13,500,000 coins passed | Bitcointalksearch.org

Wilhelm

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Activity: 1652

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Quote from: belmonty on November 29, 2014, 03:07:58 PM

Quote from: Febo on November 29, 2014, 10:05:04 AM

I wonder how many of this 13.5m are not accessible and will be in future reclaimed by lost wallet hunters.

I don't think it' possible for a lost wallet hunter to reclaim anything until quantum computers are invented, if they ever are. It's probably impossible with todays technology.

They have already been made. They just need to fine-tune it so they can get enough qubits to solve big problems.

belmonty

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Activity: 295

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Quote from: Febo on November 29, 2014, 10:05:04 AM

I wonder how many of this 13.5m are not accessible and will be in future reclaimed by lost wallet hunters.

I don't think it' possible for a lost wallet hunter to reclaim anything until quantum computers are invented, if they ever are. It's probably impossible with todays technology.

Febo

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I wonder how many of this 13.5m are not accessible and will be in future reclaimed by lost wallet hunters.

coinableS

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Quote from: inca on November 28, 2014, 12:45:33 PM

Quote from: fewcoins on November 28, 2014, 12:43:29 PM

Someone please explain how this is even possible?? This system is not sustainable... Many big people in bitcoin know this & are pulling out. Good luck to you all!

Who?

Him and Faalllling

inca

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Activity: 1176

Merit: 1000

Quote from: fewcoins on November 28, 2014, 12:43:29 PM

Someone please explain how this is even possible?? This system is not sustainable... Many big people in bitcoin know this & are pulling out. Good luck to you all!

Who?

fewcoins

full member

Activity: 126

Merit: 100

Quote from: Biodom on November 17, 2014, 03:40:44 AM

Quote from: Wilhelm on November 17, 2014, 03:22:58 AM

I know 1 satoshi = $1 is pushing it Cheesy

It took 9 years to give 70% of US homes broadband internet.

If only the US would get into Bitcoin at the same rate that would be $55 billion (70% of 1.46m households with $54k per household per year).
That would put bitcoin atleast in the range $4000 to $10000 with todays mined coins.
Then take two bitcoin halvings in oncomming 10 years and we go to $16k to $40k a coin.

Now take the above and imagine China, India or Europe getting in then $100k to $1m a coin isn't such a far stretch.
$100m a coin will be a far stretch but could happen once all coins are mined Cool

IF 1 satoshi=$1, then market capitalization of bitcoin=2.1 quadrillion $$ or 2100 trillion. World GDP is 71-81 trillion. Total world wealth is 241 trillion, so with 4% world GDP and similar % of wealth growth, I guess, it is possible in ~90 years or around 2104 if all wealth will be in bitcoin.

Someone please explain how this is even possible?? This system is not sustainable... Many big people in bitcoin know this & are pulling out. Good luck to you all!

raid_n

sr. member

Activity: 269

Merit: 250

Quote from: keystroke on November 18, 2014, 03:28:30 PM

There's a limit on the price not least because too much electricity would be used to mine the coins.

i.e. If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:

$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour

$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.

Ref: https://bitcointalksearch.org/topic/m.8674306

That calculation is only valid for a stable state and assumes that mining equipment costs nothing.

If my estimates are correct and if bitcoin were to be valued at 100k USD a coin the calculations for energy consumption for this era dictate mining equipment
roughly valued at 40 Billion USD to be able to consume that much power.

I agree that at too high a valuation a "catastrophic mining bubble" will ensue but initially not in regards to energy consumption.
First we would see insane investments into mining equipment and only then will energy consumption catch up.

bitkilo

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Activity: 1638

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https://www.bitcoin.com/

Quote from: KeyJockey on November 18, 2014, 01:45:34 PM

Quote from: SmoothCurves on November 17, 2014, 12:46:33 AM

I'd be ok with 1 satoshi = $1

Seems to me, there's kind of a built-in limit for 1 satoshi to be only ever maximum equivalent of "One Cent", isn't there?

I mean, if a single SATOSHI is the current bare-minimum currency unit of the bitcoin protocol, and things will still need to still be priced in terms of the traditional, conventional "dollars and cents" model which ALL other currency all over the world uses (i.e. "$1.99" format)... well, a satoshi can really then only ever be a maximum replacement for a PENNY, right?

