moderator
1484957224
Hero Member
*
Offline Offline

Posts: 1484957224

View Profile Personal Message (Offline)

Ignore
1484957224
Reply with quote  #2

1484957224
Report to moderator
Goat says: "Bitcoin is NOT Illegal in Thailand. There is no law against Bitcoin in Thailand!"
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
BBLotus
Member
**
Offline Offline

Activity: 78


View Profile
March 17, 2012, 11:45:38 PM
 #22

I didn't even know about the fee's being a incentive to minning. That's something not very many people seem to be talking about right now. Looks interesting.

Marketplace References:
====================
(Bought 4.2btc via Paypal.)
index.php?topic=115468.0
(Sold $70 in gift cards for btc. to "Btc Guy")
Otomakan Ishotas
Newbie
*
Offline Offline

Activity: 7

specialty: anonymity


View Profile
March 18, 2012, 08:46:28 AM
 #23

SO BASICALLY AFTER 24 YEARS, we won't even be mining 1 bitcoin per block, does anybody else find this ridiculous?

No, not me!

You will not find me.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!