Topic: 100 Days Left before Bitcoin to be more Scarce (Read 726 times)

Well, I concurred with your opinion but we might only have a small bull run before the halving as it happened in the year 2016 before the massive and all-time high happened in the year 2017. I am anticipating even a very big move come next year.

There is no debate that the technology is developing at a fast pace but there is a point in which it will take time to develop further as now we are talking about 3 nm technology which was announced by Samsung and Taiwan Semiconductor Company but these big miners have spent millions to built up the farms and i do not think that they will replace everything and even in the mining market there is competition and the company with big funds will always win.

Scarce on the sense that bitcoin reward blocks cuts in half which means if the demand is constant or even does increase then it will surely have some effect on its price.
When we do talk about total supply then its already fixed as we know it the only thing here is that as more halvings do happen the more harder to generate new coins
but we know that it would take a hundred years before the whole supply would be mined out thats why its not really relevant to mind or stress yourself too much into these matters.

I don't really know what you mean about being scarce, if you mean a time when the cryptocurrency won't be available for anyone that wants to buy it, then I'm not going to believe that. There are trading platforms and every time people are buying and selling. There is not a day you will place a buy or sell order and it won't be processed due to lack of assets to purchase in the market or whatsoever lol.

It is still going to continue going round even after the whole coins are lined, there will still be coins for you to buy and sell. I do believe that after the halving there is going to be an increase, but I'm not sure about that. I can really predict the future of Bitcoin, all we can do is just to speculate on the price.

People are already anticipating the possible huge market pumps this coming halving and they are now currently in the hold as I believe.
Bitcoin price is peaking up everyday making a way for Bullrun ( I hope it will). But saying for scarcity, we certainly not be going that moment and we are really overthinking that miners could able to mine 21 million bitcoins.
https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/.

I'd love to see people appreciate the current market movements but I'm afraid to see FOMO'eng that possibly will happen in the coming days.

A few days have started to show a positive trend. if this continues it will likely have a very positive effect. With this halving system, it makes BTC even more difficult to be mined, its scarcity also increases with the movement of economic law from supply and demand. This is a brilliant system, so it is very effective and provides a great opportunity for cryptocurrency enthusiasts to make a profit. Continue to monitor its movements and don't miss the best moments:D

You are right, especially with the increasing level of difficulty. It would be better to sell it at a higher level to cover operational costs, maintenance, electricity and internet bills, etc. If you don't want to lose a good strategy is needed.

The miners are not complaining because probably most of them know the price has only increased post-halving. The $3k price most likely hurt some of the miners, but they know the higher price will return. If it does not, mining isn't profitable anymore so they'll shut their rigs down (unless they're some heavy BTC fans and mine Bitcoin just for the sake of it, like they did back when BTC was launched) as soon as they're paying for electricity.

Almost nobody would mine without profit. It would make more sense then to use money to buy then Bitcoin rather than using it to invest in mining equipment. If you're mining now and know that after every halving your accumulated BTC turns out to be 10-20x more expensive, you're going to not care about the months of lower BTC price. It makes more sense to sell the mined BTC only when its price increased enough for it to be considered a large profit than selling it as soon as you mine it, doesn't it?

Some people seem to have gotten this the wrong way, this is not oil production we are talking here where little is put on hold and most is burnt right away.

Bitcoin production is ALREADY insignificant, and its becoming EVEN MORE insignificant. Note that this has been occurring over time as designed, most coins are already minted and the reminder is the last 14%.

It didn't matter if mining was profitable or not, if there were few or millions of miners, Bitcoin production was set in the code and this has executed as written. Bitcoin is a program running in a computer, which happens to be distributed across the globe. The program is very well documented and reviewed, thanks to being Free and Open Source code.

Furthermore if you paid attention, this "reduction" of production has occurred very smoothly, not suddenly. Again, exactly as designed. It was fast and furious at first, and now its slowing down into a crawl going to the point of irrelevancy. 86% of the coins were produced in 11 years, of the reminder 14%, 86% of that (420k BTC) will be produced in the next 11 years, and so on and on. See the pattern? (ok its actually every 4 years half of the previous, but you get the idea).

There is nothing "new", unexpected or "sudden" about a halving, it is the continuation in the programmed slowdown in bitcoin production. Most of the coins are already in the market, the supply and demand is largely decided by whats already out there already, this 14% remainder isn't going to affect the price much anymore.

Yes it is LESS and LESS than before, this is absolutely correct.

And yes, technically its not 21 million bitcoin, the absolute number is measured in satoshis, there are so many of them before it ever becomes a practical issue. Just express everything in satoshis and see for yourself.

