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Bitcoin Mining Apocalypse? Programmer explains. by ivanli

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· @ivanli ·
$71.34
Bitcoin Mining Apocalypse? Programmer explains.
Bitcoin is a system based on incentives. A huge incentive for the miners is the mining reward. However, this reward is decreasing and in the future all of the 21M Bitcoin will be mined. What will happen then?

https://www.youtube.com/watch?v=MeJYt7VQ0SY

Thanks for watching guys πŸ’
🎀 If you would like me to speak at your conference, book me here: https://ivanontech.com
🍻 Join the crypto discussion forum - https://thecrypto.pub
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πŸ‘«πŸ‘­πŸ‘¬Social:
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πŸ€‘ Buy cryptocurrencies: https://www.coinbase.com/join/529bab0...

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πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 42 others
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@bitgeek ·
comment
Congratulations @ivanli, this post is the second most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 640 and the total pending payments to posts in this category was $2558.22. To see the full list of highest paid posts across all accounts categories, [click here](www.steemit.com/steemit/@bitgeek/payout-stats-report-for-4th-november-2017--part-ii). 

If you do not wish to receive these messages in future, please reply stop to this comment.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@buggedout ·
$0.10
There are already technically better cryptos out there than Bitcoin and I will be astounded if Bitcoin does not lose its market dominance in the next 20 years, let alone 100!

But hypothetically there is always the possibility that if the miners are crumbling due to block halving, there may be a new Hard Fork proposed to remove the block halving and stabilise the mining reward.  It sounds like sacrilege now to remove the 21 million limit but it can happen and if the alternative is a collapsing network with fewer nodes and security compromise it may be a lesser evil.

We have a lot of time to figure it out.  Lets just make sure we survive the 2017 Hard Forks first! :)
πŸ‘  
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
πŸ‘Ž  
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@flygoing ·
$0.04
I honestly don't see that ever happening. Bitcoin can't even agree on scaling solutions, so there's no way there will be consensus on removing the main thing Bitcoin maximalists all agree on.
πŸ‘  ,
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@buggedout ·
There doesn't need to be a consensus. Just take a look at the recent forks. It just takes a faction to decide they want to change the code and they can break away. Then if the original Bitcoin fails because of miner apocalypse and/or compromised security then the ones left standing are the fork who killed the block halving.

100 years is a long time to see something happening.  100 years ago we didn't even have TV, let alone the internet....
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@emonnaim01 ·
nice post... follow me and upvote my post
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@fractalnode · (edited)
$0.05
I met Bitcoin in 2013, but in 2014 I was 100% on Alts. I think in 10 years from now not many people will use BTC. Besides, BTC is not and will not be the best investment in crypto-space. Even STEEM is better in every way than BTC.  

The BTC value comes from the miners, not from usability. 
Bitcoin is for miners.
Let us give Caesar what belongs to Caesar.

Most active blockchains:

http://www.blocktivity.info/
πŸ‘  
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@jimy74 ·
They will not be all mined, it's a misunderstand from the start.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@larryt20 ·
Has anyone looking into the HydroMiner ICO?  They are using hydro power stations to power mining in Austria.  You can use your H20 coins to save and sell or use them to buy mining contracts.  I'm not sure about the long term of this project, but the short term should yield a nice ROI IMO.  Below is the website.

