21 million Bitcoin | Bitcointalksearch.org

ensurance982

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Quote from: TheRealSteve on April 10, 2015, 11:31:07 AM

Hey, I'm happy to be that guy Grin

You can check the wiki for my thoughts on this - I use '21 million' myself most of the time anyway because I can't be bothered to look it up/remember.
But when there's a technical discussion, might as well get technical. The discussion was originally about 'what happens if', and I only came in when the year in which that would happen became a subject. And as the ensuing discussion shows, it doesn't hurt to educate

Haven't people found out that there used to be a bug that would restart the block reward at 50 BTC again, after all coins have been mined? That would've been funny Cheesy

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Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

Eho's gusy?

TheRealSteve

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Hey, I'm happy to be that guy Grin

You can check the wiki for my thoughts on this - I use '21 million' myself most of the time anyway because I can't be bothered to look it up/remember.
But when there's a technical discussion, might as well get technical. The discussion was originally about 'what happens if', and I only came in when the year in which that would happen became a subject. And as the ensuing discussion shows, it doesn't hurt to educate

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Quote from: TheRealSteve on April 07, 2015, 01:40:30 PM

Quote from: ToQcHista on April 07, 2015, 01:16:38 PM

soon

no, though that might depend on your definition of soon Tongue

Quote from: ToQcHista on April 07, 2015, 01:16:38 PM

will become 21 million .

No, but close enough for most purposes. In fact, if we're putting block 2,100,000 as being close enough (~20979500 BTC supply and already past the knee of the controlled supply), that's still not estimated to be somewhere between the years 2040 and 2050.

Quote

https://blockchain.info/charts/total-bitcoins

Keep in mind that only shows a current view on a slightly misleading scale. See the full scale:
https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Notice the corner at around 10,000,000? That's where the reward was halved. Reward halving is why the first 10M took 'only' ~4 years, while the next 10M will take ~14 years. You're basically looking at only the green part of this curve:

Lol, there is always THAT GUY that has to explain how there isn't exactly 21 million coins going to be generated in total

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Quote from: Kprawn on April 06, 2015, 02:09:54 AM

I think OP was asking in a "what if" scenario .... even though he will not be there when it happens... Wink

The price will most probably increase, if there are still people using it and mining it, but at the rate technology improve, we predict that Bitcoin would not be in use, because it would be replaced with a much better technology.

So in theory... 21 million Bitcoins can be mined, but I would bet against that ever happening. Wink

There'll be some nostalgic computer scientist who mines the final dust from the original blockchain on their toilet or fingernail computer.

Once enough money is poured in, 'good enough' is a powerful incentive to keep things as they are. It's not a myspace/facebook where you can skip to the new technology with a couple of clicks and lose nothing.

Perhaps bitcoin will slowly morph as the years go by with the original token on the chain being fully transferable to a fresher incarnation.

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Quote from: ToQcHista on April 08, 2015, 10:39:30 AM

Quote from: Amph on April 08, 2015, 10:30:12 AM

Quote from: ToQcHista on April 08, 2015, 10:24:58 AM

i can't undertood.

What is dependent bitcoin increase ?

limited supply, interest of people/adoption, luck with various news, there isn't a general rule, but supply and adoption are the most important(45% both i would say, 10% for the rest)

much people that will have, will increase bitcoin price ?>

I think what he's trying to say is, does more users/adopters mean the price will go up.

And the answer is most likely yes.

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Its a fixed supply, so anything beyond that will prob become more of a miner fee.

And it acts more of gold concept, rather then a fiat concept. Which most people still find it hard to believe but its been comparing to gold standard.

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Quote from: Amph on April 08, 2015, 10:30:12 AM

Quote from: ToQcHista on April 08, 2015, 10:24:58 AM

i can't undertood.

What is dependent bitcoin increase ?

limited supply, interest of people/adoption, luck with various news, there isn't a general rule, but supply and adoption are the most important(45% both i would say, 10% for the rest)

much people that will have, will increase bitcoin price ?>

Amph

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Quote from: ToQcHista on April 08, 2015, 10:24:58 AM

i can't undertood.

