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It's also eventually they're going to hit a ceiling and be worthless once they're all mined. It seems like a huge bet, trying to guess when Bitcoin value will h

It's also eventually they're going to hit a ceiling and be worthless once they're all mined. It seems like a huge bet, trying to guess when Bitcoin value will hit 0.

mysterypie 9y ago
> It's also eventually they're going to hit a ceiling and be worthless once they're all mined. There may be huge bubble, but that comment is a complete misunderstanding. Suppose all the gold in the world had been mined. Would all the existing gold become worthless? If you think about it, you'll see that just the opposite will happen. The world supply of gold (or Bitcoin) will become more valuable. I repeat: I'm not saying that there is no bubble. An aside: Maybe you're thinking that if no more Bitcoin is being mined, then the market can't grow or that there won't be enough Bitcoin to support more transactions. However, there's a plan for that since the original Bitcoin paper. Bitcoin is finely divisible and the idea is that people will use smaller and smaller units for a certain value.
- Cthulhu_ 9y ago
  Doesn't the Bitcoin network depend on miners to process transactions? Like, no miners = no transactions processed?
  - 0x4f3759df 9y ago
    Miners will be compensated with transaction fees when there is nothing left to mine.
  - deleted 9y ago
    [deleted]
yorwba 9y ago
The last bitcoin being mined is not automatically going to make it all worthless. If a large enough number of people accept bitcoin in exchange for goods, it will continue to have value, and the transaction fees will incentivize miners to sustain the blockchain.
the_gastropod 9y ago
As far as I understand it, there's not a finite number of coins that can be mined. What could happen is the cost of mining could exceed the value derived from it. This already happened for some classes of miners (e.g., those without powerful GPUs)
- Nursie 9y ago
  There is a set quantity of bitcoin that can ever exist, and mining rewards reduce over time until it is all mined.

It's also eventually they're going to hit a ceiling and be worthless once they're all mined. It seems like a huge bet, trying to guess when Bitcoin value will hit 0.

mysterypie 9y ago

> It's also eventually they're going to hit a ceiling and be worthless once they're all mined. There may be huge bubble, but that comment is a complete misunderstanding. Suppose all the gold in the world had been mined. Would all the existing gold become worthless? If you think about it, you'll see that just the opposite will happen. The world supply of gold (or Bitcoin) will become more valuable. I repeat: I'm not saying that there is no bubble. An aside: Maybe you're thinking that if no more Bitcoin is being mined, then the market can't grow or that there won't be enough Bitcoin to support more transactions. However, there's a plan for that since the original Bitcoin paper. Bitcoin is finely divisible and the idea is that people will use smaller and smaller units for a certain value.

Cthulhu_ 9y ago
Doesn't the Bitcoin network depend on miners to process transactions? Like, no miners = no transactions processed?
- 0x4f3759df 9y ago
  Miners will be compensated with transaction fees when there is nothing left to mine.
- deleted 9y ago
  [deleted]

yorwba 9y ago

The last bitcoin being mined is not automatically going to make it all worthless. If a large enough number of people accept bitcoin in exchange for goods, it will continue to have value, and the transaction fees will incentivize miners to sustain the blockchain.

the_gastropod 9y ago

As far as I understand it, there's not a finite number of coins that can be mined. What could happen is the cost of mining could exceed the value derived from it. This already happened for some classes of miners (e.g., those without powerful GPUs)

Nursie 9y ago
There is a set quantity of bitcoin that can ever exist, and mining rewards reduce over time until it is all mined.