Topic: 14 miilion BTC, today (Read 1899 times)
what happens when we hit the cap? there has got to be some economic theory about that...
yes, when most of the bitcoins will mined then people will loss their interest in mining if it bitcoin price won't rise up
great news for btc actually. 
I heard someone said that the entire Bitcoin economy could, theorically, work on a single BTC. Is this true??
Yes, 1 btc is infinitely divisible, although right now the smallest denomination recognized is 1 satoshi, 0.00000001 BTC. So if only 1 btc existing we could divide it down as small as was required.
It's not a big deal, nothing changed.
There are still 1/3 of Btc waiting to mine.
There are still 1/3 of Btc waiting to mine.
Yup, and I think the last 1/3 is going to be worth way, way more than the first 2/3.
It's not a big deal, nothing changed.
There are still 1/3 of Btc waiting to mine.
There are still 1/3 of Btc waiting to mine.
Yup, and I think the last 1/3 is going to be worth way, way more than the first 2/3.
Don't worry, bitcoin mining reward will be halved every 4 years
So, bitcoin won't inflate too much anymore
And, when next halving happens.
You will see bitcoin price increased
So, bitcoin won't inflate too much anymore
And, when next halving happens.
You will see bitcoin price increased
Yes, my thoughts exactly. The only problem is the fact we cannot rely on block halving to support and increase the price.
Out of the 14 million plus coins, how many are lost coins? A lot of people (especially the earliest miners) lost their private keys due to negligence....
No. It's quite hard to get a total sum, or estimate. We can't really know which address is lost. There was one thread, which I can't seem to find, where known losses were being recorded. I highly doubt that we could say that it is 'a lot' maybe in a few years. It's definitely within a reasonable amount, maybe even under 100k?Anyhow Bitcoin can be divided, so this should not be a problem.
No. It's quite hard to get a total sum, or estimate. We can't really know which address is lost. There was one thread, which I can't seem to find, where known losses were being recorded. I highly doubt that we could say that it is 'a lot' maybe in a few years. It's definitely within a reasonable amount, maybe even under 100k?
Anyhow Bitcoin can be divided, so this should not be a problem.
Here is the thread:
https://bitcointalksearch.org/topic/lets-add-up-the-known-lost-bitcoins-7253
I agree that it is very difficult to measure accurately.
Congratulations to Miners ! You have been working hard during all this time
2/3 of total bitcoin has been mined
2/3 of total bitcoin has been mined
Out of the 14 million plus coins, how many are lost coins? A lot of people (especially the earliest miners) lost their private keys due to negligence....
No. It's quite hard to get a total sum, or estimate. We can't really know which address is lost. There was one thread, which I can't seem to find, where known losses were being recorded. I highly doubt that we could say that it is 'a lot' maybe in a few years. It's definitely within a reasonable amount, maybe even under 100k?Anyhow Bitcoin can be divided, so this should not be a problem.
Wowww ! 2/3 of Bitcoin has been mined. Not bad ! Congratz to Miners !
Out of the 14 million plus coins, how many are lost coins? A lot of people (especially the earliest miners) lost their private keys due to negligence....
March, the 30th of 2015.
Today's a big day. The 14 millionth BTC shall be mined in a few hours. This may be terrible news.
This equals to two thirds of all BTC, and I wonder if this was what Satoshi Nakamoto had in mind. When I discovered BTC, I learned the idea of a money supply which would be fully controlled and slow-growing. This over 150 years, but today we see that after only 6 years, less than one tenth of the supposed time to mine all BTC, two thirds have already been mined. Was that the plan? Or could there be too many miners, accelerating the growth of money supply faster than planned?
Dude you need to take some classes on what deflation is and how inflation is to be avoided since if you want that we already got fiat.Today's a big day. The 14 millionth BTC shall be mined in a few hours. This may be terrible news.
This equals to two thirds of all BTC, and I wonder if this was what Satoshi Nakamoto had in mind. When I discovered BTC, I learned the idea of a money supply which would be fully controlled and slow-growing. This over 150 years, but today we see that after only 6 years, less than one tenth of the supposed time to mine all BTC, two thirds have already been mined. Was that the plan? Or could there be too many miners, accelerating the growth of money supply faster than planned?
The release of coins on BTC is perfect and favors those that took the risk to be there at the beginning the most.
Wowww ! 2/3 of Bitcoin has been mined. Not bad ! Congratz to Miners !