What is dependent bitcoin increase ?

limited supply, interest of people/adoption, luck with various news, there isn't a general rule, but supply and adoption are the most important(45% both i would say, 10% for the rest)

ToQcHista

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i can't undertood.

What is dependent bitcoin increase ?

umair01

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Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all the Bitcoins are mined, it should raise the price really high and my friend it will take so much time and i doubt anyone alive atm will be alive by then.

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Quote from: gkv9 on April 08, 2015, 08:26:34 AM

Why it doesn't have to do anything with number of people possessing it, MZ???
If least people are possessing these coins (like many hodling), can't they try to manipulate the price higher just because they hold the biggest piece of the cake (in such a case where demand is much more as if it gets mainstream) Huh

Read carefully.

Quote from: Muhammed Zakir on April 08, 2015, 07:11:58 AM

Price may increase but it doesn't depend solely on number of people and it is same with transactions too.

Meaning of solely: "Not involving anyone or anything else; only."

What you said is "assumption" and we can't completely depend on it. Another problem is, even though people try to buy and sell Bitcoin to gain profit, people who buy try their best to lower the buy price and most sellers in exchanges, lower their price slightly. This doesn't mean prive only decrease but because of this we can't see a big rise in price very fastly.

If demands are higher and Bitcoins are less, price will increase but there will be people everytime who will sell at buy price. Like I said, price can't depend "solely on" number of people.

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Quote from: Muhammed Zakir on April 08, 2015, 07:11:58 AM

Quote from: ToQcHista on April 08, 2015, 06:57:00 AM

will increase btc price and increase transaction if will add people

Price may increase but it doesn't depend solely on number of people and it is same with transactions too.

Why it doesn't have to do anything with number of people possessing it, MZ???
If least people are possessing these coins (like many hodling), can't they try to manipulate the price higher just because they hold the biggest piece of the cake (in such a case where demand is much more as if it gets mainstream) Huh

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Quote from: ToQcHista on April 08, 2015, 06:57:00 AM

will increase btc price and increase transaction if will add people

Price may increase but it doesn't depend solely on number of people and it is same with transactions too.

ToQcHista

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Quote from: Muhammed Zakir on April 08, 2015, 06:51:43 AM

Quote from: ToQcHista on April 08, 2015, 06:40:41 AM

in mining few people good is ? if much people more good is ?

AFAIK how many people mine doesn't matter. What matter is how many Hashes are being used for mining.

will increase btc price and increase transaction if will add people

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Quote from: ToQcHista on April 08, 2015, 06:40:41 AM

in mining few people good is ? if much people more good is ?

AFAIK how many people mine doesn't matter. What matter is how many Hashes are being used for mining.

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ToQcHista

in mining few people good is ? if much people more good is ?

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You will not live long enough to see that happen. The last one should be mined in about 100 years. The price ll go up much sooner then that.
I would suggest you do a bit more of reading.

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Quote from: ToQcHista on April 08, 2015, 01:09:19 AM

what is this "block " ?

Quote from: ToQcHista on April 08, 2015, 01:14:06 AM

As I understood , we much block don't should spend? Few people more fine is if much people in mining ?

Can you clariy? Are you using a translator? If yes, post in your local language with translated text. It is better to check twice before posting here.

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As I understood , we much block don't should spend? Few people more fine is if much people in mining ?

ToQcHista

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ToQcHista

what is this "block " ?

TheRealSteve

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Quote from: ToQcHista on April 07, 2015, 02:20:58 PM

what is block reward ?

Quote from: TheRealSteve on April 07, 2015, 02:07:10 PM

The block reward - the number of Bitcoins added to the supply when miners solve a block

The current block reward is BTC25. When we hit block 420,00, that will be halved to BTC12.5

Quote from: ToQcHista on April 07, 2015, 02:21:56 PM

which years will about destroy bitcoin?

Odd way of phrasing, but presuming you'd still be asking about when the last bit of Bitcoin would be mined: we don't know. If mining were ideal according to the code - where each block is solved every 10 minutes - this would have been in October of 2140. Mining is not ideal, however, as increasing amounts of hashing power are added to the network. Certainly in the past 2 years each block has on average been taking less than 10 minutes, moving that date up a bit. There's no accurate way to predict what the hashing power increase (or decrease) will look like many years into the future, but if we were to assume that starting now (roughly) each block would take exactly 10 minutes, the last bit of Bitcoin would be mined in May of 2140 instead.

