Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Cassius
on 20/02/2018, 10:38:10 UTC
Don't you think Bytecoin belongs in this list too? It's name was probably chosen in order to lure in newcomers who wouldn't notice the difference between Bytecoin and Bitcoin.
When I first started with cryptocoins, I remember people calling Bytecoin a scam because of a big amount of pre-mine I think? Not sure.... nevertheless I see that the price has some possitive action the last months so I don't know.
Bytecoin pre-mine was huge, 80% I believe, I heard a lot was given away and a lot assumed lost, considering it wasn't all dumped during one of the major pumps.

I heard it was close to being 100% mined out - I sold all mine during a pump about a year ago

IXC is a good one to add to the list - the first sidechain, still just about keeping its head above water despite being fully mined for about 5 years
Since you mentioned this... what would happen when a coin is fully mined? What if BTC survive for many more years until there is close to 0 coins to mine? In order to sustain a profitability either a lot of ASICs would have to shutdown or the tx fees would skyrocket in order for the miners to receive the fees as rewards (and technically they wouldn't be called miners anymore!)

Has this been confirmed to have happened to any other coin?

It's not a dealbreaker since miners adjust to profitability anyway.
There are plenty of proof-of-stake coins with fixed supply that only distribute tx fees as rewards. Although they don't have the same energy costs as miners there's no difference in principle in the cost/benefit analysis.