Quote from: ransomer on July 07, 2015, 10:31:05 PM

Quote from: Kakmakr on June 19, 2015, 09:15:58 AM

Quote from: Luuk on June 19, 2015, 08:29:49 AM

Quote from: NorrisK on June 19, 2015, 08:20:00 AM

Transaction fees Will be the mining reward. High use of the bitcoin network Will be required to adequately pay the miners. On the other hand, You Will probably not live by that Time anymore, so You dont need to worry too much.

So the mining power thrown at bitcoin will be radically reduced at that point but it won't matter as 51% attacks would be useless since no new coins will be produced.

The threat of a 51% attack has to do with the ability to double spend coins you already have and not the coins being paid as a reward for the mining being done.
If it was possible to succeed and to maintain a 51% attack, you could spend the coins you own at one place and spend the same coins at another place. This is not a option, because the cost of maintaining a 51% attack, out weigh the benefits from doing it.

But ... do the costs really outweigh it?

Sure, the costs of doing a 51 attack could be used for higher profit mining instead.

That, however, seems to be a very limited analysis. For example, what if some major banks, or even countries' federal banking systems get together and figure out that they can save 'their' systems by doing this? Then they have much more to win, than just what is directly related to the question of where to use the computing power.

As I understand it, the system will only be very temporarily in trouble and therefore it might not really make much of a dent.. but at least I think it is important to include such other objectives of a 51 attack... because more might be earned than only what is directly related to the use of computing power.

When/after bitcion is 51% attacked, a new coin will appear and resistant to 51%. The hashing algorithm can be changed. Or a proof of deposit will be more popular. The miner has to have some coins as a deposit before they mine, otherwise, the difficulty will be higher and there will be fewer mined coins.