The Bitcoin Thread

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eg2505 said:
I do wonder what will happen when the 21 million BTC limit arrives?
I mean its like a star right now, growing exponentially,

but at a certain point it will drop to nothing when the 21 million limit is reached
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Why will it drop to nothing? Considering there will never be any more available, it should go the other way.

But regardless, that'll only be in 2140 or something... I'll be long dead and won't give a **** either way, feel free to pm me a 'I told you so' if it happens... for the time being, I'll hodl and enjoy my loots:D
 
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eg2505 said:
I do wonder what will happen when the 21 million BTC limit arrives?
I mean its like a star right now, growing exponentially,

but at a certain point it will drop to nothing when the 21 million limit is reached
Click to expand...

Why do you say that? In theory with no new supply, and increasing demand, price will only increase. Don't forget that 1BTC is divisible into 100 000 000 Satoshis. We would probably move into an environment where the price is quoted and it's traded in Satoshis and "Bitcoin" will just be the term for 100m Sats, much like "Billion" is the term for $1000m. That's assuming BTC is still around in it's current form.
 
eg2505 said:
I do wonder what will happen when the 21 million BTC limit arrives?
I mean its like a star right now, growing exponentially,

but at a certain point it will drop to nothing when the 21 million limit is reached
Click to expand...

I've been wondering that myself. Will it not then become a desired commodity? Since there can only ever be 21m...not taking into account the possibly thousands of BTC that lie in hard drives on rubbish dumps etc. Lets call it an even 20m ... won't the price increase if production stops?
 
Voicy said:
What happens if your ledger nano dies?
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You run around mad looking for your recovery keys/phrases you were told to write down and put in a safe place(safe or whatever) during the setup process;)
 
garp said:
Why do you say that? In theory with no new supply, and increasing demand, price will only increase. Don't forget that 1BTC is divisible into 100 000 000 Satoshis. We would probably move into an environment where the price is quoted and it's traded in Satoshis and "Bitcoin" will just be the term for 100m Sats, much like "Billion" is the term for $1000m. That's assuming BTC is still around in it's current form.
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maybe so, but maybe not, if all the people that talk about BTC taking so much power to mine, and it being unsustainable to continue mining it,
maybe it wont survive, I mean there wont be incentive for all the world to continue mining a resource that returns are so limited,

maybe via transactions and making money from those transactions?
but I mean thats a different kettle of fish itself.
 
Archer said:
You hope and pray that you wrote the recovery phrase down correctly (much like any wallet really)
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I dunno man. My recovery phrase for my wallet right now is "Where the f*** did I put my walle- oh nevermind there it is." Pretty easy to remember because I say it almost every morning before work. :o
 
Archer said:
This already happens today... it has from day one actually...
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How does it work? As I understand, miners now get Bitcoin and transaction fees when mining. In the future they will only get transaction fees. So fees have to increase considerably to support the mining process?
 
SaiyanZ said:
How does it work? As I understand, miners now get Bitcoin and transaction fees when mining. In the future they will only get transaction fees. So fees have to increase considerably to support the mining process?
Click to expand...

thats exactly why I say its not going to sustain itself,
at some point nobody going to get mined coins, so this will have to do.

will the transaction cost still keep people in business? thats the main consideration now.
 
SaiyanZ said:
How does it work? As I understand, miners now get Bitcoin and transaction fees when mining. In the future they will only get transaction fees. So fees have to increase considerably to support the mining process?
Click to expand...

It'll be just as it is today with one less variable

1) Is it profitable to mine the transactions?
2) If no, (some) miners leave to do something else
3) Mining profits go up, go back to step 1

But yes, if everything remained as it is today, fees would shoot through the roof, which would imo kill the coin. Which is why there is all this contention of how to fix the problem
 
So whats everyones thoughts on when the next drop will be? I've got a bit of cash to put in, didn't have it last week unfortunately, but want to know if I should wait.
 
Cicero said:
So whats everyones thoughts on when the next drop will be? I've got a bit of cash to put in, didn't have it last week unfortunately, but want to know if I should wait.
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It'll be going up tonight if junk status goes through(11pm'ish) as rand will die on monday. 11th Dec CME launches btc futures, so I'd say anytime before tonight is good to get in, but get in before 11th, that should be a $10k day
 
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eg2505 said:
thats exactly why I say its not going to sustain itself,
at some point nobody going to get mined coins, so this will have to do.

will the transaction cost still keep people in business? thats the main consideration now.
Click to expand...

This is the pow stage. The reason there is 'difficulty' and high power to calculate 'the puzzle' is to get the btc reward. The more people and power being used, the harder it is, and visaversa. Once the reward is gone, its just processing transactions, no need for high power systems, there will just be nodes or whatever processing data using little power and getting the fee as payment. No need to hire a power station anymore. If there is only 1 btc miner left in the world next month, the difficulty gets adjusted to it so output remains constant and the same as having 10000000 miners

But yeah, as said earlier... 120 years or so away, blockchains will be a thing of the past by then /shrug
 
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