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ToQcHista

which years will about destroy bitcoin?

ToQcHista

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what is block reward ?

TheRealSteve

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Quote from: ToQcHista on April 07, 2015, 02:02:51 PM

i can't undestrand.

every year halwing block ?

The block reward - the number of Bitcoins added to the supply when miners solve a block - is halved every 210,000 blocks (approximately every 4 years). While the blockchain.info graph may appear to be linear, it only appears thus because it's only a small part of the controlled supply curve. It is displayed at a scale that is appropriate for the site, but doesn't appropriately convey how Bitcoins are added to the supply going further into the future.

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i can't undestrand.

every year halwing block ?

TheRealSteve

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Quote from: ToQcHista on April 07, 2015, 01:16:38 PM

soon

no, though that might depend on your definition of soon Tongue

Quote from: ToQcHista on April 07, 2015, 01:16:38 PM

will become 21 million .

No, but close enough for most purposes. In fact, if we're putting block 2,100,000 as being close enough (~20979500 BTC supply and already past the knee of the controlled supply), that's still not estimated to be somewhere between the years 2040 and 2050.

Quote

https://blockchain.info/charts/total-bitcoins

Keep in mind that only shows a current view on a slightly misleading scale. See the full scale:
https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Notice the corner at around 10,000,000? That's where the reward was halved. Reward halving is why the first 10M took 'only' ~4 years, while the next 10M will take ~14 years. You're basically looking at only the green part of this curve:

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Quote from: ToQcHista on April 07, 2015, 01:16:38 PM

already is 14 million bitcoin and coming soon will become 21 million .

https://blockchain.info/charts/total-bitcoins

Consider block reward halvings, that would make last bitcoin to be mined in about 2140.

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ToQcHista

already is 14 million bitcoin and coming soon will become 21 million .

https://blockchain.info/charts/total-bitcoins

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Quantum computer will destroy btc :O)

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The exact number of Bitcoins is not important. Whether the end result is 1 million or 100 billion makes little real difference.

The important aspect here is the process, not the quantity.

New Bitcoins enter the system in an orderly, predictable way.
Outside forces cannot arbitrarily flood the currency with new money (no inflation).
An incentive is provided for people to apply their hash power to make the currency more secure.
Eventually, Bitcoin has to be self-supporting through transaction fees. Hence the tapering off of blockchain rewards.

Again, I think that we never reach bottom of bitcoin. We or our grandchildren that is. So there is no really wise to think about it as we only can spin hypothesis.

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I think OP was asking in a "what if" scenario .... even though he will not be there when it happens... Wink

The price will most probably increase, if there are still people using it and mining it, but at the rate technology improve, we predict that Bitcoin would not be in use, because it would be replaced with a much better technology.

So in theory... 21 million Bitcoins can be mined, but I would bet against that ever happening. Wink

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Quote from: Borisz on April 05, 2015, 03:05:23 PM

Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate.

Yes, but that difficulty is only adjusted ever 2016 blocks. So when 2016 blocks should take 14 days, in reality they might take, say, 12 days.

Quote from: Borisz on April 05, 2015, 03:05:23 PM

If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes.

If it were to go up by a factor of 1000 in a single event, you're right, that would have very little impact- e.g. it would go from 14 days to 0.0014 days or about 20 minutes, and after that it would take 14 days again.
In reality, it goes up (or down) by a few percent, and does that for every block, and thus every difficulty adjustment and every reward halving.

Quote from: Borisz on April 05, 2015, 03:05:23 PM

Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.

'Should' being the key word there

Quote from: Borisz on April 05, 2015, 03:05:23 PM

Quote from: TheRealSteve on April 05, 2015, 08:08:19 AM

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

You made a correction? Where can I find it?

There was a single satoshi too many in some of the values - probably as a result of a floating point error in the original editor's output. You can find some further discussion about that particular topic in the Talk page.

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Quote from: TheRealSteve on April 05, 2015, 08:08:19 AM

That is an incorrect figure. That was the ideal year if every block took exactly 10 minutes starting from the genesis block. If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher.

