Topic: 21 million bitcoins is the same as 21 trillion bitcoins (for us now) - page 2. (Read 387 times)
March 08, 2021, 11:30:49 AM
you first have to understand the importance of fixing a coin supply at a particular amount as well as all the features that goes along with it. it definetly wont be the same. if supply was more than this, pricing will be different as well as many things. there is no point waiting for so long as 9140. its of no use because everyone wont have the same opportunity.
March 08, 2021, 11:15:46 AM
So BTC will continue to be mined until about 2140, when all 21 million are finished. But imagine if there were 21 trillion bitcoins and it finished in say the year 9140, it actually wouldn't make any difference to us than 21 million, because the inflation rate would still be the same. I think the current bitcoin inflation rate is 1.3 percent or whatever. So just imagine if there were 21 trillion bitcoins and 18,648,168 BTC were currently in circulation, do you think people would still say you know there will only ever be 21 trillion bitcoins.... i dont think so. But it would be the same as saying there's only 21 million. Maybe in the year 2130 people can say that when there's only 10 years left but for us who are alive now, why should million or trillion matter. Inflation rate and circulating supply would still be the same.... any thoughts?
Understand it from a simple supply perspective. When some asset has unlimited or huge amount of supply, the price of that aseet usually stays lower. So if bitcoin's supply is increased to 21 trillion, it's price will come down to accommodate the increase in supply. It is called scarcity model.
The best real world example is the limited edition cars. If Bugatti launches a limited edition car with only 10 in existence, then it's price will be much higher than a normal Bugatti car. Think bitcoin as a limited edition with fixed number of supply!
March 08, 2021, 10:21:03 AM
21 million and 21 trillion are different in number and left years. A little bit more than one century is long enough. It is around a lifespan of one people. In fact, most of use have our lifespans are less than 100 years.
Scarcity is not truly scarcity if you are talking about the thousands or millions of years. Do you think water is scarce as it will be evaporated all in next 1 millions of years? Even it is true, no one will care about it.
Satoshi is genius in my opinion to choose that year 2140, almost 140 years from the release of Bitcoin Genesis block.
The bullish case for bitcoin
I took one interesting point from this article. We have been in the middle of 20-years period. In earlier years of bitcoin, people were fear of the failure, death of bitcoin but now do you really believe that bitcoin will be dead some days? The trust has been increasing.
Additionally, if you combine it with the Bitcoin inflation - Time chart, 20 years from 2009 to 2029 is important. That curve will go into a nearly flat area after 2029. News and people will have more time to talk about scarcity of bitcoin.
Scarcity is not truly scarcity if you are talking about the thousands or millions of years. Do you think water is scarce as it will be evaporated all in next 1 millions of years? Even it is true, no one will care about it.
Satoshi is genius in my opinion to choose that year 2140, almost 140 years from the release of Bitcoin Genesis block.
The bullish case for bitcoin
I took one interesting point from this article. We have been in the middle of 20-years period. In earlier years of bitcoin, people were fear of the failure, death of bitcoin but now do you really believe that bitcoin will be dead some days? The trust has been increasing.
Quote
If Bitcoin exists for 20 years, there will be near-universal confidence that it will be available forever, much as people believe the Internet is a permanent feature of the modern world.
Additionally, if you combine it with the Bitcoin inflation - Time chart, 20 years from 2009 to 2029 is important. That curve will go into a nearly flat area after 2029. News and people will have more time to talk about scarcity of bitcoin.
March 08, 2021, 10:07:20 AM
Im just addressing the "scarcity" point people always make. Because if it was capped at 21 trillion and was still being mined at the same rate, 21 million wouldn't make it any scarcer.
btw of course i love BTC and the current inflation rate is working well, i believe. Just making a point to hear what others think.
btw of course i love BTC and the current inflation rate is working well, i believe. Just making a point to hear what others think.
If the scarcity rate would remain at the same there really would be no benefit.
We are all familiar with how it works now, the only people critising the 21,000,000
supply are the non believers who count Bitcoin in Satoshi's and state Bitcoin isnt
scarce because its divisible by 8.
March 08, 2021, 09:10:28 AM
So BTC will continue to be mined until about 2140, when all 21 million are finished.
I understand the obsession of beginners and those who think they are late with investing in BTC with max supply, but although it is true that the last coin will be mined around the year 2140, in less than 10 years the percentage of mined coins will reach 99%, is that 1% or 210 000 BTC really that important?
But imagine if there were 21 trillion bitcoins and it finished in say the year 9140, it actually wouldn't make any difference to us than 21 million, because the inflation rate would still be the same.
I don't want to imagine what it would be like if Satoshi were an idiot who would create something that has a max supply of 21 trillion - do you even know the difference between a billion and a trillion? If this idea of yours had been implemented 12 years ago, Bitcoin would be worthless today and no one would mention it, because with so big max supply it would be worthless - even less valuable than Doge, which has a circulation supply of as much as 128 billion with unlimited max supply.
Inflation rate and circulating supply would still be the same.... any thoughts?
There are more than 100 forks of BTC, some really have huge max supply - why don't you try to put your idea into action so in 10 years you can see if you're right? Or maybe it is better to leave everything as Satoshi originally envisioned
March 08, 2021, 09:02:43 AM
Im just addressing the "scarcity" point people always make. Because if it was capped at 21 trillion and was still being mined at the same rate, 21 million wouldn't make it any scarcer.
btw of course i love BTC and the current inflation rate is working well, i believe. Just making a point to hear what others think.
btw of course i love BTC and the current inflation rate is working well, i believe. Just making a point to hear what others think.
March 08, 2021, 08:54:20 AM
and my question is, What would be the point?
if as you state it would amount to being the same why prolong it to 9140?
The OP must have a motive for this idea.
if as you state it would amount to being the same why prolong it to 9140?
The OP must have a motive for this idea.
March 08, 2021, 08:45:22 AM
So BTC will continue to be mined until about 2140, when all 21 million are finished. But imagine if there were 21 trillion bitcoins and it finished in say the year 9140, it actually wouldn't make any difference to us than 21 million, because the inflation rate would still be the same. I think the current bitcoin inflation rate is 1.3 percent or whatever. So just imagine if there were 21 trillion bitcoins and 18,648,168 BTC were currently in circulation, do you think people would still say you know there will only ever be 21 trillion bitcoins.... i dont think so. But it would be the same as saying there's only 21 million. Maybe in the year 2130 people can say that when there's only 10 years left but for us who are alive now, why should million or trillion matter. Inflation rate and circulating supply would still be the same.... any thoughts?
The idea of the 21 million limited number of bitcoins is important to keep the system deflationary.
The more bitcoins generated, the higher is the incentive for miners. By 2140 miners won't need incentive anymore, probably because there will be too many transactions and fees will the enough incentive to miners
Changing 21 million to 21 trillion would change the economic balance between transactions/miners/users/deflation model.
March 08, 2021, 08:36:25 AM
So BTC will continue to be mined until about 2140, when all 21 million are finished. But imagine if there were 21 trillion bitcoins and it finished in say the year 9140, it actually wouldn't make any difference to us than 21 million, because the inflation rate would still be the same. I think the current bitcoin inflation rate is 1.3 percent or whatever. So just imagine if there were 21 trillion bitcoins and 18,648,168 BTC were currently in circulation, do you think people would still say you know there will only ever be 21 trillion bitcoins.... i dont think so. But it would be the same as saying there's only 21 million. Maybe in the year 2130 people can say that when there's only 10 years left but for us who are alive now, why should million or trillion matter. Inflation rate and circulating supply would still be the same.... any thoughts?
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