Cryptocurrency

[AtW]

New candidate for CUK COTY 2021 - looks like this year going to be the most competitive ever

[Whorty]

They are not a currency since they are not issued by the Government....YET - 2021 and 2022 will be quite interesting in that regard [/QUOTE]

We're already 6 months through 2021 .... or are you edging your bets by calling such a wide period, hoping we'll forget in a few weeks what you said? Trust me fella, we're bored on here with not much else to do, we'll remember this next year and call you out on it

[d000hg]

They are not a currency since they are not issued by the Government

That's not a definition of currency I'd consider very accurate.
Do you not think there are any government run crypto mining farms though?

[d000hg]

New candidate for CUK COTY 2021 - looks like this year going to be the most competitive ever

You don't need to announce your candidacy you're always added automatically.

[pr1]

I have a genuine question which has probably be answered before in this thread but I'm not prepared to read through 800+ pages..

As I understand it the BTC ledger exists/is updated through the computing power of rigs that are rewarded with coins (mining), but, once all of the 21M possible bitcoins have been mined (or we cross the point that it costs disproportionately more electricity/time to mine them than the reward for mining them) what will then keep track of bitcoin ledger? Won't the whole system grind to a halt once the "miners" stop "mining"?

[d000hg]

Happy to be corrected ... but aren't crypto currencies valued in USD, therefore they're only of 'value' whilst USD has a value. USD is based on the US market/economy, so in it's most simplistic term, crypto is tied to USD?

Also, those who support crypto bemoan central banks and their QE, but isn't 'mining' just a form of QE? Every new 'coin' mined is not to different from a central bank printing money.

I was reading something about that this week, don't really follow the details but there are fees on transactions which will compensate those contributing computing power (possibly called nodes). The ecosystem will have to change but this seems something other coins already do too.

[Jarman]

I have a genuine question which has probably be answered before in this thread but I'm not prepared to read through 800+ pages..

As I understand it the BTC ledger exists/is updated through the computing power of rigs that are rewarded with coins (mining), but, once all of the 21M possible bitcoins have been mined (or we cross the point that it costs disproportionately more electricity/time to mine them than the reward for mining them) what will then keep track of bitcoin ledger? Won't the whole system grind to a halt once the "miners" stop "mining"?

Very good question, but I would like to add here is that the 21M will never be filled in my opinion. Why? because of BTC halving every 4 years, meaning that the amount that could be mined is halved every 4 years. The more halving cycles (4 years) we go through, the harder it will be to mine or "find" these coins, hence why I believe that the 21M will never be filled.

[Jarman]

They are not a currency since they are not issued by the Government....YET - 2021 and 2022 will be quite interesting in that regard

We're already 6 months through 2021 .... or are you edging your bets by calling such a wide period, hoping we'll forget in a few weeks what you said? Trust me fella, we're bored on here with not much else to do, we'll remember this next year and call you out on it [/QUOTE]

well it is hard to tell when to be honest hence the wide period but at the minute the wind is blowing in that direction. I think that blockchain is already part of some Govs plans and it is only a matter of time until the big players follow (I think that the US are already considering building their own digital currency atm), so I'll let you read between the lines

[d000hg]

Very good question, but I would like to add here is that the 21M will never be filled in my opinion. Why? because of BTC halving every 4 years, meaning that the amount that could be mined is halved every 4 years. The more halving cycles (4 years) we go through, the harder it will be to mine or "find" these coins, hence why I believe that the 21M will never be filled.

Can't remember where, but I saw a prediction it was about 2040. I mean we might as well say never for anything more than 5 years in tech.

[AtW]

Very good question, but I would like to add here is that the 21M will never be filled in my opinion. Why? because FBI field offices are getting ready for proper crackdown on steroids

FTFY