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Topic: 75% of bitcoin mined? (Read 1180 times)

member
Activity: 77
Merit: 10
October 28, 2016, 12:59:11 PM
#29
There's only 21 million coins ever. It actually gives an incentive to adopt early.
legendary
Activity: 1442
Merit: 1016
October 28, 2016, 12:55:46 PM
#28
holders are waiting for price rise so when price will rise then they will sell and bitcoin will come in circulation. yes it's going to be a great problem if bitcoin in circulation is less amount because many user are holding so what's the use of cryptocurrency. I think we should call satoshi to modify the script that would block holders wallet or he should come up with another idea.


No no it's not that easy!
You can not expect strong holders to sell Bitcoin for shitty fiat!Except the few traders who are greedy as hell.
Sure some hodlers may sell parts of their stash.But I'm sure it won't be that much.Especially not when we break the ATH one day and they do not own that much BTC.Everbody selling then will deeply regret it!
Many hodlers are long time hodlers by the way and true believers! So with a rising price and growing demand, new potential buyers will have to deal with what's getting offered then.And that won't be that much.Also I wouldn't expect the miners to sell all new mined coins then.
When this scenario happens the price could rise by an order of magnitude easily.

Satoshi can not block anybody!He is not the boss!!! This is an open source protocol and changes need consensus!
Sorry but if you're not happy you are always free to leave.
Bitcoin is much more than just a currency!! Way more than that!
Alone as a safe haven and store of value it could be worth trillions one day!!!!
hero member
Activity: 2534
Merit: 605
October 28, 2016, 11:16:13 AM
#27
When we will be near to total 21 million of minable bitcoin it is good for growth of bitcoin price as this will limit the supply of bitcoin where as over time demand is increasing so it will cause panic price rise in future which will be exponential rise as there will be no more new bitcoin which will be generated.
Yes, once the block reward goes below 10 bitcoins per block, we can expect exponential growth of bitcoin adoption and bitcoin prices due to scarcity of new bitcoins availability. This is as per the basic economic rule of supply and demand, so when we are getting near by 90% of total bitcoins to be mined out, you can be sure bitcoin will get the best value it deserves.
sr. member
Activity: 280
Merit: 250
October 25, 2016, 10:39:38 PM
#26
holders are waiting for price rise so when price will rise then they will sell and bitcoin will come in circulation. yes it's going to be a great problem if bitcoin in circulation is less amount because many user are holding so what's the use of cryptocurrency. I think we should call satoshi to modify the script that would block holders wallet or he should come up with another idea.
hero member
Activity: 770
Merit: 500
October 25, 2016, 09:53:47 PM
#25
What does this even mean? If there is only so much BTC in circulation how can it grow to become a widely accepted currency? wouldn't this give an unfair advantage to holders like us, and causes an alternate monopoly which eventually will fail the objective of becoming a widely accepted currency?

Very easy. It depends on the ratio. All you do is change the ratio. Like dude didn't you think this properly through when you asked this ? It doesnt matter how many there are. Do you know what a ratio is ?

Even if there eas only 1 bitcoin ever it doesn't matter because you keep a ratio. More coins = less value. Less coins = more value.

Basic economics.
legendary
Activity: 966
Merit: 1006
October 21, 2016, 09:58:18 AM
#24
When we will be near to total 21 million of minable bitcoin it is good for growth of bitcoin price as this will limit the supply of bitcoin where as over time demand is increasing so it will cause panic price rise in future which will be exponential rise as there will be no more new bitcoin which will be generated.
hero member
Activity: 728
Merit: 501
io.ezystayz.com
October 21, 2016, 09:35:11 AM
#23
The fewer bitcoins there are, the more each would be worth in theory. My only concern with that is I hope bitcoin becomes more popular before the price goes very high. I think we need wider adoption than we currently have.
I disagree with this statement.  I do not understand why you think that the fewer there are, the more they would be worth.  It all relies on the demand of bitcoin.  We need the mining to continue in order for bitcoin to be alive.  Bitcoin will continue to be produced until the mining is completed the max bitcoin allowed.  The issue we need to correct is the larger demand for bitcoin.
hero member
Activity: 490
Merit: 520
October 20, 2016, 06:24:19 PM
#22
The fewer bitcoins there are, the more each would be worth in theory. My only concern with that is I hope bitcoin becomes more popular before the price goes very high. I think we need wider adoption than we currently have.
Technically speaking, due to the inability to ever really "destroy" any amount of Bitcoin without forking it out of the chain, the value of Bitcoin will always be representative of the total available amount, either being the current amount mined or the full 21m cap.
sr. member
Activity: 364
Merit: 254
CryptoTalk.Org - Get Paid for every Post!
October 20, 2016, 06:18:13 PM
#21
The fewer bitcoins there are, the more each would be worth in theory. My only concern with that is I hope bitcoin becomes more popular before the price goes very high. I think we need wider adoption than we currently have.
legendary
Activity: 1218
Merit: 1007
October 20, 2016, 05:46:55 PM
#20
What does this even mean? If there is only so much BTC in circulation how can it grow to become a widely accepted currency? wouldn't this give an unfair advantage to holders like us, and causes an alternate monopoly which eventually will fail the objective of becoming a widely accepted currency?
It can be argued that earlier adopters will have a bit more of a monopoly on bitcoin than people embracing it later on in its lifespan, however just like with what happened for the earliest of users, something is likely going to happen down the line that will be similar to what we saw. Eventually the Bitcoin will spread around, and even though it will (likely) have a large value then it will spread out to everyone eventually.

