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DreauxB2015
LSU Fan
Louisiana
Member since Nov 2015
2945 posts

re: Official CryptoTalk Thread
glad you have a sence of humor baw .


CBarkleytruth
LSU Fan
Atlanta, GA
Member since Dec 2014
855 posts

re: Official CryptoTalk Thread
VET was the big one a few months ago on here... $0.00 right now haha


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Bullfrog
LSU Fan
but I’m still leaving at halftime.
Member since Jul 2010
38853 posts

re: Official CryptoTalk Thread
quote:

We got suckered .
Yep. Brutally.

The Caddyshack County Club owners woke up a year ago, horrified to find their exclusive financial club was being overrun by us trashy caddies.

Now they are just about complete at running us off the course and assuming their proper place.

Stash a few coins for a rainy day as you can.

Cause when this hits final bottom next year, BTC could ultimately fall to $700-$800 before it reverses.

But we’ll see. This stuff never does what you expect.

But it must get easier to use before it gets widely adopted. And that is coming.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
360702 posts
 Online 

re: Official CryptoTalk Thread
quote:

Cause when this hits final bottom next year, BTC could ultimately fall to $700-$800 before it reverses.


well to be fair, that was literally the price range a short 2 years ago


PearlJam
Auburn Fan
NotBeardEaves
Member since Aug 2014
10119 posts
 Online 

re: Official CryptoTalk Thread
How much does it cost to mine 1 bitcoin? I've seen average estimates between a little over $2k to almost $5k. If that is true, what happens when the price drops below the cost of mining the bitcoin? How is the system maintained without miners?


Bullfrog
LSU Fan
but I’m still leaving at halftime.
Member since Jul 2010
38853 posts

re: Official CryptoTalk Thread
The miners get transaction fees for processing transactions in exchange for supporting the network.

2020 summer is the “halving” where the bitcoin mining rewards are cut in half. Don’t know what will happen then.

Fixed: It’s the LiteCoin halving next August.

This post was edited on 12/7 at 12:39 pm


PearlJam
Auburn Fan
NotBeardEaves
Member since Aug 2014
10119 posts
 Online 

re: Official CryptoTalk Thread
quote:

Next summer is the “halving” where the bitcoin mining rewards are cut in half.
How is/was that determined?

As you can tell, I don't fully understand btc.


Bullfrog
LSU Fan
but I’m still leaving at halftime.
Member since Jul 2010
38853 posts

re: Official CryptoTalk Thread
quote:

The halving helps to sustain the mining reward system over a longer period of time. Initially, the mining reward was 50 BTC. Without the system of halving, we would still be releasing Bitcoins at 50 BTC every 10 minutes. At this rate, we would have reached the maximum supply cap of Bitcoin, i.e. 21 million coins in just eight years. This means the process of mining on the network would stop after eight years. By halving the rewards every 210,000 blocks, we are ensuring the continuation of the mining process for a substantial period of time.

Bitcoin halving explained

This is an easy to understand overview of the halving process and reasoning.


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PearlJam
Auburn Fan
NotBeardEaves
Member since Aug 2014
10119 posts
 Online 

re: Official CryptoTalk Thread
Thanks. It seems as if there is a value of btc below which there is no incentive to mine. Is that true? If so, what happens to the system when mining dries up?


Douglas Quaid
TBD Fan
Mars
Member since Mar 2010
2525 posts
 Online 

re: Official CryptoTalk Thread
quote:

there is a value of btc below which there is no incentive to mine. Is that true?

Yes, but as that happens more and more miners drop off the network which reduces the mining difficulty. As mining difficulty goes down the cost to mine goes down with it as there is less hashing power on the network to compete with.

quote:

what happens to the system when mining dries up?

Theoretically, the network would continue simply by fees added to transactions. Realistically, Bitcoin will be effectively dead before then.


Bullfrog
LSU Fan
but I’m still leaving at halftime.
Member since Jul 2010
38853 posts

re: Official CryptoTalk Thread
The last block of bitcoin is estimated to be mined in 2140.

So we’ve got a while for it to continue. But it’s possible it becomes so expensive to mine, it may never happen. Or tech could speed things up. Or everything could change and it not be needed.

Dunno. A few variables have to sort themselves out along the way.

But it’s setup for the long run.


PEPE
Member since Jun 2018
2809 posts

re: Official CryptoTalk Thread
The bitcoin mining difficulty is self correcting though, at least in theory.

If mining is too expensive, people doing it at a loss obviously quit doing it, but the more people that quit doing it, the easier mining gets and thus the more cost effective it becomes again.

Even if bitcoin fades into being a novelty again trading for a few bucks, there will still be people mining it hoping that one day it will go back up. I mean that's how bitcoin operated for years in the beginning.


RATeamWannabe
Kansas Fan
Baton Rouge
Member since Sep 2009
22913 posts
 Online 

re: Official CryptoTalk Thread
quote:

the easier mining gets


ummm...I dont think thats how it works


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LSUneaux
New Orleans Pelicans Fan
NOLA
Member since Mar 2014
2635 posts

re: Official CryptoTalk Thread
How can I sell/get rid of VTHO? I want to clear out my binance, but it is saying I can't trade it.


RATeamWannabe
Kansas Fan
Baton Rouge
Member since Sep 2009
22913 posts
 Online 

re: Official CryptoTalk Thread
I'll take it, need an address?


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