Yes a bitcoin is a cosmetic unit of measure equal to a hundred million satoshis, the actual number is near 21 000 000 000 000 000 satoshis.

on this subject, I wondered about the following: When the bitcoin price was $ 1000 I didn't see the miners complaining about the price. When the price was  $3000 I also didn't see the miners complaining about the price. It seems to me that the bitcoin price is decided only by buyers and sellers and the miners just conform to this market

The supply of "fresh" coins will become scarce and there is no doubt about it. As of now, some 656,250 coins are being mined every year, and in around three months this amount will drop to half of that. As of now, there are close to 18 million coins in circulation, but a large part of this is not in free-float. Some 4 million coins are "lost" (i.e no one is having the private keys to move them) and a larger amount is being kept in cold storage. Considering this, the suppy reduction is going to have an impact on Bitcoin exchange rates.

Bitcoin isn't going to be more scarce, just to get things straight. New Bitcoin introduced into circulating supply will only have its rate cut in half... so 50% fewer new bitcoins generated every block. That's all.

The max supply and available bitcoin isn't actually becoming scarcer, that happens only when more people accumulate and hold, or they're permanently lost (either through accidents or death). In which case, we can assume this is happening more and more every day and only when lost or withheld supply is more than new supply will bitcoin be "more scarce".

It's only psychological though to me. 1 btc = 100 million smaller units.

So long as usage exceeds the rate of production of new BTC (around 1.8% per year) then there should always be a net shortage.

With that said, if the absolute utility decreases, then scarcity would also decrease as more people want to sell than buy.

I actually think that we'll grow at far more than 1.8% per year though, more like 50% growth for the next several years in terms of users, merchants and transactions, which should overall lead to increase scarcity and price appreciation.

A slight price increase? What would you call a 30% rise in price SO FAR in 2020? Of course, I'm not equating it to Bitcoin halving at all but my point is, even without halving, price could go out in huge numbers as it already is doing literally right now.

But Production rate means miners should also sell double the price to make the same profits. And we know they won't of course, as no one would buy it. But eventually we'll get there!

only 92 days left before halving and we already hit $10K mark on Bitcoin price would it continue to grow before we hit May 12?
I think it is just the beginning of it would we see it hit another ATH this year?
I don't really wish for it to hit a new ATH but instead just stay up into the 5 digit zone and never come back below $10k again.

Technology is advancing at the speed of light and it is very difficult to keep up with it. For example, a group of miners may spend a fortune to accumulate millions of USD worth of state of the art mining rigs, with the latest technology. But after 6 months, they will find themselves behind the technology race as by that time even better mining rigs will be in the market. Now the miners are left with very little options. If they want to go for the latest equipment, then they need to get rid of the old ones. And they won't be able to get good prices for their old equipment, since the second hand prices for mining equipment is not that good.

We are still waiting for the biggest happenings that will occur this year and we do not actually know what is the result especially the halving of bitcoin. We are all hoping that it will be a good result and make it pump so that the market also can get back to its healthy state like before. About the scarcity of bitcoin, we do not know what will happen if the halving occurs, maybe we should wait.

The idea is that the circulation is still happening with its high volume, I don't think scarcity will happen. The more buyers and investors will come the more upcoming project can be helped by them. So that bitcoin is not the only crypto that is going up. WE can say that there are lots of bad things happening as of now regarding bitcoin but the only thing we can do right now is to keep on supporting bitcoin.

After halving, miners will generate 900 bitcoins less per day. This is a small amount to make the market feel the deficit. However, even before, not all the volume of bitcoin generated per day was transferred to the cryptocurrency exchange. A small increase in the price of bitcoin, we see today. So bitcoin mining will be profitable even after halving.

I am sure the miners already upgrade their equipment from the last year or this year because they realize that if they want to get the big reward, they need to have big hashrate of mining equipment. They are ready for the halving time, and they still mining until now. But I think that only the big miners which can upgrade their equipment because to buy the high-end equipment, it needs much money so for small miners, I think they still use the old equipment.

well, when the miners unplug and sell all of their mining tools, there will be less and less that can produce bitcoin and of course bitcoin will be very difficult to obtain because there are already few miners who produce bitcoin, with such cases it will have a good impact on the price of bitcoin which will be more expensive because it will be increasingly difficult to obtain.

upgrading the equipment are what usually Miners Do because they are updated also in the situations.
but most of the people i know are mining altcoins more than Bitcoin .
wow less effect?on what basis?the recent Halving even bring higher from the past and now you are saying this will be lesser?just because of the Mining equipment?nah i don't think you get it right there mate because no matter how Old the tools are still capable of bringing service and profit to miners.