Will that be the time when bitcoin starts falling ?

[TylerSplash]

Hey Guys, So as most of you know that there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. I guess when bitcoin will be about to reach it's cap almost everyone will sell their bitcoins and it will start falling ? What are your opinions on it ?

 

[tb303]

Hey Guys, So as most of you know that there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. I guess when bitcoin will be about to reach it's cap almost everyone will sell their bitcoins and it will start falling ? What are your opinions on it ?

Its over a hundred years away so dont care.

 

[virtualpurity]

Why would everyone would start selling their Bitcoins where there will be no more bitcoins to mine ? Its like saying you would sell your Diamond because there are no more diamonds in the world left to mine.

In my opinion it would be exact opposite. The price will skyrocket since there is only limited circulation. And btc transactions will be done in increments, holding btc than would be a luxury.

 

[TylerSplash]

Its over a hundred years away so dont care.

Are you kidding me ? Almost 16 million bitcoins have been mined already and only 5 millions are remaining .

 

[TylerSplash]

Why would everyone would start selling their Bitcoins where there will be no more bitcoins to mine ? Its like saying you would sell your Diamond because there are no more diamonds in the world left to mine.

In my opinion it would be exact opposite. The price will skyrocket since there is only limited circulation. And btc transactions will be done in increments, holding btc than would be a luxury.

Well Said , I will have to change my opinion now and would have to agree with you .

 

[skeye]

Are you kidding me ? Almost 16 million bitcoins have been mined already and only 5 millions are remaining .

The speed at which bitcoins are mined drops in the geometric sequence. The difference in time it took to mine first BTC and the time it will take to mine the last BTC will be astounding. I think it will take longer to mine the last BTC than it took to mine the first million.

 

[tb303]

Are you kidding me ? Almost 16 million bitcoins have been mined already and only 5 millions are remaining .

No im not kidding. Estimated to be the year 2140
https://en.bitcoin.it/wiki/Controlled_supply

Its the halving events that do it.

 

[TylerSplash]

The speed at which bitcoins are mined drops in the geometric sequence. The difference in time it took to mine first BTC and the time it will take to mine the last BTC will be astounding. I think it will take longer to mine the last BTC than it took to mine the first million.

Let's wait and watch

 

[awesomewebsites]

A lot of planning has been done regarding this already. Also once the mining is over, it becomes a scarce quantity. If it gains popularity as payment medium, price will only increase.

 

[tb303]

Let's wait and watch

Hell yeah. I'll check back on my 168th birthday

The real question is at what point might it become unprofitable to mine due to the amount of hashes required to make a valid one.

A lot of planning has been done regarding this already. Also once the mining is over, it becomes a scarce quantity. If it gains popularity as payment medium, price will only increase.

If the mining stops. The transactions stop. Unless bitcoin has gone POS by then of course.

 

[virtualpurity]

Hell yeah. I'll check back on my 168th birthday

The real question is at what point might it become unprofitable to mine due to the amount of hashes required to make a valid one.

At no point, since the price will always correlate and rise according to the mining difficulty and expense as long as there is market demand.

 

[tb303]

At no point, since the price will always correlate and rise according to the mining difficulty and expense as long as there is market demand.

I hope that's what happens as well.

But the fact remains that at some point in the future with difficulty increasing a significant drop in price could make it unprofitable. Look at what happened recently when BCH was more than 2x more profitable to mine and many miners switched over. Or course it didnt help that Ver and his cronies were spamming the mempool with low fee tx's to overload the network as well.

 

[TylerSplash]

A lot of planning has been done regarding this already. Also once the mining is over, it becomes a scarce quantity. If it gains popularity as payment medium, price will only increase.

Yeah , It's increasing about 10-15% every three or four days now wonder how much will it rise at that time.

 

[tb303]

Yeah , It's increasing about 10-15% every three or four days now wonder how much will it rise at that time.

Oh no, you said it. Get ready for posts about Tulips....

 

[awesomewebsites]

Yeah , It's increasing about 10-15% every three or four days now wonder how much will it rise at that time.

For now it is a good option to book some profit. Keep investing and withdrawing profits.

 

[TylerSplash]

For now it is a good option to book some profit. Keep investing and withdrawing profits.

Yeah , You are right !

Oh no, you said it. Get ready for posts about Tulips....

Damn No , lol

 

[Deleted member 36594]

I've been reading up about cryptos in my spare time... I must say it is fascinating.

There have been concerns about quantum computers that may be able to crack bitcoin's encryption. If it does, it 'could' tank its value. Then again, unless they implement some new security/protocol (but heard it is pretty difficult. Ripple Coin can easily implement it as claimed by their developers)..

Just to ride with the speculation, I invested in IoTA coins. What makes IoTA so unique is its 'quantum-proof' encryption, zero fees, and its many many potential. Let's see how it goes!

Of course, the amount I've invested is what I can afford to lose... so I ain't gonna go nuts about it!

 

[shabin]

Everyone will say bitcoin will fall one day... But day by day the price increasing by 10% !!!...

 

[uchiha.jain]

At no point, since the price will always correlate and rise according to the mining difficulty and expense as long as there is market demand.

That doesn't make sense. There are two mechanisms at play here:
- Cost and Rewards from mining (which let's just say set the minimum price for bitcoin)
- Supply and demand in market (which will set the actual price)
Why do you suppose these must remain in sync?

Let's take gold for ex. if all easy available gold is exhausted and mining price shoots up to 10x the price of gold. Would you expect the price of gold to shoot up to keep pace with it regardless of supply and demand in market? Ofc not. Mining would be unprofitable in that case and would stop.

But in case of bitcoins, mining is critical to operation. What good is a hoard of wealth if it can't be moved? Although now that I think of it, it would just mean the number of miners would go down to the point where the lowered difficulty and competition makes it profitable again. But this makes the 50% attack all the more likely. And not to mention the future of computing including quantum computers.

Don't get me wrong, I'm on your side in this debate. Blockchain is definitely here to stay, cryptos most likely too but bitcoin in it's current state has problems that a laymen like myself can see (I could be wrong ofc). Let's see what happens in a few years. For now, HODL!!!

PS: Fuck the tulip referencers. Is it really so easy to believe everyone else is in this world is so stupid?

 

[virtualpurity]

Let's take gold for ex. if all easy available gold is exhausted and mining price shoots up to 10x the price of gold. Would you expect the price of gold to shoot up to keep pace with it regardless of supply and demand in market? Ofc not. Mining would be unprofitable in that case and would stop.

Ofc yes.

Look at it this way, if gold is exhausted that will make it more rare, but still with a high market demand. And since there is a demand for it the price can only go up so the gold miners can keep up with the demand. Its the same with Bitcoin.

Take OIL for a example. The more we exhaust its resources the more expensive it gets.

That doesn't make sense. There are two mechanisms at play here:
- Cost and Rewards from mining (which let's just say set the minimum price for bitcoin)
- Supply and demand in market (which will set the actual price)
Why do you suppose these must remain in sync?

They will remain in sync as long as there is demand.

Miners control a bigger chunk of the market than you think. They are the ones creating the coins, they wont sell below their minimum expenses price.

That is why i said : At no point, since the price will always correlate and rise according to the mining difficulty and expense, as long as there is market demand.