https://www.hydrominer.org/
πŸ‘  
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@larryt20 ·
Also they have a 10% bonus right now that adds to your contracts i believe.
πŸ‘  
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@tngflx ·
Dude did you check the ROI? And compare that to genesis mining? They're cloud mining anyway. Hydrominer blinds you with token that buy Kwh but promises you less return actually. DO the calculation man.
πŸ‘  
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@luisneira ·
$0.32
just like mining any other commodities.... I hope that eventually POW will disppear and we will shift to more POS like ETH is doing. Less electricity burnt
πŸ‘  , ,
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@jimy74 · (edited)
Thx for your relevant comment ^^ Energy waste can't be more efficient long term.
It's like using slave or steam machine, you can be idiot by vocation but you will still lose long term.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@mastaz ·
if the price of bitcoin stays or hobbles around the same area yes the miners will all go away and the remaining coins will never be mined.  However, in theory from a supply and demand point the coins should go up.  With all that investment coming in,  it does look like it is still on the positive and it ain't going anywhere anytime soon.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
πŸ‘Ž  
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@flygoing ·
$0.03
I don't think Bitcoin will remain the dominant blockchain for 100 years, but it wont disappear because of the block reward getting too low. There's just too much money in Bitcoin for it to just die.
πŸ‘  
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@mejustandrew ·
I was a little sad when I realised it's only the video, and no written part to describe it. I can't use sound right now so it would have been helpful. But I guess I will watch later the video, I'm sure that you have worked a lot at it :D
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@mejustandrew ·
oh, let me send you my money!
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
πŸ‘Ž  
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@michigunner ·
Thank you for the insight.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@myeasin ·
Thanks for Your Good Information.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
πŸ‘Ž  
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@nehomar · (edited)
Hardware will be a LOT faster and efficient, hundreds of times. Mining could be even faster than today, even with more difficulty.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@ocmika ·
$0.27
The estimated time for all 21M bitcoins to be mined is in year 2140, with the value of bitcoin increasing over time, mining will still be a profitable business for miners and recently a lot of bitcoins have been mined from Venezuela. Eventually China will stop mining and new countries will start doing this job.
πŸ‘  , , , , , , , , , , , , ,
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@flygoing ·
$0.03
Well the original goal was for the tx fees to eventually make up for the block reward, since in 100 years there'll be so much transacting on the blockchain that the mining reward is negligible compared to the tx fees.
πŸ‘  
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
πŸ‘Ž  ,
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vote details (2)
@mralan ·
$0.03
Segwit2x Free Coins
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πŸ‘  
πŸ‘Ž  
properties (23)
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@parker97 ·
Great information 
Thanks for sharing
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@paulygg ·
Very good video, very informational.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@sayee ·
Thanks for the free ebook. I am relatively new to all this but would like to learn it. I am sure your book will help. Sharing this post on twitterfor you as my vote would not make much of a difference.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@shohana ·
very informative would like to resteem @shohana
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@statsmonkey ·
comment
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 63.78 SBD, based on the pending payout at the time the data was extracted.

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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@tateshep ·
Ivan, you're a rock star man I love your videos so informative, and I've learned so much from them.
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
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@untapentuoreja ·
VOTED!
![ultimoooo...,Γ±,Γ±,.jpg](https://steemitimages.com/DQmQUPFtLpzSrEFKYLsgf4rSkELP5x3YCi1zY7pvBLX5KHs/ultimoooo...%2C%C3%B1%2C%C3%B1%2C.jpg)
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@valikos ·
$0.08
Good info than you ;)
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
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@walczakit ·
Why you should NOT get into cryptocurrency mining:  https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@zoidsoft · (edited)
$0.08
Interesting hypothetical issue but I don't think it will ever be tested.  If miners are forced to have income from transaction fees only, and there are far more users transacting, there's a chance that the difference will be made up and one just shifts from block rewards to transaction fees.

Also any increase in transaction fees would likely be offset by the superior SOV.  Hashing difficulty adjustments and Moore's Law will probably have caused mining decentralization by then.

But I think with all the new proposals, Lightning Network, EOS, the Tangle of Iota, Cicada DDD, that in 20 years time this will all be moot.
πŸ‘  
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@characters1 ·
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time  https://seebit.io/?r=56086
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@edgar108 ·
Laser Online Platform is getting stronger:    https://laser.online/?referrer=Ed108
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created2017-11-04 07:39:06
last_update2017-11-04 07:39:06
depth2
children0
last_payout2017-11-11 07:39:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length82
author_reputation-215,821,242,361
root_title"Bitcoin Mining Apocalypse? Programmer explains."
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id19,414,906
net_rshares0