Congrats Bitcoin !
Good news for Bitcoin's Fan
Good news for Bitcoin's Fan
dafug?
are you blind?
Excellent argument you've got there, thank you for contributing. I've just combined the wrong year with the wrong supply.are you blind?
2015 = 14,437,500
You may be right. the arms race did seriously accelerate a few of the difficulty periods. But as it leveled off, I've also seen a fair number of hour long blocks, so, dunno. I'll leave that to better or at least more rested minds for tonight. Even if it were a couple of weeks, though, it's hardly huge. It accelerates the halving, which reduces the inflation.
Personally, I think that many alts handle difficulty and block times far better with short retargeting times. I think bitcoin would be improved by the addition of something like Kimoto's gravity well. But I still don't see it's current paradigm as particularly problematic.
Overall we have moved forward, but it has slowed down I think. Personally I can't wait for the halving. The sooner the better. Personally, I think that many alts handle difficulty and block times far better with short retargeting times. I think bitcoin would be improved by the addition of something like Kimoto's gravity well. But I still don't see it's current paradigm as particularly problematic.
now the last 1/3 should be interesting, seeing the chart it would require about the same amount of time(2009-2015) to produce less than 30% of the current coins in circulation, this mean that the price should rise significantly, because there won't be many new coins in circulation
this plus the halving(2016) should bring bitcoin to a good position, in value
this plus the halving(2016) should bring bitcoin to a good position, in value
In the next 5 years we should expect also a raise of the bitcoin value, I think it is needed for the bit-economy itself and why not it will bring a lot of new person in the bitcoin world. I don't know how many coins exactly are in circulation but I think if we "remove" the ~1 mln (mined by satoshi and few other users) + all the bitcoin lost (due the cancelation or loss of the private key) it will remain ~12.8 mln of bitcoin... or am I wrong?
PS: correct the thread title "14 miilion BTC, today"
we're fine, this is planned.
Actually since the majority of coins are mined in the first 8 years, which give early adopter a large advantage, some people think this is a pump and dump scheme
If the shrink of supply is more gradual, not 50% each 4 years, but 33%, or 25%, it would still have limited total supply, the coin distribution will be more evenly spread out over time. However, that would also mean that there will be heavy inflation during first 20 years of the bitcoin introduction, so that it will take much longer time to reach the claimed deflative currency status, maybe too long to show any advantage over fiat money, thus failed before it reach mainstream adoption
With current scheme, the inflation will drop quickly below 4% after 2016 reward halving, thus already reach a parity with fiat money under normal situation, after that it is all uncharted water
If the shrink of supply is more gradual, not 50% each 4 years, but 33%, or 25%, it would still have limited total supply, the coin distribution will be more evenly spread out over time. However, that would also mean that there will be heavy inflation during first 20 years of the bitcoin introduction, so that it will take much longer time to reach the claimed deflative currency status, maybe too long to show any advantage over fiat money, thus failed before it reach mainstream adoption
With current scheme, the inflation will drop quickly below 4% after 2016 reward halving, thus already reach a parity with fiat money under normal situation, after that it is all uncharted water
March, the 30th of 2015.
Today's a big day. The 14 millionth BTC shall be mined in a few hours. This may be terrible news.
This equals to two thirds of all BTC, and I wonder if this was what Satoshi Nakamoto had in mind. When I discovered BTC, I learned the idea of a money supply which would be fully controlled and slow-growing. This over 150 years, but today we see that after only 6 years, less than one tenth of the supposed time to mine all BTC, two thirds have already been mined. Was that the plan? Or could there be too many miners, accelerating the growth of money supply faster than planned?
Today's a big day. The 14 millionth BTC shall be mined in a few hours. This may be terrible news.
This equals to two thirds of all BTC, and I wonder if this was what Satoshi Nakamoto had in mind. When I discovered BTC, I learned the idea of a money supply which would be fully controlled and slow-growing. This over 150 years, but today we see that after only 6 years, less than one tenth of the supposed time to mine all BTC, two thirds have already been mined. Was that the plan? Or could there be too many miners, accelerating the growth of money supply faster than planned?
Dude, you should really read a bit how things work. No matter how much hash you turn on, the amount of new coins being created is always the same, it only depends on reward reduction.
It s not like having one factory which produces 10 units and if you add the second one, you produces 20 units. It s ALWAYS the same, additional hash just redistributes coins.
So nothing goes faster then planned. It goes exactly according to the plan.
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