14 miilion BTC, today - page 2. | Bitcointalksearch.org

WhatTheGox

legendary

Activity: 812

Merit: 1000

Quote from: countryfree on March 30, 2015, 05:09:31 AM

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?

Its pretty cool, the difficulty to mine is going through the roof atm also, looks like someone has a ton of free electricity or some new technology has come online.

acquafredda

legendary

Activity: 1316

Merit: 1481

There's no guarantee behind someone's status in this forum.
We can all say stupid things from time to time.

We're passing a strange idea here: since someone is a Hero Member he/she can't say bullshits.
Let's make it clear and let's base ourselves solely on what is said forgetting about someone's status.

I hope this make sense.

And anyway, the race is still long... Wink

Amph

legendary

Activity: 3248

Merit: 1070

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

Q7

sr. member

Activity: 448

Merit: 250

I don't think satoshi expected this but anyway it shouldn't be a cause of concern as the economy will by right adjust itself. I guess he must be proud to see the hash rate going up to current level

countryfree

legendary

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Your country may be your worst enemy

Quote from: Lauda on March 30, 2015, 05:55:21 AM

Quote from: Biomech on March 30, 2015, 05:26:54 AM

Uh..
every 2016 blocks bitcoin adjusts the difficulty to maintain the growth at the planned speed. Every four years the block reward drops in half. it's a rough representation of gold mining, which was once easy and now requires massive amounts of effort and power. We're at most a couple of days off the projection, and I doubt even that.

Are you sure about this? From what I've been paying attention it's much more than that. I think that we're 10-15 days off if not more. The halving was supposed to be in August 2016, but it looks like it's coming in July.

Quote from: countryfree on March 30, 2015, 05:28:35 AM

Yes, that's what I'm saying. Moving a bit faster than planned. I understand we're not much off the plan, but probably enough to be concerned.
Sorry about the other thread. Hadn't seen it.

No. It is still not significant enough to be concerned. Well if anyone really thought about how the mining process works, he would have expected this.

https://bitcointalksearch.org/topic/23-of-all-bitcoin-mined-1005657

Maybe I'm an investor's worrying too much, but when I checked BTC's price this morning, I saw that we were so close to 14 million BTC, and that came as a shock. So soon! I guess, I hadn't been giving much attention to this question lately.

I overreacted, and I suggest to close this discussion, as there's another topic.

https://bitcointalksearch.org/topic/23-of-all-bitcoin-mined-1005657

Biomech

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Anarchy is not chaos.

Quote from: Lauda on March 30, 2015, 05:55:21 AM

Quote from: Biomech on March 30, 2015, 05:26:54 AM

Uh..
every 2016 blocks bitcoin adjusts the difficulty to maintain the growth at the planned speed. Every four years the block reward drops in half. it's a rough representation of gold mining, which was once easy and now requires massive amounts of effort and power. We're at most a couple of days off the projection, and I doubt even that.

Are you sure about this? From what I've been paying attention it's much more than that. I think that we're 10-15 days off if not more. The halving was supposed to be in August 2016, but it looks like it's coming in July.

Quote from: countryfree on March 30, 2015, 05:28:35 AM

Yes, that's what I'm saying. Moving a bit faster than planned. I understand we're not much off the plan, but probably enough to be concerned.
Sorry about the other thread. Hadn't seen it.

No. It is still not significant enough to be concerned. Well if anyone really thought about how the mining process works, he would have expected this.

https://bitcointalksearch.org/topic/23-of-all-bitcoin-mined-1005657

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.

Lauda

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Activity: 2674

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Terminated.

Quote from: Biomech on March 30, 2015, 05:26:54 AM

Uh..
every 2016 blocks bitcoin adjusts the difficulty to maintain the growth at the planned speed. Every four years the block reward drops in half. it's a rough representation of gold mining, which was once easy and now requires massive amounts of effort and power. We're at most a couple of days off the projection, and I doubt even that.

Are you sure about this? From what I've been paying attention it's much more than that. I think that we're 10-15 days off if not more. The halving was supposed to be in August 2016, but it looks like it's coming in July.

Quote from: countryfree on March 30, 2015, 05:28:35 AM

Yes, that's what I'm saying. Moving a bit faster than planned. I understand we're not much off the plan, but probably enough to be concerned.
Sorry about the other thread. Hadn't seen it.

No. It is still not significant enough to be concerned. Well if anyone really thought about how the mining process works, he would have expected this.

https://bitcointalksearch.org/topic/23-of-all-bitcoin-mined-1005657

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Quote from: Biomech on March 30, 2015, 05:26:54 AM

We're at most a couple of days off the projection, and I doubt even that.

Well, if it's only a couple days, I guess that's all right.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Quote from: Lauda on March 30, 2015, 05:20:46 AM

What are you talking about. This isn't terrible news. We are still on plan, just moving a bit faster than anticipated. It's not like we reached 14M 5 years earlier than supposed to.
We should end 2015 with ~15,750,000 . That's the projection, but how much will it be off I do not know.

Yes this day is significant, and yes we've already have a thread about it.

Yes, that's what I'm saying. Moving a bit faster than planned. I understand we're not much off the plan, but probably enough to be concerned.
Sorry about the other thread. Hadn't seen it.

Biomech

legendary

Activity: 1372

Merit: 1022

Anarchy is not chaos.

Quote from: countryfree on March 30, 2015, 05:09:31 AM

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?

Uh..
every 2016 blocks bitcoin adjusts the difficulty to maintain the growth at the planned speed. Every four years the block reward drops in half. it's a rough representation of gold mining, which was once easy and now requires massive amounts of effort and power. We're at most a couple of days off the projection, and I doubt even that.

Searing

copper member

Activity: 2898

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Clueless!

Quote from: countryfree on March 30, 2015, 05:09:31 AM

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?

Not sure if this means all that much...it is like we have 2 camps..the "holders' who either drank the kool aid (like me) on BTC (also me LTC) and can't jump out at this price
even if they lost the faith..or the large mines that just plain cash out each day

seems like there is too much coin and not enough adoption ...thus in my inexpert view the steady 'wear/leakage' of price

also does not help that many (me included) that are holding are NOT putting any more $$$ into coin at this time and of course the big data halls mining to usd are not
either

so heck 2/3 of all bitcoin mined does not mean a lot when there seems to be too much of it about in some manner ..driving the price down

(again I don't know wtf I'm talking about....so take this with a big dash of salt...but from where I sit ..this 'sideways and slow slip down could go on for months yet)

Agestorzrxx

sr. member

Activity: 462

Merit: 250

It's not a big deal, nothing changed.
There are still 1/3 of Btc waiting to mine.

solex

legendary

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100 satoshis -> ISO code

Quote from: countryfree on March 30, 2015, 05:09:31 AM

Was that the plan? Or could there be too many miners, accelerating the growth of money supply faster than planned?

FFS. Seriously. You are a hero member - time to get reading!
https://en.bitcoin.it/wiki/Controlled_supply

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

What are you talking about. This isn't terrible news. We are still on plan, just moving a bit faster than anticipated. It's not like we reached 14M 5 years earlier than supposed to.
We should end 2016 with ~15,750,000 . That's the projection, but how much will it be off I do not know.

Yes this day is significant, and yes we've already have a thread about it.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

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?

Topic: 14 miilion BTC, today - page 2. (Read 1899 times)