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Offline paulmaritz

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What happens the day mining stops?
« on: December 11, 2013, 10:03:41 PM »
Ok, this is my understanding: Mining for FastCoins helps for one to get transactions confirmed. What will happen the day when mining stops, when the hard cap is reached? Will transaction volumes via the network then help to get transactions confirmed (or how does it work or will it work at that stage)? Needless to say, I am still in the learning phase and stand to be corrected.  8)
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Offline coradan

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Re: What happens the day mining stops?
« Reply #1 on: December 11, 2013, 10:46:02 PM »
I think the answer is a mixture of technology improvement in the future where the miners machines will be cheaper by GHs (lower energy consumption) and fees of more transactions per block in the future with more use of the currency...  Perhaps the miners number in the far future will be lower than intermediate stage...
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Offline paulmaritz

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Re: What happens the day mining stops?
« Reply #2 on: December 11, 2013, 10:54:12 PM »
Thank you for the answer, but what happens when mining completely stops, when there are no more coins to mine?  8)
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Offline zesterer

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Re: What happens the day mining stops?
« Reply #3 on: December 11, 2013, 11:08:53 PM »
I'm probably wrong: But I'm assuming that by the time the hard cap is reached, enough people will be on the network to sustain the blockchain without the miners. At the moment, it's mainly the miners keep it going (they're on 24/7, after all) - but once the currency reaches a critical mass, the miners aren't strictly neccesary any more - their only real role is to bring value into the economy and sustain a healthy level on inflation...

As I said, I'm probably wrong :D
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Offline paulmaritz

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Re: What happens the day mining stops?
« Reply #4 on: December 11, 2013, 11:20:01 PM »
Quote from: zesterer on December 11, 2013, 11:08:53 PM
I'm probably wrong: But I'm assuming that by the time the hard cap is reached, enough people will be on the network to sustain the blockchain without the miners. At the moment, it's mainly the miners keep it going (they're on 24/7, after all) - but once the currency reaches a critical mass, the miners aren't strictly neccesary any more - their only real role is to bring value into the economy and sustain a healthy level on inflation...

As I said, I'm probably wrong :D

This is how I have it as well.  8)
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Offline coradan

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Re: What happens the day mining stops?
« Reply #5 on: December 11, 2013, 11:22:35 PM »
Quote from: paulmaritz on December 11, 2013, 10:54:12 PM
Thank you for the answer, but what happens when mining completely stops, when there are no more coins to mine?  8)

The miners will obtain fees.  Not new coins, but yes fees of transactions...

Now the reward per block is: 32FST+fees, when all coins were produced they will obtain fees only...
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Offline paulmaritz

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Re: What happens the day mining stops?
« Reply #6 on: December 11, 2013, 11:41:25 PM »
Quote from: coradan on December 11, 2013, 11:22:35 PM
Quote from: paulmaritz on December 11, 2013, 10:54:12 PM
Thank you for the answer, but what happens when mining completely stops, when there are no more coins to mine?  8)

The miners will obtain fees.  Not new coins, but yes fees of transactions...

Now the reward per block is: 32FST+fees, when all coins were produced they will obtain fees only...

Thanks for the reply. That makes sense.  8)
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