Care to elaborate on that?
I was watching the news this morning, and apparently almost all of the Bitcoins have been mined. Only 4 million left.
It’s going to take a while still. Keeping in mind that the rewards get halved every so often, IIRC the last Bitcoin will be mined around 2140
1 Like
Going to dump this here since It’s kinda relevant to how stupid some people are in the crypto space
What interests me is as the reward drops and the transaction fee is 0.001. Why continue to mine for less and less over time ? Taking into account minning makes new blocks and thus allows transactions the be committed to the blockchain. If mining stops bitcoin freezes ?
As the reward goes down, the value should go up. The transaction cost would then be reduced to ever smaller amounts of Bitcoin.
Once all coins are mined, the sole income for miners would be transaction fees. Whether or not that’s enough … well … unless they can cure aging in our lifetime we will never know.
But mining won’t stop. The BTC protocol guarentess that every 10 minutes a new block is added to the blockchain. In order to achieve this, the difficulty (nonce) is adjusted every three weeks (well in fact it’s every n blocks but I don’t have this number in my head). So, if enough people would stop mining BTC, BTC mining would even become feasible on devices like a smartphone. But theoretically, if nobody mines BTC it will freeze. (But don’t woory, I have 2 spare smartphones so I got that covered xD)
1 Like
And then that’s when you use your powerful mining machines and get thousands of coins and make it rich. ( I assume this is the case, because I interpreted your post saying the difficulty decreases to the point were a smartphone can mine a coin. Of course, using a mining machine would then just increase the difficulty again. )
Man, I’m sad I did not get into mining or investing early. I remember when Bitcoin was $1,000 and was able to be mined well off of GPU’s. Those were the days.
You are referring to Operation: Dragonslayer
This is one of the reasons I don’t like BTC practice of adjusting the nonce every three weeks, because it could be easily exploited…
Edit: That being said, there is nothing stopping the BTC devs from implementing said fix if they deemed it necessary.
1 Like
inb4 gets mad, atleast its crypto related?
to not be completely bait @tkoham what you think about the whole bitconnect thing again?
same as paycoin and onecoin, just more latin this time around. as long as the space is unregulated, there’ll be snake oil salesmen
inb4 muh crypto ancap meme
summit the day it gets regulated is the day crypto dies
it already is regulated
just not enough understanding in that regulation to stop mlm ponzis
luckily the SEC cyber squad is a thing now
was parodying the whole, muh untraceable matrix monies
will be interesting i guess, havent looked too much into international scams or what have you but, assume this would be different then say buying something thru paypal that they didnt ship, as they might be the only one you deal with, not just something paypal or whoever intermediary could rectify
and depending on how they word the stuff, if theres ‘clearly’ stated that any and all returns are theoretical, what rights would be available on no delivery etc
that maybe it will get treated differently when theres alot more money at stake, or specifically to people with more political/economic clout
bitconnect is basically crypto trash bonds (in their marketing pitch anyway) lock in x amount for x% reward after y period.
in reality it was a ponzi, and an obvious one. fools will always part with their money wilingly, which is why we have the SEC
ye i mean any kind of regulation that could stop someone making a startup of tiddycoins or whatever that end up having no value(possibly/probably), might be goin a bit far, assuming they deliver said tiddycoins, if there was never any guarantee of value of the coins
basically at that point sayin you cant sell them at all with any level of speculation being given, which would be like saying you could sue your stock guy for not delivering or whatever
so probably more likely just… more specific coin only related regulation? like can only use these x coins in x country or some other
So, has anyone else noticed that the whole crypto market has slightly dropped? My keen eyes discovered a small dip and something else:
As we can clearly see, BTC formed a Friendly Btrontosaurus Rex Pattern, so it’s time to buy
Sorry, I just had to share this with you guys 
10 Likes
Some interesting new mining tech coming out recently…
Thoughts on stuff like this ??
https://shop.bitmain.com/antrouter_r1_ltc_wireless_router_and_asic_litecoin_miner.htm?flag=overview
Sure… it isnt going to make you rich overnight… But an interesting idea given most people leave their wifi kit running near constantly anyway…
Not sure it’s worth burning up a router for a couple of bucks in potential revenue.