19 Million BTC in two weeks' time | Bitcointalksearch.org

Lucius

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Quote from: Mauser on March 24, 2022, 03:43:08 AM

I also wonder what would happen if no more coins are being mined today because its to energy intensiv. Would the price jump upwards overnight?

Bitcoin mining has never been something that takes away any energy that the world desperately needs. The annual energy loss is as much as 50 000 TWh, and Bitcoin consumes about 220 TWh - all other discussions are superfluous and meaningless. Even if by some miracle it happened that mining stopped today (although it is practically impossible), the question is what would happen to the price if no one mined, which means that no one could process transactions.

Perhaps it would be interesting to ask what would have happened if Satoshi had set the max supply at 19 million BTC and what would be the price of 1 BTC today?

Mauser

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Quote from: remotemass on March 21, 2022, 05:23:13 PM

19 Million BTC in two weeks' time, then by 2027, 95% of the 21 Million bitcoins' limit will be in circulation. Then it will take 113 years to issue the last 5%.

Bitcoin fixed supply makes it certainly very deflationary with ramping purchasing power.

I wonder what the bitcoin price will be in the last four years before all bitcoins are mined. Unfortunaley none of us will be around anymore at that time. With the mining rate so small it has to be very just to cover the running cost and energy prices of the miners. With so many bitcoins already being mined today the price can only go up long term. I wouldn't sell any coins at the moment. Its the perfect longterm investment with the fixed supply. I also wonder what would happen if no more coins are being mined today because its to energy intensiv. Would the price jump upwards overnight?

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Quote from: Ale88 on March 22, 2022, 12:38:00 PM

I don't think we need to wait for centuries for something like that, probably the bitcoins that didn't move in the next 20-30 years top can be considered lost forever. I really don't see a single reason why someone shouldn't move a satoshi after 30 years, especially because he would be at least 50-60 year old at that point. Hodling till death is kinda extreme Grin

Here is a simple reason: you don't store all your bitcoins in one address and you don't have to!
For example I started back in 2014 and I have some coins that I have not touched ever since then (that's about 8 years) and there is a good chance that I will never touch them for a decade or two. But it doesn't mean the coins are lost or I have not spent or sold any bitcoin.

tbterryboy

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Quote from: Ale88 on March 22, 2022, 12:38:00 PM

Quote from: Oshosondy on March 22, 2022, 11:37:40 AM

To know how much bitcoin have permanently lost can be impossible for now, but probably after many centuries it will be possible, the untouched bitcoins can be assumed to have been lost, using addresses connected to it for the tracking. But right now, the amount of bitcoin lost can not be known.

I don't think we need to wait for centuries for something like that, probably the bitcoins that didn't move in the next 20-30 years top can be considered lost forever. I really don't see a single reason why someone shouldn't move a satoshi after 30 years, especially because he would be at least 50-60 year old at that point. Hodling till death is kinda extreme Grin

I would guess that there could be some people, not a lot, but some people who purchased so that they could give it to their kids in the future. That could take about 20 years, even 30 years in some cases. If you do not have a kid right now, try to have one, then have one, and then they grow up, that could take as much as 30 years. This is why I believe that 30 years of waiting for something to be sure is not really a bad idea.

However, we are just in a bit over 10 years of bitcoins existence and we already know some of the coins are lost forever because of how it was sent to wrong places, plus satoshi had like a million which looks like it may not be in the market ever again.

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Quote from: qwertyup23 on March 23, 2022, 05:42:04 AM

Ohh this is very interesting to hear! It felt like that the last halving happened just a few months ago. I remembered checking all of my BTCs and their value skyrocketed since I HODLed most of them. Fortunately and unfortunately, after the halving I cashed out majority of my BTCs and that taught me a valuable lesson to invest long-term and take advantage of its value.

The good thing about halving is that it takes a considerable amount of time for all of the supply of BTC to be circulated. Every halving means that the BTC in circulation would be cut down as its denominations would considerably decrease.

Cashing out in plus is not unfortunate. Sure, now you know that you could have made more money if you didn't cash out. But you couldn't have known that the price will go up. It could have went down and then you would be happy that you cashed out. The only unfortunate thing is if you need to cash out while you are losing.

qwertyup23

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Quote from: mk4 on March 21, 2022, 10:55:47 PM

Fun fact: we're already halfway away from the next Bitcoin halving(or halvening, whatever). It totally felt like the last halving was just less than a year ago.