Please correct me if I'm wrong, but the mining difficulty is retargeted so that on average a block is found every 10 minutes. So it is regardless of the network hashrate. If the hashrate goes up even by 1000 times, the difficulty increases so that 1 block will be found in 10 minutes. Of course, until the difficulty increase happens you may be finding blocks sooner or later, but on long time average it should be 10 minutes.

Quote from: TheRealSteve on April 05, 2015, 08:08:19 AM

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

You made a correction? Where can I find it?

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Quote from: Jeremycoin on April 05, 2015, 06:38:51 AM

Yes, it's 2140 according to this link from this quote

That is an incorrect figure. That was the ideal year if every block took exactly 10 minutes starting from the genesis block. If the network hash rate is higher than anticipated, that year will be lower - if the network is lower than anticipated, that year will be higher.

I recently made a correction to that table and was considering removing the projected years - seeing it cited once again makes me think I really should do so

As for the topic of this thread - asked a dozen times, answered a dozen times, doesn't hurt to get new answers but I don't think there has been any new socioecological insight into 'what happens' when the last one is mined. ( Just as a quick recap: 1. you'd need a crystal ball and 2. any impact would be felt long before the last non-zero block reward as the block reward will be relatively low long before then. )

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Quote from: ToQcHista on April 05, 2015, 06:24:33 AM

Quote from: Jeremycoin on April 05, 2015, 06:21:59 AM

Quote from: ToQcHista on April 05, 2015, 05:55:34 AM

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child Cheesy

What do you mean with "cancel bitcoin"?

Which year will destroy btc ? in 2140 ?

but 14 million btc that now right create.

Yes, it's 2140 according to this link from this quote

Quote from: Borisz on April 05, 2015, 04:47:08 AM

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

With 6930000 Blocks

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Quote from: Jeremycoin on April 05, 2015, 06:21:59 AM

Quote from: ToQcHista on April 05, 2015, 05:55:34 AM

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child Cheesy

not

ToQcHista

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Quote from: Jeremycoin on April 05, 2015, 06:21:59 AM

Quote from: ToQcHista on April 05, 2015, 05:55:34 AM

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child Cheesy

What do you mean with "cancel bitcoin"?

Which year will destroy btc ? in 2140 ?

but 14 million btc that now right create.

Jeremycoin

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Quote from: ToQcHista on April 05, 2015, 05:55:34 AM

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

You should worried about your grand-grand child Cheesy

What do you mean with "cancel bitcoin"?

ToQcHista

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ToQcHista

Probably nothing to worry about because , bitcoin if 2140 years Cancel At that time, I will not be alive

really this 2140 years cancel bitcoin if nothing will change ?

ToQcHista

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ToQcHista

Quote from: Borisz on April 05, 2015, 04:47:08 AM

Quote from: ToQcHista on April 05, 2015, 04:34:30 AM

Quote from: unsoindovo on April 05, 2015, 04:25:12 AM

Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

Possible to will Cancell btc when reach 21 bitcoin?

i thought that bitcoin price increase .

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Quote from: ToQcHista on April 05, 2015, 04:34:30 AM

Quote from: unsoindovo on April 05, 2015, 04:25:12 AM

Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

it should increase in theory, if bitcoin is not dead by that time

the point is that, the miners will mine for fees, and this mean that the price must be high for the miners in order that it's worth it

but still a long time before that will happen

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Quote from: ToQcHista on April 05, 2015, 04:34:30 AM

Quote from: unsoindovo on April 05, 2015, 04:25:12 AM

Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

Check out https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term, if you look at the years, the last blocks will be mined at around year 2140 or so.
We will most likely not know what will happen then.

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Quote from: unsoindovo on April 05, 2015, 04:25:12 AM

Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world ;-)

i don't undestand.

what talking ?

it will be bad that will create 21 million ?

i thought that bitcoin price increase

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Quote from: ToQcHista on April 05, 2015, 03:52:38 AM

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

When all btc will be mined, probabilly you will not still be in this world ;-)

ToQcHista

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ToQcHista

Hi gusy

What will happens when will create 21 million bitcoin ?

will start bitcoin price increase ?

Topic: 21 million Bitcoin (Read 2618 times)