Cryptocurrency

[pr1]

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.

That was what I tried to cover in my question - I also think they will never all be mined because it will inevitably get to the point that it isn't worth anyone's time or money (electricity/hardware) mining for so long for such small reward - but as soon as the mining stops/slows significantly, so does the "blood flow" of the currency, as I understand it. Then everyone will be sat with bitcoin on their hard drives but no way of transferring them or doing anything with them

 

[Whorty]

That was what I tried to cover in my question - I also think they will never all be mined because it will inevitably get to the point that it isn't worth anyone's time or money (electricity/hardware) mining for so long for such small reward - but as soon as the mining stops/slows significantly, so does the "blood flow" of the currency, as I understand it. Then everyone will be sat with bitcoin on their hard drives but no way of transferring them or doing anything with them

Or the transaction costs will go ever higher, so the value of the coins drops dramatically.

Silly question, but what limits the number of coins to 21m? Is it the length of the blockchain and hence unique combinations?

 

[Jarman]

FTFY

 

[AtW]

"Digital currencies pose threat to economy, warns Bank of England

Research shows high-street banks could face a flood of withdrawals leading to financial instability

The rise of digital currencies could lead to a flood of withdrawals from high-street banks, risking financial stability and the wider economy, the Bank of England has warned.

Threadneedle Street said that stablecoins – a new form of digital asset usually pegged to the value of a traditional currency – would need to be regulated in the same way as payments handled by banks if they became widely available."

https://www.theguardian.com/busines...-pose-threat-to-economy-warns-bank-of-england


Well FOOKING ban them already - you are in a fooking driving seat and you whine about something YOUR FOOKING JOB TO FIX!

 

[AtW]

“The misuse of cryptocurrency is a massive enabler here," Deputy National Security Advisor Anne Neuberger told CNN. "That's the way folks get the money out of it. On the rise of anonymity and enhancing cryptocurrencies, the rise of mixer services that essentially launder funds."
"Individual companies feel under pressure - particularly if they haven't done the cybersecurity work -- to pay off the ransom and move on," Neuberger added. "But in the long-term, that's what drives the ongoing ransom [attacks]. The more folks get paid the more it drives bigger and bigger ransoms and more and more potential disruption."

https://edition.cnn.com/2021/06/07/politics/colonial-pipeline-ransomware-recovered/index.html

Fooking do something the - start “cancelling” uncooperative players in that field

 

[Jog On]

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"?

After all the coins are mined they'll get paid a % of the transaction fees

 

[Jog On]

That was what I tried to cover in my question - I also think they will never all be mined because it will inevitably get to the point that it isn't worth anyone's time or money (electricity/hardware) mining for so long for such small reward - but as soon as the mining stops/slows significantly, so does the "blood flow" of the currency, as I understand it. Then everyone will be sat with bitcoin on their hard drives but no way of transferring them or doing anything with them

Really?

This is the forum for highly paid IT 'cream of the crop' isn't it?

 

[jamesbrown]

Really?

This is the forum for highly paid IT 'cream of the crop' isn't it?

To be fair, we also have a few low-rent cryptocretins. The cult of scootie.

 

[pr1]

Really?

This is the forum for highly paid IT 'cream of the crop' isn't it?

Sorry, I'm in engineering - I've seen articles about people who have millions of $ worth of bitcoin "stuck" on hard drives on council tips etc so thought that was how it worked - apologies!

 

[northernladuk]

Really?

This is the forum for highly paid IT 'cream of the crop' isn't it?

It is but then there is PR1 to balance it out.