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20 sats \ 13 replies \ @Undisciplined 20 Dec \ parent \ on: Barber Shop Bitcoin Babble bitcoin
That's when the final "halving" occurs. The reward goes to zero for successfully mining blocks after that.
If I understand correctly, the final halving cannot take place for another 130 years, no matter the speed, power or number of miners working on the problem? What is the evidence of that. Are we only working on a linear scale or a exponential scale?
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This is pretty basic.
Yes it's called the difficulty adjustment. It's the entire point of mining.
No matter the hashrate or 'speed' of miners... blocks on average only arrive once every 10 minutes.
Since every 10 minutes a new block arrives (on average) and only so many blocks occur between halvings...
There are 130 years approximately of new Bitcoin creation. It has precisely zero to do with the hashrate or power of miners, that is adjustable and why there's a difficulty adjustment.
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It has precisely zero to do with the hashrate or power of miners,
Not quite. A rapid plunge in computing power could radically delay the next difficulty adjustment. I don't think that's likely, but that's my understanding of how it works.
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Could a change in the basic system cause the block rate of 10 minutes to be reduced?
Would these changes to the system cause faster evolution of the final halving?
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Right, it's the expectation based on a 10 minutes per block average. It is based on blocks not time, but bitcoin is also designed to maintain the pace of finding one block every 10 minutes, regardless of advancements or regressions in computing power.
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Ok, you are saying that this is a programmed in limitation of the whole system, correct?
If that is so, what happens with the next block war or desire to change the basics of the system?
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isn't this basic bitcoiner information?
?
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Show me the evidence that it is impossible to reach the last halving for 130 years.
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With all due respect if you don't know this.... you are an idiot.
What happened to basic education?
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Why are you being such a dick? By definition almost all bitcoiners are new bitcoiners and we're all learning.
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It's surreal to me... that all this stuff actually happened
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I am sorry if I come across that way.
However, some people are quite... confident in their views, both here on Stacker News and on the internet in general.
And confidence in the face of ignorance or lack of information is extremely dangerous. Not only in Bitcoin but with life in general. It gets people hurt, gets them rekt and does not help this space in my opinion.
The last reference I heard to 'mining faster' was in reference to Onecoin (a huge scam from years ago) and the only reason it could survive was that people were gullible. "Mine faster..." we need to "mine faster" those words stick with me because they were an outrageous scam perpetrated on folks who didn't know how mining worked.
I just assumed that the SN audience was a little more advanced... lightning is still a pretty high bar.
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Boku no gisen ga chotto tarimasen. Gomen kudasai, sumimasen. :)
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