What will happen when the 21M bitcoin will be minned

[honky1492]

The commission fee will keep the market up

We will see much sonner, with the block halving every 4 years it wont take long to see... Maybe in 20 years block reward will be much less than fees...

[1714820696]

1714820696

[1714820696]

1714820696

[1714820696]

1714820696

[giszmo]

The commission fee will keep the market up

We will see much sonner, with the block halving every 4 years it wont take long to see... Maybe in 20 years block reward will be much less than fees...

Things will be interesting long before. Already now people add fees for almost no reason at all. Many people desperately wait for the first full blocks and a year later full blocks will be the norm, so to get a transaction through you will have to compete for the space. (Unless, what I wrote some posts above, off chain is standard by next year but never mind ).

20 years = 5 halfings = 25Ƀ / 2^5 = 0.39Ƀ reward. With no need at all we now have on average 0.2Ƀ in fees per block.

[DannyHamilton]

5 halfings = 25Ƀ / 2^5 = 0.39Ƀ reward.

2⁵ = 32

25 / 32 = 0.78125

25 / 32 != 0.39

[giszmo]

5 halfings = 25Ƀ / 2^5 = 0.39Ƀ reward.

2⁵ = 32

25 / 32 = 0.78125

25 / 32 != 0.39

Oops. I better don't mention that I studied math
My gut feeling was "ah, 20 years, rewards will be irrelevant by then."
My wrong math supported that less clearly than I had expected due to my off-chain-assumption.

Yeah, I better had not posted that

[gollum]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

[rampalija]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

Maybe he or they had something else in their mind

[Vlad2Vlad]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

Maybe he or they had something else in their mind

Precisely.

Like mass hysteria brought on by the thought of riches for every fool and $10,000+ Bitcoin price.

The real global digital currency will be like any other fiat, with massive room for inflation which will take that fiat to zero just like 100% of the fiats before it.

Bitcoin is the bait and switch - everyone has been bated, now we just wait for the switch.

[rampalija]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

Maybe he or they had something else in their mind

Precisely.

Like mass hysteria brought on by the thought of riches for every fool and $10,000+ Bitcoin price.

The real global digital currency will be like any other fiat, with massive room for inflation which will take that fiat to zero just like 100% of the fiats before it.

Bitcoin is the bait and switch - everyone has been bated, now we just wait for the switch.

but when that will gonan happen, noone knows

[Vlad2Vlad]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

Maybe he or they had something else in their mind

Precisely.

Like mass hysteria brought on by the thought of riches for every fool and $10,000+ Bitcoin price.

The real global digital currency will be like any other fiat, with massive room for inflation which will take that fiat to zero just like 100% of the fiats before it.

Bitcoin is the bait and switch - everyone has been bated, now we just wait for the switch.

but when that will gonan happen, noone knows

Looking at the macro economic view all this is set to happen by 2015, my guess is September 2015.  The major currencies of the world cannot survive longer than that at the going rate.

So that gives you exactly 22 months to get your shit together.  Good luck!

[Radelderth]

The fee might be as close 25 BTC  if the whole world uses it on a daily basis... then we have never ending Bitcoin mining ....

[rampalija]

The fee might be as close 25 BTC  if the whole world uses it on a daily basis... then we have never ending Bitcoin mining ....

than you will loose more than you can get

[Vlad2Vlad]

The fee might be as close 25 BTC  if the whole world uses it on a daily basis... then we have never ending Bitcoin mining ....

25 coins per block?

Where do you get this from?   Nobody knows what the fee will be.

But don't worry, whatever global currency they choose, it will be like any other fiat before it which means there will be mining forever - this whole limited coins thing is a joke and a game to create higher Bitcoin prices which in turn excite the lemmings so they embrace digital currencies that much faster. 

This is the sad effect of a shit-poor education system in the United States.

[BurtW]

Satoshi is a good mathematician / programmer - but he/they suck at basic economics.
If they had a real economist in their group they would have made the inflation curve of bitcoin much different from what we have today.
I like bitcoin, but I hope we get a new altcoin that is something between gold and fiat in terms of inflation.
Or even better: a coin with unlimited inflation that enables IOU trading over blockchain so that the blockchain don't become an asset for speculation, but rather a tool for trading OTHER assets.

This has already been done.  See https://ripple.com

[BurtW]

So that gives you exactly 22 months to get your shit together.  Good luck!

See you then and we will find out exactly who bet on the correct horse.

[leannemckim46]

The commission fee will keep the market up

Nobody knows what the commission fee will be.

It should be really low unless the whole world treat it as a currency and use it on daily basis.. Otherwise.. its doom for miners...

[dwdoc]

Eventually it will probably not be feasible to use transaction fees to maintain network security and ironically it might have to be government that secures the blockchain.

http://bitcoin.stackexchange.com/questions/876/how-much-will-transaction-fees-eventually-be/895#895

[paulus51]

ontopic :

the system gets  a reboot ? 

[rampalija]

i know what will be happen, we will all be dead