Ohh this is very interesting to hear! It felt like that the last halving happened just a few months ago. I remembered checking all of my BTCs and their value skyrocketed since I HODLed most of them. Fortunately and unfortunately, after the halving I cashed out majority of my BTCs and that taught me a valuable lesson to invest long-term and take advantage of its value.

The good thing about halving is that it takes a considerable amount of time for all of the supply of BTC to be circulated. Every halving means that the BTC in circulation would be cut down as its denominations would considerably decrease.

Myleschetty

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Quote from: amishmanish on March 22, 2022, 08:34:22 AM

Quote from: Myleschetty on March 22, 2022, 08:08:25 AM

Quote from: Oshosondy on March 21, 2022, 11:59:49 PM

Quote from: mk4 on March 21, 2022, 10:55:47 PM

Fun fact: we're already halfway away from the next Bitcoin halving(or halvening, whatever). It totally felt like the last halving was just less than a year ago.

That is true, we are getting near to fomo period, the time people that are ready to buy massively, the period six digits wouldnbe possible.

Judging by the trend of the market. I think we're already in the period of fomo cause institution investors appear to accumulate more Bitcoin when deep than we think and most individual investors that notice this decision of the institution now appear to hold than selling

This has been said for a long time now. Does anybody really believe that there is a thing called as "institutional FOMO". Institutions don't FOMO, they create and guide the conditions that lead it it.

When we talk about institutions, we aren't talking about companies owned by people like Musk, Saylor or Jack who are into Bitcoin because they believe in it. When it comes to wide scale adoption, there is no escaping the "institutions". They will leave no stone unturned to ensure that crypto does not become some sort of safe harbor for the billions of "consumers" on which whole economies depend. As far as capitalists are concerned, Saving is bad for them. I doubt they will simply let things go so out of hand that people can just sit in Bitcoin and keep getting returns from it.

While that really would be an ideal state, the plain fact that Bitcoin distribution itself is far from perfect, means that even if such a system comes into being, it'll only be a replication of the old one, albeit with new power centers. Bitcoin is basically our collective bet on such a future. Those who want to take the bet, buy bitcoin.

In a time when fiat currency appears to be obsolete, only a naive institution won't seek an option in Bitcoin, and by looking at the acknowledge Bitcoin gained in a couple of months is now in the realm of join it or missing out. Meanwhile, the market itself has made us know, normally we usually see huge market correction during this season but not any among and a lot of companies like Grayscale are getting more institutional investors almost every week.

Lucius

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Quote from: Oshosondy on March 22, 2022, 11:37:40 AM

~snip~

I just wanted to be sarcastic with my post and point out how pointless such topics are - because everything we can say on this topic will not make anyone a little smarter. I wouldn’t so much emphasize the question “how much Bitcoin has been lost so far”, but the much more important question is how many people are actually lost in the crypto world? I would estimate that number is much higher than 19 or 21 million, which is actually a real tragedy...

Cryptomiles1

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It is only the early adopters will surely understand the face of Bitcoin maybe it could be too late for those jumping in few years to come, i still get it clearly that the layman's will never get to see this less until is being effected though they still call BTC scam due to lack of understanding. Then it will be too late and expensive to acquire some fraction of it.

Quote from: Oshosondy on March 23, 2022, 03:50:45 AM

Quote from: Ale88 on March 22, 2022, 12:38:00 PM

probably the bitcoins that didn't move in the next 20-30 years top can be considered lost forever.

Did you think some people can not hold for their children and which can be more years. Also all lost bitcoin may not be known in total because as time goes by, some people will also lost more bitcoin.

Quote from: Ale88 on March 22, 2022, 12:38:00 PM

I really don't see a single reason why someone shouldn't move a satoshi after 30 years, especially because he would be at least 50-60 year old at that point. Hodling till death is kinda extreme Grin

It can be because of many reasons, inheritance purpose is one of the reasons.

Only those who knows the benefit that will surely hold for their children.

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Quote from: Ale88 on March 22, 2022, 12:38:00 PM

probably the bitcoins that didn't move in the next 20-30 years top can be considered lost forever.

Did you think some people can not hold for their children and which can be more years. Also all lost bitcoin may not be known in total because as time goes by, some people will also lost more bitcoin.

Quote from: Ale88 on March 22, 2022, 12:38:00 PM

I really don't see a single reason why someone shouldn't move a satoshi after 30 years, especially because he would be at least 50-60 year old at that point. Hodling till death is kinda extreme Grin

It can be because of many reasons, inheritance purpose is one of the reasons.

