51% problem still existant after all coins have been mined ?

[odolvlobo]

Some will keep mining for tx fees. Some will keep mining to keep bitcoin alive. Some will mine for fun.

And some will have made so much money through BTC, that they would leave a portion of their legacy to pay for mining.  

That's an interesting idea. A person with 1 million BTC (you know who you are) could perhaps run a script that submits a transaction with a 0.1 BTC fee every 10 minutes. It could subsidize miners for 190 years.

[1715685708]

1715685708

[cinnamon_carter]

yes, this has happened in the alt coin world and has actually caused a few attacks on coins that converted to proof of stake,

with btc by that time the fees should be enough incentive (never mind advancements in technology) pretty fast.....

[polynesia]

That's an interesting idea. A person with 1 million BTC (you know who you are) could perhaps run a script that submits a transaction with a 0.1 BTC fee every 10 minutes. It could subsidize miners for 190 years.

And if BTC value shoots up, even 0.01 BTC might be sufficient to enthuse miners. It could subsidize miners like for ever.

[Relnarien]

Since this will be in more than 50 years, many events can happen to make Bitcoin secure even though there are no block rewards to incencitive miners.

Bitcoin could become widespread enough for mining to be sustainable with transaction feess, or perhaps in 40 years it will switch to PoS v.24 or something like this

There are many other CryptoCurrencies that will finish coin generation soon.... How will they be able to work then if they are that vulnerable ?

Some have died, some will die, and some are struggling. If the dev of a particular altcoin knows enough about programming and economic principles to find a method that will keep his/her coin's blockchain as secure as possible, then it will survive. If it does, then that solution will eventually propagate to other coins, and possibly Bitcoin.

The whole cryptocurrency scene is a huge technological, economic and social experiment. Anything important that we learn from Bitcoin and all the other altcoins are used to further evolve the Bitcoin protocol and all cryptocurrencies in general.

[ranochigo]

That's an interesting idea. A person with 1 million BTC (you know who you are) could perhaps run a script that submits a transaction with a 0.1 BTC fee every 10 minutes. It could subsidize miners for 190 years.

And if BTC value shoots up, even 0.01 BTC might be sufficient to enthuse miners. It could subsidize miners like for ever.

It should happen since no coins are added into the market any more. If there are BTC in addresses and the owner have forgotten the private key, it would most likely shoot up since the market volume is lower and the demand would be higher as bitcoin would have gain much much more recognition. But honestly, would any of us here be able to live that long till no bitcoins will be mined?

[michaelwang33]

But if the majority will stop mining and miner hardware will get very cheap it should be extremely easy to get control over 51% mining power then ?

Some will keep mining for tx fees. Some will keep mining to keep bitcoin alive. Some will mine for fun.

I think the only reason people will mine will be for financial reasons. Hopefully by this time the amount of TX fees will be enough so that miners will be able to cover all of their costs.

[ashe]

Most people wont live that long to see all this mined.

[forsakenpnut]

cex.io have said they arent intending of launching an attack.

[wry]

Not only will it not go away, if mining becomes so unattractive that fewer people mine the 51% attack becomes even more probable.  See dogecoin for this type of death spiral.

[hugs1BTC]

Since this will be in more than 50 years, many events can happen to make Bitcoin secure even though there are no block rewards to incencitive miners.

Bitcoin could become widespread enough for mining to be sustainable with transaction feess, or perhaps in 40 years it will switch to PoS v.24 or something like this

There are many other CryptoCurrencies that will finish coin generation soon.... How will they be able to work then if they are that vulnerable ?

All altcoins I know which have finished coin generation use PoS, so no mining is needed.

pos coins have they own vulnerabilities and pos is generally much less secure then pow

[ranochigo]

Not only will it not go away, if mining becomes so unattractive that fewer people mine the 51% attack becomes even more probable.  See dogecoin for this type of death spiral.

Not that possible. People will be giving fees, when no bitcoins is mined, no bitcoin will be released to the market. The demands can be higher if there are more popularity among people, thus pushing the price up. People with low electrical fees and good ASICs can still ROI. It is possible for a ASIC to reach triple the efficiency than what it is now.

