Voice of !WisdomHsuU joined in and replied with this 15 years ago, 37 seconds later[^][v]#119,538
The cap gets raised to 14 million bitcoins.
dreamworks (OP) replied with this 15 years ago, 30 seconds later, 1 minute after the original post[^][v]#119,540
orly
r04r joined in and replied with this 15 years ago, 1 minute later, 2 minutes after the original post[^][v]#119,545
All the bitcoins that exist will be out there, and people will start using it like currency instead of free money.
mountainman !4EB6xd.Oos joined in and replied with this 15 years ago, 1 minute later, 4 minutes after the original post[^][v]#119,548
Deflation?
Anonymous E joined in and replied with this 15 years ago, 16 minutes later, 20 minutes after the original post[^][v]#119,564
Total war.
Anonymous F joined in and replied with this 15 years ago, 1 minute later, 22 minutes after the original post[^][v]#119,570
There will be 21 million bitcoins in total.
After they are all generated, there will still be mining but instead of mining for the reward + transaction fees, people will only be mining for the transaction fees.
dreamworks (OP) replied with this 15 years ago, 5 minutes later, 27 minutes after the original post[^][v]#119,581
@119,545 (r04r)
except you can use it as currency because there are no processing computers @previous (F)
what do you mean transaction fees? people get percentages of the payments?
Anonymous F replied with this 15 years ago, 14 minutes later, 42 minutes after the original post[^][v]#119,598
@previous (dreamworks)
There are optional transaction fees. If you pay a fee, your transaction is given a higher priority on the network.
It can be 0.01 BTC or 0.0005 BTC or whatever, when the block containing your transaction is solved, someone gets the fee.
Priority is determined by the age of the coins and the size of the transaction:
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
If your client decides the transaction will not be given high enough priority, it will suggest you pay a fee.
dreamworks (OP) replied with this 15 years ago, 1 minute later, 43 minutes after the original post[^][v]#119,600
@previous (F)
I don't think anyone is going to bother mining for the possibility that you might receive one tenth of a bitcoin occasionally
Anonymous F replied with this 15 years ago, 1 minute later, 45 minutes after the original post[^][v]#119,602
@previous (dreamworks)
Yes they will, and if they don't the network will fail... mining is how transactions are processed.
dreamworks (OP) replied with this 15 years ago, 1 minute later, 46 minutes after the original post[^][v]#119,603
@previous (F)
Yeah I know and I dont think anyone would mine after the cap
it's not profitable
Anonymous F replied with this 15 years ago, 3 minutes later, 50 minutes after the original post[^][v]#119,605
@previous (dreamworks)
People will have an interest in maintaining the network. As a reward for processing transactions, they will get some fees. Sure, the giant mining operations will probably shut down, but there will still be people going after those rewards.
dreamworks (OP) replied with this 15 years ago, 1 minute later, 51 minutes after the original post[^][v]#119,609
@previous (F)
Enough people to run the network though?
Anonymous F replied with this 15 years ago, 8 minutes later, 1 hour after the original post[^][v]#119,634
@previous (dreamworks)
I guess we shall see. The cap will be reached some time in 2012.
mountainman !4EB6xd.Oos replied with this 15 years ago, 2 hours later, 3 hours after the original post[^][v]#119,679