Ale88

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Quote from: Oshosondy on March 22, 2022, 11:37:40 AM

To know how much bitcoin have permanently lost can be impossible for now, but probably after many centuries it will be possible, the untouched bitcoins can be assumed to have been lost, using addresses connected to it for the tracking. But right now, the amount of bitcoin lost can not be known.

I don't think we need to wait for centuries for something like that, probably the bitcoins that didn't move in the next 20-30 years top can be considered lost forever. I really don't see a single reason why someone shouldn't move a satoshi after 30 years, especially because he would be at least 50-60 year old at that point. Hodling till death is kinda extreme Grin

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Quote from: Lucius on March 22, 2022, 11:25:29 AM

What this topic is missing is speculation on how much BTC has been lost so far - is it 2 or maybe 4 million BTC? Will there be enough BTC for everyone when all the millionaires decide to buy at least 1 BTC? Oh no, Satoshi was wrong and should have set 210 million BTC instead of 21 million - and what if he comes back and does just that

To know how much bitcoin have permanently lost can be impossible for now, but probably after many centuries it will be possible, the untouched bitcoins can be assumed to have been lost, using addresses connected to it for the tracking. But right now, the amount of bitcoin lost can not be known.

But the lost Bitcoin is not a lost because it will only make the available bitcoin in circulation to be limited, the value of lost coins is distributed to the available ones in circulation, because of this, we can say bitcoin is lost from someone but not lost in value.

21 million is a perfect limited number of bitcoin that will exist in circulation. If it is 210000 bitcoin, bitcoin price that is $42000 now will be $4200, supply makes value to be reduced. Bitcoin is existing in satoshi, the worst case will be when 1 satoshi will worth something which will be because of how the world has highly adopted bitcoin, which is not a worse case actually.

Lucius

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What this topic is missing is speculation on how much BTC has been lost so far - is it 2 or maybe 4 million BTC? Will there be enough BTC for everyone when all the millionaires decide to buy at least 1 BTC? Oh no, Satoshi was wrong and should have set 210 million BTC instead of 21 million - and what if he comes back and does just that😱

Quote from: Oshosondy on March 22, 2022, 10:31:41 AM

Michael Saylor do not just believe in bitcoin, his company Microstrategy is actually a bitcoin institutional investor, if his company sell all his bitcoin holding today, the price of bitcoin will fall not only abruptly but also significantly.

Don't worry, he will certainly be very considerate in that case and will not tell anyone that he has sold (OTC)🤑. Who knows, maybe he'll change his mind again🤠

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Quote from: LoyceMobile on March 21, 2022, 05:30:02 PM

Quote from: remotemass on March 21, 2022, 05:23:13 PM

Bitcoin fixed supply makes it certainly very deflationary with ramping purchasing power.

That's something not many people seem to understand. All my life I've been told about inflation, and barely anyone seems to realize it's not in the interest of the common man.
I don't need rising prices just so I can think my salary went up, and I love seeing prices measured in Bitcoin drop over the years.

And speaking about that, more people need to watch How The Economic Machine Works. Masterful explanation, that video.

Quote from: Lucius on March 22, 2022, 11:25:29 AM

Oh no, Satoshi was wrong and should have set 210 million BTC instead of 21 million - and what if he comes back and does just that😱

Satoshi is not part of the Bitcoin Core Github organization that has write access to the repository, therefore he can't do that.

Ale88

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Quote from: remotemass on March 21, 2022, 05:23:13 PM

19 Million BTC in two weeks' time, then by 2027, 95% of the 21 Million bitcoins' limit will be in circulation. Then it will take 113 years to issue the last 5%.

And in the meantime 80% of all US dollars in existence were printed in the last 22 months. It's absolutely crazy when we think about it. And yet the majority of the people think bitcoin is useless and/or a scam SMH. I wonder when the rest of the world will finally wake up.

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Quote from: amishmanish on March 22, 2022, 08:34:22 AM

This has been said for a long time now. Does anybody really believe that there is a thing called as "institutional FOMO". Institutions don't FOMO, they create and guide the conditions that lead it it.

I will also not call it institutional fomo because institutions do not just invest but analyse very well about bitcoin before investing. I believe some institutions are ready to join but their analysts are advising them to wait until people will fomo which will be around next bitcoin halving.