Otherwise, you'd have the problem of things only being able to be priced in terms of whole dollars (i.e. if a satoshi was $1) or even like maximum $1.95, $5.25, $999.85 etc. if a satoshi was equal to a nickel, if .05 is the lowest currency unit, in other words.

The US Gov't has wanted to get RID of the PENNY for a long time, since it costs more than a penny to MAKE a penny... but they've never been able to do it for, I think, this reason alone. Or am I missing something here? LOL

Not exactly true, look at the Australian currency, we did away with 1 and 2 cent pieces here many years ago, now they just round up or down.

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

I usually just look at narrow money and broad money. Or the M1 to M3.

I'm from the Philippines, so I'll take a look at The CIA World Factbook on what it knows.

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2214rank.html
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2215rank.html

Quote

50 Philippines $ 43,670,000,000 31 December 2013 est.
49 Philippines $ 137,700,000,000 31 December 2013 est.

If the entire bitcoin economy is worth the stock of narrow money of a small nation like mine, using the numbers above, then one bitcoin will be worth anywhere between 3235 USD to 10,200 USD.

If this takes 10 years to happen, then buying and hodling for 10 years would have been a good investment.

If I buy at 385 USD per BTC, then I'd make between 8 to 26 times my investment in 10 years.

Of course, the price can also plummet to rock bottom, but I find that more unlikely than it is to just double or triple in value in 10 years.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: keystroke on November 18, 2014, 03:28:30 PM

There's a limit on the price not least because too much electricity would be used to mine the coins.

i.e. If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:

$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour

$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.

Ref: https://bitcointalksearch.org/topic/m.8674306

As you say in "this era"...

There will be halvings so this will not become reality unless we hit the $500000/coin before end 2016.
At some point finding a block will be like winning the lottery.

keystroke

hero member

Activity: 900

Merit: 1014

advocate of a cryptographic attack on the globe

There's a limit on the price not least because too much electricity would be used to mine the coins.

i.e. If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:

$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour

$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.

Ref: https://bitcointalksearch.org/topic/m.8674306

riiiiising

full member

Activity: 336

Merit: 100

Quote from: calchuchesta on November 18, 2014, 01:30:25 PM

But young people are growing up with technology these days (obviouly in first world countries). For them, the internet is normal and they are just kids and know how to download minecraft and do all that crazy shit that for old current people would never be able to learn. They'll see bitcoin as natural, just like we see credit cards as natural.

You're going to need to come up with a better reason than, "bitcoin is a technology, and young people like technology so that means they're going to start using it." It's quite a leap in logic to proclaim that someone who can download and install a PC game (oh my!) is going to start using a digital currency... just because it's "digital". Because.

gentlemand

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Welt Am Draht

Quote from: KeyJockey on November 18, 2014, 01:45:34 PM

Quote from: SmoothCurves on November 17, 2014, 12:46:33 AM

I'd be ok with 1 satoshi = $1

Seems to me, there's kind of a built-in limit for 1 satoshi to be only ever maximum equivalent of "One Cent", isn't there?

It's built in now, but that can be changed if there's mass consensus.

riiiiising

full member

Activity: 336

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2/3 of coins have already been mined? Great! Now all we need are people who want to buy them and a reason for them to buy them...

*chirp chirp*

KeyJockey

hero member

Activity: 608

Merit: 509

Quote from: SmoothCurves on November 17, 2014, 12:46:33 AM

I'd be ok with 1 satoshi = $1

Seems to me, there's kind of a built-in limit for 1 satoshi to be only ever maximum equivalent of "One Cent", isn't there?

I mean, if a single SATOSHI is the current bare-minimum currency unit of the bitcoin protocol, and things will still need to still be priced in terms of the traditional, conventional "dollars and cents" model which ALL other currency all over the world uses (i.e. "$1.99" format)... well, a satoshi can really then only ever be a maximum replacement for a PENNY, right?

Otherwise, you'd have the problem of things only being able to be priced in terms of whole dollars (i.e. if a satoshi was $1) or even like maximum $1.95, $5.25, $999.85 etc. if a satoshi was equal to a nickel, if .05 is the lowest currency unit, in other words.

