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+--- Thread: [OMC] Is it possible to mine all the OMC? (/showthread.php?tid=4718150)
Is it possible to mine all the OMC? - NoMercy - Mar 6, 2015
I've very interested by this, is it possible to mine all the OMC and then what would happen? Would OMC just be worth nothing or would it be worth more?
I don't have much knowledge of crypto currencies, I'm just wondering if it's possible.
Edit: I'm not worried about it happening, I know it won't happen for a while. I am just curious of what would happen when it does.
* - Ishmel - Mar 6, 2015
I actually have no fucking idea what would happen... But yes, it's most definitely possible. It'll just take a few years.
* - NoMercy - Mar 6, 2015
Has this ever happened, do coins ever get mined out?
* - JOJOGANG - Mar 6, 2015
Yeah, coins have reached their mining limits before. And BTC will be one to do the same, usually the price will go up as there is a lesser supply and higher demand.
* - NoMercy - Mar 6, 2015
(Mar 6, 2015 12:11 PM)JOJOGANG Wrote: Yeah, coins have reached their mining limits before. And BTC will be one to do the same, usually the price will go up as there is a lesser supply and higher demand.
That's what I thought would happen because of that reason but I also think a lot of people would just dump and get rid thus lowering the price.
* - Hash G. - Mar 6, 2015
I think the price would go up due to the demand. But it's not going to happenned before a few years.
* - Cthulhu - Mar 6, 2015
I was always under the impression that mining would never end as it is used to confirm the transactions and what not hence why we pay small amounts every time we send coins.
* - ggwp2 - Mar 6, 2015
A limited crypto currency would first rise and after a time fall till its worth nothing. Because everytime a user only got a few cents left he gonna leave them and no one can obtain them anymore. If there are 1000 and one user lose his wallet with 200 on it the prise will rise because he can't use them anymore. 800 are left. people are still interested in the currency and would like to buy but there are no many who sells them because there are "only" 800 left.->price rise
After a time there are only 500 left and people starting to panic because after a high comes a low. The new guys who bought them at 800 sell them with loss and a few people will buy them. The crypto community (Users of the coin) will decrease. Online Shops who accept the currency don't see the reason anymore because they can't make them to real cash and the community is missing.
Price will drop till its worth nothing
* - Abraham Lincoln - Mar 6, 2015
Technically, mining never ends. Every 100010 blocks (203 days), the mining reward halves. It started at 66.85 OMC. We've had one halving (https://omnicha.in/?l=10&s=100004) so far so the current reward is 33.425 OMC.
Over time the block reward will get extremely small, but in theory it will always be there.
The idea is that eventually the block reward will be mostly made up of transaction fees.
* - NoMercy - Mar 6, 2015
(Mar 6, 2015 12:44 PM)Abraham Lincoln Wrote: Technically, mining never ends. Every 100010 blocks (203 days), the mining reward halves. It started at 66.85 OMC. We've had one halving (https://omnicha.in/?l=10&s=100004) so far so the current reward is 33.425 OMC.
Over time the block reward will get extremely small, but in theory it will always be there.
The idea is that eventually the block reward will be mostly made up of transaction fees.
And by time it reaches it max the coin will be worth enough that mining is still profitable because tough the fees are a small decimal of the coin, the coin would be worth enough for that to be a legitimate reward? Thanks for sharing this by the way, it was cool to know.
* - Abraham Lincoln - Mar 6, 2015
(Mar 6, 2015 01:01 PM)NoMercy Wrote: And by time it reaches it max the coin will be worth enough that mining is still profitable because tough the fees are a small decimal of the coin, the coin would be worth enough for that to be a legitimate reward? Thanks for sharing this by the way, it was cool to know.
In theory, yes.
Even if the price didn't increase, there will always be someone mining as the difficulty would drop very low, making it profitable again.
* - Moen - Mar 6, 2015
Made a quick excel sheet showing the blockrewards http://prntscr.com/6dkpod
it is going to take a LONG time to get to block 3400340
* - JOJOGANG - Mar 6, 2015
(Mar 6, 2015 12:21 PM)Cthulhu Wrote: I was always under the impression that mining would never end as it is used to confirm the transactions and what not hence why we pay small amounts every time we send coins.
That is correct, but there would still be some people mining regardless of reward or not.
* - NoMercy - Mar 6, 2015
(Mar 6, 2015 02:40 PM)Moen Wrote: Made a quick excel sheet showing the blockrewards http://prntscr.com/6dkpod
it is going to take a LONG time to get to block 3400340
This is awesome. Good job man! Keep up the solid work.
* - Aceman - Mar 6, 2015
(Mar 6, 2015 02:40 PM)Moen Wrote: Made a quick excel sheet showing the blockrewards http://prntscr.com/6dkpodAt the 180 second block timer and starting from the point the coin launched it would take 19 years and 145 days to reach block 3,400,340. 😏
it is going to take a LONG time to get to block 3400340