Quote from: amishmanish on March 22, 2022, 08:34:22 AM

When we talk about institutions, we aren't talking about companies owned by people like Musk, Saylor or Jack who are into Bitcoin because they believe in it. When it comes to wide scale adoption, there is no escaping the "institutions". They will leave no stone unturned to ensure that crypto does not become some sort of safe harbor for the billions of "consumers" on which whole economies depend. As far as capitalists are concerned, Saving is bad for them.

Michael Saylor do not just believe in bitcoin, his company Microstrategy is actually a bitcoin institutional investor, if his company sell all his bitcoin holding today, the price of bitcoin will fall not only abruptly but also significantly. I do not know if Jack Dorsey have any institution investing in bitcoin, I only know of square and the decentralized exchange he is planning to create. Elon Musk, that man is a manipulator, he is not a friend to bitcoin, I do not know yet if he has sold his $1.5 billion bitcoin but he bought it not as an institution, also Tesla dump bitcoin for doge which he manipulated.

More institutions are looking towards 2024, next halving. I guess this but that period, 2024 to 2025 will likely be very bullish and not only retail investors that will contribute but also institutional investors.

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Quote from: Myleschetty on March 22, 2022, 08:08:25 AM

Quote from: Oshosondy on March 21, 2022, 11:59:49 PM

Quote from: mk4 on March 21, 2022, 10:55:47 PM

Fun fact: we're already halfway away from the next Bitcoin halving(or halvening, whatever). It totally felt like the last halving was just less than a year ago.

That is true, we are getting near to fomo period, the time people that are ready to buy massively, the period six digits wouldnbe possible.

Judging by the trend of the market. I think we're already in the period of fomo cause institution investors appear to accumulate more Bitcoin when deep than we think and most individual investors that notice this decision of the institution now appear to hold than selling

This has been said for a long time now. Does anybody really believe that there is a thing called as "institutional FOMO". Institutions don't FOMO, they create and guide the conditions that lead it it.

When we talk about institutions, we aren't talking about companies owned by people like Musk, Saylor or Jack who are into Bitcoin because they believe in it. When it comes to wide scale adoption, there is no escaping the "institutions". They will leave no stone unturned to ensure that crypto does not become some sort of safe harbor for the billions of "consumers" on which whole economies depend. As far as capitalists are concerned, Saving is bad for them. I doubt they will simply let things go so out of hand that people can just sit in Bitcoin and keep getting returns from it.

While that really would be an ideal state, the plain fact that Bitcoin distribution itself is far from perfect, means that even if such a system comes into being, it'll only be a replication of the old one, albeit with new power centers. Bitcoin is basically our collective bet on such a future. Those who want to take the bet, buy bitcoin.

Myleschetty

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Quote from: Oshosondy on March 21, 2022, 11:59:49 PM

Quote from: mk4 on March 21, 2022, 10:55:47 PM

Fun fact: we're already halfway away from the next Bitcoin halving(or halvening, whatever). It totally felt like the last halving was just less than a year ago.

That is true, we are getting near to fomo period, the time people that are ready to buy massively, the period six digits wouldnbe possible.

Judging by the trend of the market. I think we're already in the period of fomo cause institution investors appear to accumulate more Bitcoin when deep than we think and most individual investors that notice this decision of the institution now appear to hold than selling

lornadane

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No wonder now that we see that bitcoin is growing everywhere.
That's why I've always preferred bitcoin even now because I see people getting more and more into bitcoin.
Especially now that war is happening everywhere, not to mention the occurrence of a pandemic that has not ended yet, but we can still see the inflation that occurs in bitcoin is getting higher And this makes bitcoin growing all the time.

TheBeardedBaby

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₿uy / $ell ..oeleo ;(

Quote from: remotemass on March 21, 2022, 05:23:13 PM

19 Million BTC in two weeks' time, then by 2027, 95% of the 21 Million bitcoins' limit will be in circulation. Then it will take 113 years to issue the last 5%.

Bitcoin fixed supply makes it certainly very deflationary with ramping purchasing power.

- remotemass

That's the greatness of the system, and the Satoshi's genius, there is no and there will never be any Jerome Powell printing bitcoins.
This is why man cannot be bearish on bitcoin in longer term. The governments cannot steal your wealth with their tool of inflation, devaluing your printed money with printing more and more money and those pieces of paper are not backed by anything, the same way as the toilet paper.

So buy and hold BTC and your grand kids will be independent.

Topic: 19 Million BTC in two weeks' time (Read 322 times)