The future of Burstcoin

  • Guys, explain me something. When all blocks are already mined, are we going to need so much TB just to "sustain" the network or all the hard drives we have are going to be pretty much useless ( for Burstcoin purpose ).

    Thank you 🙂

  • @SmartonoseN You will be competing for Transaction rewards. The price of Burst will be more at that point too so it is the same reward or better and you need to compete with the Network still to win a block. You need your drives and maybe need more later to compete. It is about 6 years left of mining until TX Fees go into effect.

  • Thank you, but I still don't understand what you mean with 6 years of mining? There are only ~ 20% more to mine?

  • admin

    @SmartonoseN The block reward decreases by 5% every month, with that decay function, it's going to be years before they're all mined.

  • Oh, I see 🙂 Thank you guys.

  • @CryptoNick said in The future of Burstcoin:

    It is about 6 years left of mining until TX Fees go into effect.

    I may be misinterpreting what you are saying, but TX fees are already in effect I believe. Miners today receive freshly minted coins from new blocks, and these blocks also contain TX fees.

    According to this estimation by @Dario-s-wallet, the last coin will be mined in year 2029, in 12 years from now:

  • @haitch @Propagandalf Good to know that the reward goes down 5% so it lengthens the PoW. I was doing an average calculation. The fees go into the blocks already too yes!

  • The thing is that at one moment the mining would be extremely unprofitable with this price of Burst. I mean if every month there is 5% less reward ... at one point it would be even less profitable than now...or am I wrong?
    (Excuse me for my bad english 🙂 )

  • @SmartonoseN The theory is that the price will be much higher when we reach that phase... So far the price of BURST have being raising consistentaly if you compared it to FIAT coins 😉

  • Another thing is getting more volumes in the AE, more bid orders, more tax for the blocks.

  • @JotaJota Yeah, with my daily payout system I pay already around 200+ BURST every day.
    If the assets will keep rising like this I'll pay enough fees because of my payouts that it will be as if I'll "generate" an extra block for the network

  • @JotaJota Well a lot of stuff collect fees for the network... My guess is the launch of ATs will be responsible for the bigger amount of the fees in the future... Assets creation and moves on the AE will be responsible for a big part too!

  • Fee can be changed from 1 Burst to lower in future ?

  • @Castiel Yes if it is justified and agreed for consensus 😉

  • The problem with all this is that we are not sure if the price of BURST will go up or increment its value in the future. It all depends on how many people will use the currency, if they see a value in it or not and start using it or buying it. It's all subjected to the free market after all, even being BURST greener than all the others cryptocurrencies it can well die if people do not use it enough. All in all I see for example what DASH is doing with its coming DASH-Evolution and I can clearly see a lot of people in the near future are going to be using more DASH than other currencies, so expect its value to be higher in the not so far future, because they are making crypto more digestible and accessible to the average person, a paypal-like stuff as a GUI and they also invest a lot in marketing their brand. These are just personal thoughts. Burst can have a great future, but without a clear business plan or strategy it will not last forever.

  • Movement comes with being able to buy stuff you need with Burst. I'm no expert but I see it this way, I may have a S load of Burst but I can't buy shit with it. I can't even got to Ebay or Amazon, or whatever store to buy that book I want or that game.

    This is the underlying factor, sure I can buy an asset that may be good to me in twenty years, but there is no paypal, there is no outlet for my commercial need.

    Once that threshold is broken, people will want to use this Burst currency, because it will not only be easy to mine, but damn easy to spend.

    Without spending movement, Burst will die. It is sad to say, because Burst has to have outlets not only in the Clear web, nice and clean transactions, but also the Dark web.

    Now someone here come up with a plan to get a major net retailer to accept Burst. How the F do you do that? Anyone?

  • admin

    @Baron Bitcoin has to succeed to be implemented in amazon and ebay. We Burst users could use a service like shapeshift or a decentralized form of it to exchange instantly in the future to buy our goods without friction.

    "The concurrent circulation of several currencies might at times be slightly inconvenient, but careful analysis of its effects indicates that the advantages appear to be so very much greater than the inconveniences that they hardly count in comparison,
    though unfamiliarity with the new situation makes them appear much bigger than they probably would be."

    • F.A. Hayek, 1974

  • we have a marketplace built into the wallet, its a bit ruff but functional. we need to get people to use it. to make that happen on a grand scale it needs a UI browser something like E-bay , Amazon that will allow you to up load images of products, create reviews, browse for products, ect ect without searching the fourms for the product then finding its ID# and pasting that into the wallet to make a purchase.

  • @daWallet said in The future of Burstcoin:

    Bitcoin has to succeed to be implemented in amazon and ebay. We Burst users could use a service like shapeshift or a decentralized form of it to exchange instantly in the future to buy our goods without friction.

    @daWallet completely agree with your statement and Hayek's! Have you or any of the admins and developers try to establish or engage in potential partnerships with exchanges like shapeshift for example? It would be really nice if this happens in the near future! And quite positive for Burst.

  • @Gibsalot there problem I face using the market place is not having a way to browse, how am I supposed to know what's for sale if I have to know what I am buying first (market id)