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[erolz66]

Erolz, since you are a crypto currency fan boy,

Im interests in your opinion on a question I have.

What do you think will happen when mining becomes too unfeasible, or once all the coins have been mined? who is going to continue to run the network to maintain the block chain?

Not sure what you mean by unfeasible. The 'difficulty' for mining is auto adjusting to maintain a standard time to verify each new block , I think its 10 minutes. 'Too many' miners and the difficulty goes up. Too few and it goes down. The number of bitcoins earned per block verified reduces as more coins are mined - what is called the 'halvening'. By the time the maximum of 21 million coins has has been reached , which is decades out I believe, then miners rewards will be just the transaction fees and not transaction fees plus newly minted coins.

Just to add some comments on being a 'fan boy'. My take and it is nothing more that that in general terms is

Utility creates value.
The ability to store and move value around without the need for a trusted centralised third party intermediary is 'useful'
I 'support' bitcoin because I 'support the model' - it is a form of 'being the change you want to see' for me. It is akin to my having a netflix subscription. There is no content on netflix that I could not obtain for free elsewhere. I chose to pay a subscription in part because I chose to 'support the model'. This is why I have some bitcoin assets but do not have an never have had XRP/Ripple. XRP digital coins are just and extension of 'normal money', designed by banks for banks. Bitcoin is a potential alternative to the old model.

[Maximus]

Erolz, since you are a crypto currency fan boy,

Im interests in your opinion on a question I have.

What do you think will happen when mining becomes too unfeasible, or once all the coins have been mined? who is going to continue to run the network to maintain the block chain?

Not sure what you mean by unfeasible. The 'difficulty' for mining is auto adjusting to maintain a standard time to verify each new block , I think its 10 minutes. 'Too many' miners and the difficulty goes up. Too few and it goes down. The number of bitcoins earned per block verified reduces as more coins are mined - what is called the 'halvening'. By the time the maximum of 21 million coins has has been reached , which is decades out I believe, then miners rewards will be just the transaction fees and not transaction fees plus newly minted coins.

Just to add some comments on being a 'fan boy'. My take and it is nothing more that that in general terms is

Utility creates value.
The ability to store and move value around without the need for a trusted centralised third party intermediary is 'useful'
I 'support' bitcoin because I 'support the model' - it is a form of 'being the change you want to see' for me. It is akin to my having a netflix subscription. There is no content on netflix that I could not obtain for free elsewhere. I chose to pay a subscription in part because I chose to 'support the model'. This is why I have some bitcoin assets but do not have an never have had XRP/Ripple. XRP digital coins are just and extension of 'normal money', designed by banks for banks. Bitcoin is a potential alternative to the old model.

By unfeasible, I mean the reward the miners get is less than the costs involved to mine it or that they would be so marginal that its not attractive to mine.

so basically, even if all the coins have been mined the nodes providing computational power to maintain the system will get rewarded with transaction fees? is this right? How much is that do you know?

Would that alone be feasible for someone to maintain the hardware and bare the electricity costs to provide the computational power to maintain the network?

[erolz66]

Erolz, since you are a crypto currency fan boy,

Im interests in your opinion on a question I have.

What do you think will happen when mining becomes too unfeasible, or once all the coins have been mined? who is going to continue to run the network to maintain the block chain?

Not sure what you mean by unfeasible. The 'difficulty' for mining is auto adjusting to maintain a standard time to verify each new block , I think its 10 minutes. 'Too many' miners and the difficulty goes up. Too few and it goes down. The number of bitcoins earned per block verified reduces as more coins are mined - what is called the 'halvening'. By the time the maximum of 21 million coins has has been reached , which is decades out I believe, then miners rewards will be just the transaction fees and not transaction fees plus newly minted coins.

Just to add some comments on being a 'fan boy'. My take and it is nothing more that that in general terms is

Utility creates value.
The ability to store and move value around without the need for a trusted centralised third party intermediary is 'useful'
I 'support' bitcoin because I 'support the model' - it is a form of 'being the change you want to see' for me. It is akin to my having a netflix subscription. There is no content on netflix that I could not obtain for free elsewhere. I chose to pay a subscription in part because I chose to 'support the model'. This is why I have some bitcoin assets but do not have an never have had XRP/Ripple. XRP digital coins are just and extension of 'normal money', designed by banks for banks. Bitcoin is a potential alternative to the old model.

By unfeasible, I mean the reward the miners get is less than the costs involved to mine it or that they would be so marginal that its not attractive to mine.

so basically, even if all the coins have been mined the nodes providing computational power to maintain the system will get rewarded with transaction fees? is this right? How much is that do you know?

Would that alone be feasible for someone to maintain the hardware and bare the electricity costs to provide the computational power to maintain the network?

There has been a substantial drop in the amount of mining as the bitcoin price drops and the calculations show it is costing more to mine than the rewards to mine. This in turn leads to an automatic reduction in the 'difficulty' of mining effectively meaning the cost. The system is 'auto adjusting' in that sense and has survived from point zero through to to date. Yes once all 21 million coins have been created there will be no coin rewards for miners. There will be transaction fee rewards and the system auto adjusts to create sufficient incentive to ensure there is rewards for those validating transactions (mining).

[erolz66]

@Londonrake - imo it is hard to see the weekend close of UK stock exchange being kind for ftse values. Are you still sitting on your profits ?

[erolz66]

Johnson tests positive, sterling seems to gain in value (by very modest amount so far) !

[Londonrake]

Johnson tests positive, sterling seems to gain in value (by very modest amount so far) !

The currency value seems invariably inversely proportional to the FTSE. Clearly, somebody’s talked. They found out I started to ditch all my funds on Tuesday. It normally taking 4 days to process. At the moment we are down about 5% today.

Was it you?

[erolz66]

They found out I started to ditch all my funds on Tuesday. It normally taking 4 days to process.

Was in not Tuesday that you told us you had just gone 'all in' ? Confused ?

I can ditch my crypto assets within a minute, 24/7, 7 days a week btw. See the difference ?

[Londonrake]

They found out I started to ditch all my funds on Tuesday. It normally taking 4 days to process.

Was in not Tuesday that you told us you had just gone 'all in' ? Confused ?

I can ditch my crypto assets within a minute, 24/7, 7 days a week btw. See the difference ?

No, I bought into a spread of “adventurous” and fairly diverse funds last weekend. I got the contract notes on Monday. Tuesday evening I started to bail out. Funny, how it’s always quicker to buy than sell funds.

Short of a cataclysmic drop I should still have done very well though. Next time I will go the shares/precious metal route I think. As with you it’s a case of immediate buy/sell with those,

I don’t want to give a false impression here. Basically, I haven’t got a freakin’ clue about this stuff. I should have consulted Milti.

[erolz66]

And on Wednesday you asked 'when to drop out again' ? Sorry still confused. Anyway hope things go well for you.

[Londonrake]

And on Wednesday you asked 'when to drop out again' ? Sorry still confused. Anyway hope things go well for you.

No. That was Tuesday evening. After which I took your advice. The sell then sits in “Pending” for a time, after which it’s “submitted for dealing”. At that point the price freezes. Like I said, it can take 4 (sometimes 5) days before completion. At the moment there seems to be an unprecedented amount of activity going on. Reflected in timescales.

Thanks. I’ll let you know how it turns out.