[2019-10-19] With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? - page 2.

cr1776

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Quote from: DiamondCardz on October 19, 2019, 10:09:41 AM

Quote from: Carlton Banks on October 19, 2019, 08:02:13 AM

Quote from: CryptoBry on October 19, 2019, 07:54:05 AM

Certainly, I am not going to be stressed thinking of something that can happen not in my lifetime. Let them have all the debate they want to the question if there should be more than 21 million coins, that would certainly not my concern anymore but I am just wishing that cooler heads will prevail.

this is unlikely

money supply (and even money itself) is a simple concept that just isn't easy to grasp. It's not difficult to convince people that an inflating supply is good when they benefit in the short term, even people who can understand the concepts are happy to deceive themselves of the opposite if it means they have some short term gain.

Bitcoin was designed to stop all that, but using precious metals was a similar idea that has now ended up very contentious, and surrounded with stupid stories and questionable pundits. We can expect the same for Bitcoin (arguably, it already happened, made many times worse by Bitcoin being so technical)

An endlessly inflating amount of Bitcoin is definitely what is best for the future of the currency. Each year the total amount of gold ever mined in human history increases by about 1.x% (obviously, it fluctuates). Conveniently enough it's normally a percentage amount pretty similar to the % by which the human population grows each year, and so the amount of gold available 'per capita' across the world remains about constant. I think that inflation in the Bitcoin supply year-on-year that approximately follows this model would work well.

Anyone is welcome to fork bitcoin and add inflation, but it will no longer be bitcoin, it will be something else.
Inflatecoin, whatever.

What is best for bitcoin is to not follow fiat down the road of inflation. It might start at 1%, but then the arguments will be it should be 2,5, or 10% in order to be "fair" and the rate will change and it will have no advantage to fiat.

Please, fork it and go elsewhere and don't try to destroy the real bitcoin. There are plenty of people who will stick with bitcoin or inflatecoin.

Carlton Banks

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your reasoning is "cos gold does it"

that's great. no really

DiamondCardz

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Quote from: Carlton Banks on October 19, 2019, 08:02:13 AM

Quote from: CryptoBry on October 19, 2019, 07:54:05 AM

Certainly, I am not going to be stressed thinking of something that can happen not in my lifetime. Let them have all the debate they want to the question if there should be more than 21 million coins, that would certainly not my concern anymore but I am just wishing that cooler heads will prevail.

this is unlikely

money supply (and even money itself) is a simple concept that just isn't easy to grasp. It's not difficult to convince people that an inflating supply is good when they benefit in the short term, even people who can understand the concepts are happy to deceive themselves of the opposite if it means they have some short term gain.

Bitcoin was designed to stop all that, but using precious metals was a similar idea that has now ended up very contentious, and surrounded with stupid stories and questionable pundits. We can expect the same for Bitcoin (arguably, it already happened, made many times worse by Bitcoin being so technical)

An endlessly inflating amount of Bitcoin is definitely what is best for the future of the currency. Each year the total amount of gold ever mined in human history increases by about 1.x% (obviously, it fluctuates). Conveniently enough it's normally a percentage amount pretty similar to the % by which the human population grows each year, and so the amount of gold available 'per capita' across the world remains about constant. I think that inflation in the Bitcoin supply year-on-year that approximately follows this model would work well.

Carlton Banks

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Quote from: CryptoBry on October 19, 2019, 07:54:05 AM

Certainly, I am not going to be stressed thinking of something that can happen not in my lifetime. Let them have all the debate they want to the question if there should be more than 21 million coins, that would certainly not my concern anymore but I am just wishing that cooler heads will prevail.

this is unlikely

money supply (and even money itself) is a simple concept that just isn't easy to grasp. It's not difficult to convince people that an inflating supply is good when they benefit in the short term, even people who can understand the concepts are happy to deceive themselves of the opposite if it means they have some short term gain.

Bitcoin was designed to stop all that, but using precious metals was a similar idea that has now ended up very contentious, and surrounded with stupid stories and questionable pundits. We can expect the same for Bitcoin (arguably, it already happened, made many times worse by Bitcoin being so technical)

CryptoBry

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Quote

The next 3 million bitcoins will be progressively slower to mine as a result of block reward halvings which occur every 210,000 blocks (or roughly four years) and reduce new bitcoin supply by 50 percent. The final bitcoin is expected to be mined in 2140.

Quote

...Bitcoin advocate and author Andreas Antonopoulos stressed that governance drama surrounding bitcoin’s supply cap is nothing to lose sleep over – especially since bitcoin’s transition to a purely transaction-fee rewards model will take 120 years.

Certainly, I am not going to be stressed thinking of something that can happen not in my lifetime. Let them have all the debate they want to the question if there should be more than 21 million coins, that would certainly not my concern anymore but I am just wishing that cooler heads will prevail. At least, with the help of this forum, future Bitcoin leaders can certainly search for this thread and see how some of us are looking at this issue. I am wondering if there will really be big drought of Bitcoin if no additional supply of this asset can be created...or are we not just dreaming in a broad daylight?

Carlton Banks

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Quote from: gentlemand on October 19, 2019, 05:13:32 AM

“We need to acknowledge that the 21 million cap is aspirational,” said Walch. “If people decide to change that [supply] cap for certain reasons and enough people make that decision, the system will move to it. It’s aspiration, not reality.”

if this Walch character wishes to "aspire" to a different limit, it's easy, all he's gotta do is change a single line of code. then convince at least 1 other person to do it too, although he could just sit on his own private version of Bitcoin's blockchain forever, I'm sure that'll work out Cheesy

don't think I'll be joining him, but I get the argument: early Bitcoin adopters weren't crazy after all, lets all join in, and completely destroy their money's value! Let's use the same economics that got the world into trillions of dollars of debt instead! Roll Eyes

gentlemand

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Welt Am Draht

“We need to acknowledge that the 21 million cap is aspirational,” said Walch. “If people decide to change that [supply] cap for certain reasons and enough people make that decision, the system will move to it. It’s aspiration, not reality.”

Honey, it's pure aspiration to expect enough people to agree on any change in anything, let alone the hard cap, let alone what it'll consist of.

I'll be dead or in nappies before this becomes a pressing issue. You young chickens can deal with it.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

https://www.coindesk.com/with-18-million-bitcoins-mined-how-hard-is-that-21-million-limit

"In a matter of hours, the 18 millionth bitcoin will have been mined and the world’s first cryptocurrency will draw one step closer to its hard-coded cap of 21 million coins."

“In my opinion, [the 18 million] milestone is not that significant in relation to the next halving which occurs May 2020. … On that date, the block [subsidy] will go from 12.5 BTC to 6.25 BTC.”

Yes guys .....we have almost reached a new milestone for Bitcoin and with the next halving within a matter of months, we might see more people realizing that the available Bitcoin pool is getting smaller and smaller by the day. Wink

Topic: [2019-10-19] With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? - page 2. (Read 274 times)