The 75% is growing at a decreasing rate, as the amount mine-able is halved every 4 years.
legendary
Activity: 854
Merit: 1000
October 20, 2016, 05:35:35 PM
#19
What does this even mean? If there is only so much BTC in circulation how can it grow to become a widely accepted currency? wouldn't this give an unfair advantage to holders like us, and causes an alternate monopoly which eventually will fail the objective of becoming a widely accepted currency?
Nobody wants to create a monopoly with bitcoin for if all bitcoin is remained in the hands of few people,bitcoin will become useless and thus valueless.Bitcoin becoming mainstream is more beneficial to everyone who holds even a single satoshi because that is how bitcoin price may go up
hero member
Activity: 1106
Merit: 521
October 20, 2016, 04:50:47 PM
#18
What does this even mean? If there is only so much BTC in circulation how can it grow to become a widely accepted currency? wouldn't this give an unfair advantage to holders like us, and causes an alternate monopoly which eventually will fail the objective of becoming a widely accepted currency?

WHAT??? are you talking about. the more that people want bitcoin the more each bitcoin will be worth, you have become stupid sucking at the tit of the fed...... Shocked
sr. member
Activity: 350
Merit: 250
October 20, 2016, 03:15:06 PM
#17
One day it might bite us in the ass and crash whole market as a result ruin everything bitcoin achieved.

and why would he do that? he could simple sell a few everyday without any problem.... so why crash the market? i dont see that as a big deal... because i don't see satoshi doing such a thing.
member
Activity: 113
Merit: 10
October 20, 2016, 01:50:30 PM
#16
In fact there's not 21 000 000 millions of bitcoins, but 21 000 000 000 000 satoshis, and trust me, even 21 000 000 is enough, so think about the number of satoshis !
and what is the difference between 2 100 000 000 000 000 satoshis and 21 000 000 bitcoins? isn't 1 bitcoin 100 000 000 sat?
legendary
Activity: 1218
Merit: 1006
October 20, 2016, 01:04:34 PM
#15
Bitcoin will always be keep circulating from one hand to another so the one which have lots of bitcoin may not have those bitcoin after a decade or within next few years if he sold it to buy another alts or properties. So actually like other fiat currencies bitcoin is also circulating through out the world and are not controlled by any entity or few billionaires. This suggest that there may not be any monopoly by early holders when bitcoin will be world's digital currency or accepted in almost every place in world.
sr. member
Activity: 325
Merit: 250
Decentralised Amazon & ICO Hub
October 20, 2016, 08:43:54 AM
#14
In fact there's not 21 000 000 millions of bitcoins, but 21 000 000 000 000 satoshis, and trust me, even 21 000 000 is enough, so think about the number of satoshis !
hero member
Activity: 910
Merit: 502
October 20, 2016, 08:15:34 AM
#13
What does this even mean? If there is only so much BTC in circulation how can it grow to become a widely accepted currency? wouldn't this give an unfair advantage to holders like us, and causes an alternate monopoly which eventually will fail the objective of becoming a widely accepted currency?

The block reward halves roughly every 4 years (actually it halves after x blocks, just can't remember the exact number):
https://en.bitcoin.it/wiki/Controlled_supply

At one point, the reward will go from 1 satoshi to 0 satoshi's, and every bitcoin will be mined. This will not stop miners from mining blocks for the fees tough, so the network probably will not stop once the block reward goes to 0.

This isn't a real problem, since bitcoin can be divided into smaller parts if needed, so even if the complete population would use BTC, it would still be usable. In this fictive example, there will be problems with the size of the blocks tough, so thing like the lightning network will be necessary if this would ever happen.

Is it unfair for the late adopters? Well, that's an open discussion... Most people could have started mining in the beginning, or bought BTC when the price was low, but most people didn't (myself included). You can call this unfair, but in reality, maybe it's not that unfair, since nothing was hidden or premined....
You made it very cear for easy understanding. Bitcoin mining will not stop as you mention it will go with network fees. I do not see bitcoin failing for any reason but those that were to adopt bitcoin late are the ones to regret why they did not do so at the right. For sure everything about bitcoin future shall be positive.
legendary
Activity: 1358
Merit: 1014
October 20, 2016, 07:37:45 AM
#12
This is not a problem and its hard coded and intended, the fact that we know the total supply n in a predictable way is a strong point for Bitcoin. After 100% of coins are mined, there will still be mining to process the transactions. Getting coins is just a side effect, the main point of mining is to process transactions. Miners will get paid fees even when 100% of coins are mined.
legendary
Activity: 1960
Merit: 1026
October 20, 2016, 07:23:58 AM
#11
anyone can buy bitcoin to own or use and not have to get it for free, because obviously it would be difficult if bitcoin is almost gone mined.
and this may be applicable to users in the future.
legendary
Activity: 1596
Merit: 1005
★Nitrogensports.eu★
October 20, 2016, 07:09:15 AM
#10
It is a open market ole chap, anyone with money is free to buy as much bitcoin as he or she desires. Everyone has a price, so there will always be someone willing to sell at a specific price. New coins are being mined every day, so there is a injection of new coins into the system, daily.

The early adopters might have a slight advantage, but that is just reward for their bravery and insight when nobody else saw potential in the technology. ^smile^
I wouldn't exactly call owning more than 1 million BTC (IIRC 7.5% of total BTC supply) by Satoshi a slight advantage.
One day it might bite us in the ass and crash whole market as a result ruin everything bitcoin achieved.
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