[polynesia]

Most people wont live that long to see all this mined.

I would say none of us (alive now) would live to see that happen. 

[Tammy Chan]

cex.io have said they arent intending of launching an attack.

I don't have any info on this, but I found the following thread (https://bitcointalk.org/index.php?topic=327767.0) that mentioned Ghash.io did try to double-spend against a casino...

[ranochigo]

cex.io have said they arent intending of launching an attack.

I don't have any info on this, but I found the following thread (https://bitcointalk.org/index.php?topic=327767.0) that mentioned Ghash.io did try to double-spend against a casino...

That was from a long time ago, they already clarified that it isn't them but a previous employee. However, the fact that they refused to take actions to lower their hashrates except to warn people is suspicious. I don't think by posting on Twitter or here would influence much people to move away from their pool.

[Soappa]

cex.io have said they arent intending of launching an attack.

I don't have any info on this, but I found the following thread (https://bitcointalk.org/index.php?topic=327767.0) that mentioned Ghash.io did try to double-spend against a casino...

That was from a long time ago, they already clarified that it isn't them but a previous employee. However, the fact that they refused to take actions to lower their hashrates except to warn people is suspicious. I don't think by posting on Twitter or here would influence much people to move away from their pool.

I don't really understand why Cex doesn't allow its users to point their hashrate to other pools and thus easily lower the Ghash hashrate.
Ghash doesn't charge a pool fee AFAIK, so they should get no benefits from forcing Cex users to mine on Ghash...

[ranochigo]

cex.io have said they arent intending of launching an attack.

I don't have any info on this, but I found the following thread (https://bitcointalk.org/index.php?topic=327767.0) that mentioned Ghash.io did try to double-spend against a casino...

That was from a long time ago, they already clarified that it isn't them but a previous employee. However, the fact that they refused to take actions to lower their hashrates except to warn people is suspicious. I don't think by posting on Twitter or here would influence much people to move away from their pool.

I don't really understand why Cex doesn't allow its users to point their hashrate to other pools and thus easily lower the Ghash hashrate.
Ghash doesn't charge a pool fee AFAIK, so they should get no benefits from forcing Cex users to mine on Ghash...

They do charge maintenance fees, they deduct from your mined amount. They would also have to deduct your reject works. They have previously planned about this but they did not implement it at all. Also, I don't think it is possible since they do not assign individual hardwares to each user. They have included the option to redeem hardware but I see no reason in users doing that since they have to pay the electrical cost and to manage it themselves.

[Soappa]

They do charge maintenance fees, they deduct from your mined amount.

True, but they could still charge those maintenance, electricity and hosting fees for people mining elsewhere with the cex hashrate.

They have previously planned about this but they did not implement it at all. Also, I don't think it is possible since they do not assign individual hardwares to each user.

Hmmm I haven't considered this before, and that could be the actual reason.
If someone buy just 10 GH/s on cex, I am not sure how cex can deliver exactly 10GH/s to other pool, say Slush, for that user.

[Soappa]

cex isn't worth it, there are much more profitable cloud mining services

That's true, and I don't suggest anyone to use it at all, because of the high price.
I mention it just because we were discussing about the 51% attack and Ghash.io (Cex.io and Ghash.io are indeed the same company).

[ranochigo]

They do charge maintenance fees, they deduct from your mined amount.

True, but they could still charge those maintenance, electricity and hosting fees for people mining elsewhere with the cex hashrate.

They have previously planned about this but they did not implement it at all. Also, I don't think it is possible since they do not assign individual hardwares to each user.

Hmmm I haven't considered this before, and that could be the actual reason.
If someone buy just 10 GH/s on cex, I am not sure how cex can deliver exactly 10GH/s to other pool, say Slush, for that user.

I don't think it would be possible to charge fees when they are mining at other pools. When mining at their pool, they can charge it directly from the mining profits, without much risk if the user refused to pay. I agree it is impossible, for it to be possible, you would need hundreds of 10GH devices and it would require a lot of effort for them to setup for each user.

[nicepumper]

I dont hink it will be a problen once all coins are mined.