The US Gov't has wanted to get RID of the PENNY for a long time, since it costs more than a penny to MAKE a penny... but they've never been able to do it for, I think, this reason alone. Or am I missing something here? LOL

calchuchesta

member

Activity: 124

Merit: 11

Quote from: o0o0 on November 17, 2014, 02:11:55 AM

Yes but the population of earth is 7.125 billion people and they aren't all adults. I don't think that kind of adoption could happen in 10 years. Didn't credit card / card adoption take a large time?

Its a nice thought but i think we should all be a bit more realistic in possibilities instead of excited. It could happen yes but so could $1000 a satoshi but its not likely.

If we can get to $10,000 i'd be happy and i think it can do it .... just not in the near future.

But young people are growing up with technology these days (obviouly in first world countries). For them, the internet is normal and they are just kids and know how to download minecraft and do all that crazy shit that for old current people would never be able to learn. They'll see bitcoin as natural, just like we see credit cards as natural.

Xiaoxiao

legendary

Activity: 1274

Merit: 1000

The Golden Rule Rules

Isn't the real "inflation monster" the infinite possibilities of alternate coins?

jubalix

legendary

Activity: 2618

Merit: 1022

1 sat = 1 cent would be about right, 21T.

10 sat = 1c = 100K a btc, 2.1T kinda low ball really, I mean one private company alone is worth 10T and apple is 0.5T.

BTC blows apple, facebook, microsoft and 50 % of the banking sector out of the water.

o0o0

legendary

Activity: 1596

Merit: 1021

Quote from: Biodom on November 17, 2014, 03:40:44 AM

Quote from: Wilhelm on November 17, 2014, 03:22:58 AM

I know 1 satoshi = $1 is pushing it Cheesy

It took 9 years to give 70% of US homes broadband internet.

If only the US would get into Bitcoin at the same rate that would be $55 billion (70% of 1.46m households with $54k per household per year).
That would put bitcoin atleast in the range $4000 to $10000 with todays mined coins.
Then take two bitcoin halvings in oncomming 10 years and we go to $16k to $40k a coin.

Now take the above and imagine China, India or Europe getting in then $100k to $1m a coin isn't such a far stretch.
$100m a coin will be a far stretch but could happen once all coins are mined Cool

IF 1 satoshi=$1, then market capitalization of bitcoin=2.1 quadrillion $$ or 2100 trillion. World GDP is 71-81 trillion. Total world wealth is 241 trillion, so with 4% world GDP and similar % of wealth growth, I guess, it is possible in ~90 years or around 2104 if all wealth will be in bitcoin.

this. i personally think our upper goal should be $10,000 a coin as this is a high enough goal. will it get there? i hope so but i think its a 10 year goal. we havent cracked 1000$ again but people are talking the moon. Speculation time is kinda wasted when we should all invest time into spreading adoption. go on a tipping spree like that x7 individual. go to community boatds outside your interest and spread the word and coin. do faucets and use the earnings however small to donate and get people interested!

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: Biodom on November 17, 2014, 03:40:44 AM

Quote from: Wilhelm on November 17, 2014, 03:22:58 AM

I know 1 satoshi = $1 is pushing it Cheesy

It took 9 years to give 70% of US homes broadband internet.

If only the US would get into Bitcoin at the same rate that would be $55 billion (70% of 1.46m households with $54k per household per year).
That would put bitcoin atleast in the range $4000 to $10000 with todays mined coins.
Then take two bitcoin halvings in oncomming 10 years and we go to $16k to $40k a coin.

Now take the above and imagine China, India or Europe getting in then $100k to $1m a coin isn't such a far stretch.
$100m a coin will be a far stretch but could happen once all coins are mined Cool

IF 1 satoshi=$1, then market capitalization of bitcoin=2.1 quadrillion $$ or 2100 trillion. World GDP is 71-81 trillion. Total world wealth is 241 trillion, so with 4% world GDP and similar % of wealth growth, I guess, it is possible in ~90 years or around 2104 if all wealth will be in bitcoin.

Since I am an immortal vampire I will be filthy rich in 2104 Cool

Topic: 13,500,000 coins passed (Read 4579 times)