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ArtByte is halving in 5 weeks or so

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This is public info, for those keeping up. So just a heads up for everyone here.

ABY is halving when it hits 1,000,001 blocks. It is at block 968,826. Should take 5 weeks or so.

Block 500,001 — 1,000,000: 400 ABY every 2 minutes

Block 1,000,001 — 1,500,000: 200 ABY every 2 minutes

Blockchain Explorer: http://explorer.artbyte.me/

 

 

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Thank you for this info. Does anyone know which consequences this could have?

I was thinking that the profitability for miners is also halving as they get half of the rewards they got now. So it actually gets harder to mine/create ArtByte, which in theory should give more value to a single ABY?

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5 minutes ago, CryptoGeek03 said:

Thank you for this info. Does anyone know which consequences this could have?

I was thinking that the profitability for miners is also halving as they get half of the rewards they got now. So it actually gets harder to mine/create ArtByte, which in theory should give more value to a single ABY?

let's see... but it will be difficult to say, if the BTC price will also come back within the next weeks.

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34 minutes ago, CryptoGeek03 said:

Thank you for this info. Does anyone know which consequences this could have?

I was thinking that the profitability for miners is also halving as they get half of the rewards they got now. So it actually gets harder to mine/create ArtByte, which in theory should give more value to a single ABY?

Your analysis is correct. We should expect a lot of movement in upward direction in coming weeks. 

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29 minutes ago, CryptoGeek03 said:

I was thinking that the profitability for miners is also halving as they get half of the rewards they got now. So it actually gets harder to mine/create ArtByte, which in theory should give more value to a single ABY?

Yes, I think so too. Reducing the release of coins makes the coin more valuable. It rewards the early adopters and as more people join and use ArtByte, it raises the value of ABY. 1 billion coins is about 11x more than Litecoin LTC eventual total supply. If ArtByte gets to the level of Litecoin usage, we could see each ArtByte being valued at $20. In the next year or so, trying to hit a target of $0.20 is realistic and attainable. Each person needs to promote the coin and get more people to use it.

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yes, I've mentioned it more than once. of course, the decline in the reward of the block should lead to an increase in the value of the coin. The price should increase as much as 2 times or so

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43 minutes ago, Teis91 said:

In theory the price doubles, but if the market still reacts the same in five weeks as it does now, I don't think the price will double.

Yes, I think you are right.
As I already mentioned above, ABY is still linked to the BTC price.

We have to believe, that ABY is able to take profit from the current price development of BTC - and that, if the BTC price is going up again, this will have a major impact to the value of one ABY coin.
The halved Mining Fee COULD help to push the price then - but right now, it is just impossible to say what will happen.

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This is good news for artbytes, but very hard to predict what this will do to the price. I do believe price will go up, but not sure it will double, just because of the halving of the reward. 

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4 minutes ago, omociano said:

I actually don't understand this post. Does it have to do with mining?

yes, it is related to the mining-fee.
Right now, the mining fee is 400 ABY for solving a block.
After Block 1,000,001 the fee will be 200 ABY

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2 minutes ago, omociano said:

I actually don't understand this post. Does it have to do with mining?

Yes, for every block mined, instead of 400aby as reward, the miner gets 200. This will surely reduce the amount of aby being dumped in the market, thereby increasing the price cos of scarcity of aby in the market. Lots of other altcoin has gone through this phase @ one point or the other. The more we are closer to the halving of the reward, you'll start seeing the reaction on the market. The only question is will it still be profitable for miner getting 200 aby as block reward? 

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Just now, Adedunmola said:

Yes, for every block mined, instead of 400aby as reward, the miner gets 200. This will surely reduce the amount of aby being dumped in the market, thereby increasing the price cos of scarcity of aby in the market. Lots of other altcoin has gone through this phase @ one point or the other. The more we are closer to the halving of the reward, you'll start seeing the reaction on the market. The only question is will it still be profitable for miner getting 200 aby as block reward? 

I think it will still be profitable for the miners.ones this will increase the value of aby

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1 hour ago, Adedunmola said:

Yes, for every block mined, instead of 400aby as reward, the miner gets 200. This will surely reduce the amount of aby being dumped in the market, thereby increasing the price cos of scarcity of aby in the market. Lots of other altcoin has gone through this phase @ one point or the other. The more we are closer to the halving of the reward, you'll start seeing the reaction on the market. The only question is will it still be profitable for miner getting 200 aby as block reward? 

Thanks so much. This is promising, since it Will increase any price.

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7 hours ago, Teis91 said:

In theory the price doubles, but if the market still reacts the same in five weeks as it does now, I don't think the price will double.

Exactly what I was thinking, but in theory the halving should be benefitial for everyone except the miners in the beginning.

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18 hours ago, Adedunmola said:

Yes, for every block mined, instead of 400aby as reward, the miner gets 200. This will surely reduce the amount of aby being dumped in the market, thereby increasing the price cos of scarcity of aby in the market. Lots of other altcoin has gone through this phase @ one point or the other. The more we are closer to the halving of the reward, you'll start seeing the reaction on the market. The only question is will it still be profitable for miner getting 200 aby as block reward? 

Unfortunately, a second option is also possible. The aby will become unprofitable (if the price does not increase with a reduction of the reward to 200 aby), aby will stop mining and the price will fall. We will not speculate, but let's hope for the best

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On 1/2/2018 at 9:39 AM, Gates said:

Unfortunately, a second option is also possible. The aby will become unprofitable (if the price does not increase with a reduction of the reward to 200 aby), aby will stop mining and the price will fall. We will not speculate, but let's hope for the best

If people stop mining, there will obviously be less miners so difficulty will be reduced, so it will be easier to find new blocks. The reward will be less, but it will be easier to achieve it. I think it's a quite well balanced system.

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51 minutes ago, hj27 said:

If people stop mining, there will obviously be less miners so difficulty will be reduced, so it will be easier to find new blocks. The reward will be less, but it will be easier to achieve it. I think it's a quite well balanced system.

And i think there is alot of people would love use wallet to mine. so no problem at all. if it was necesseary i could leave my wallet online all day long. :-)

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1 hour ago, hj27 said:

If people stop mining, there will obviously be less miners so difficulty will be reduced, so it will be easier to find new blocks. The reward will be less, but it will be easier to achieve it. I think it's a quite well balanced system.

you are right, i forgot about the change difficulty

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8 hours ago, sevko33 said:

if it was necessary i could leave my wallet online all day long. :-)

You will lose money because you will spend more money on electricity. All the ASICs like Antminer L3+ have taken over the market and make scrypt algorithm based altcoins impossible to mine without an ASIC. We only have mining in the wallet because ArtByte Foundation used to offer a pool where CPU miners (e.g. artists) could earn some ABY with a guaranteed bonus per block.

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