Topic: A Deep Dive Into Bitcoin's Scarcity - page 2. (Read 548 times)
Next year will be a great year for bitcoin, miners will start hoarding bitcoin because of the halving to 6.25BTC per block reward, and at this stage, I believe people won't be selling for cheap price, people have to be careful because greedy Ponzi schemes and HYIP will be on the rise once more. I think the big banks and some critics of the bitcoin are busy filling their bags while the suppose apostles of bitcoin are listening to FUD.
I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
It has been discussed over many times on this forum and the solution is just to use the divisible units of bitcoins 'Satoshis' to the maximu extent.We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
Since bitcoin has not gone mainstream it is easy to classify bitcoins as a whole but as the adoption takes place and bitcoin grows bigger, the classification should switch to Satoshis instead.
Only then it would be appropriate to make the payments and transactions smooth. Further more as Franky1 said if later in the future the devs decide to divide it into milli sats, it would be an addition to the current maximum divisible units of bitcoin.
I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
It is an interesting subject, but if it is available to everyone, what will it value?We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
The increase in the number of people using bitcoin will cause it to become more scarce in the future.
But that will not happen if output increases.
It is a digital currency, not paper.
How do you know how how much Bitcoin has been lost? There is no way of telling as far as I know. What may look like lost Bitcoin to you may be long term holders. Atleast we have seen the kind of long term holders move part of unmoved Bitcoin all of a sudden
By the way, the satoshi 1 million Bitcoin is just a speculation. No one is certain how much he really owns
By the way, the satoshi 1 million Bitcoin is just a speculation. No one is certain how much he really owns
I've read a lot of reports on the estimated amount of lost bitcoins and it is definitely in the millions. Think of how many people had btc when it had no value, would you put any effort into keeping it secure? Doubt you would just how they did. It would be really heart wrenching to have lost thousands of bitcoins only to find them worth millions in the future.
How do you know how how much Bitcoin has been lost? There is no way of telling as far as I know. What may look like lost Bitcoin to you may be long term holders. Atleast we have seen the kind of long term holders move part of unmoved Bitcoin all of a sudden
By the way, the satoshi 1 million Bitcoin is just a speculation. No one is certain how much he really owns
By the way, the satoshi 1 million Bitcoin is just a speculation. No one is certain how much he really owns
I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
well you have some good point on itWe mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
but before it happen bitcoin need to go mainstream for mass adoption
it will take a long time before it happen but as one of supporter im willing to wait
the best thing to do more is accumulate more while i can
the 1 in a million thing has been a very old saying and it is with the max amount meaning if you own 21 bitcoin then you are only 1 in a million. I started a topic about it in 2017 here: https://bitcointalksearch.org/topic/1-in-a-million-updated-for-2018-6-1790863 which I stopped updating because the price got too high that being that "1" became exponentially harder and saying 1 in 21 million or 17 million doesn't have that nice ring to it in my opinion.
I don't think bitcoin will suffer in a scarcity.
No dude, there are only 21 million btc that can be mined, if we asumed that they are all mined then no more new coins will add in the circulation. What happens? Yes you are right, it will greatly affect its price. It could skyrocket because of the high demand or it may fall down very hard but actually it is way more than that. The worst case scenario that might happen is btc will become valueless if the world finally lose interest to it. Anyway, don't worry too much about its scarcity (IMO). I'm pretty sure that we will not experience the struggle since the estimated time it will be all mined is in the next century.
the important thing about bitcoin's supply in my opinion is the fact that it has a maximum cap that can not be changed. so in the end there will only be a fixed number of coins available and no more than that.
this design gives bitcoin a big advantage over the fiat currencies that have no limit and the banks keep printing more and more causing inflation.
this design gives bitcoin a big advantage over the fiat currencies that have no limit and the banks keep printing more and more causing inflation.
I thought we are talking about bitcoin not a rice. I don't think bitcoin will suffer in a scarcity. Correct me if I'm wrong, bitcoin does not have any problem in supply because it is a digital currency not a hard copy that if we consume so much there will be a scarcity. The only thing will happen if the bitcoin was mined too much there is a big effect on it's price value.
bitcoin will be scarce in the future, just a matter of time
because there will be many people who join in bitcoin, there will be more countries agreeing to bitcoin and bitcoin being mined will be less
because there will be many people who join in bitcoin, there will be more countries agreeing to bitcoin and bitcoin being mined will be less
Most people are fucking clueless when it comes to numbers, especially when they go beyond the amount of fingers and toes they have.
We hear the word 'billion' chucked around all the time these days and rarely take time to consider how large it is. 1 million seconds is 11.5 days. 1 billion seconds is 11,500 days.
I've seen people shrieking at the mining reward requiring 9-10 million dollars per day of buying. How on Earth can the human race sustain such buying? That's $45,000 per nation per day. Holy shit indeed.
Most can't conceive of how many people there are in the world by a long shot. They also can't be bothered to figure out that the number of coins is tiny in comparison and if there was REAL demand from more than a small fraction of people a time the price would be ludicrous. At present there may only be a few tens of thousands of people buying per day.
We hear the word 'billion' chucked around all the time these days and rarely take time to consider how large it is. 1 million seconds is 11.5 days. 1 billion seconds is 11,500 days.
I've seen people shrieking at the mining reward requiring 9-10 million dollars per day of buying. How on Earth can the human race sustain such buying? That's $45,000 per nation per day. Holy shit indeed.
Most can't conceive of how many people there are in the world by a long shot. They also can't be bothered to figure out that the number of coins is tiny in comparison and if there was REAL demand from more than a small fraction of people a time the price would be ludicrous. At present there may only be a few tens of thousands of people buying per day.
Why should this even bother someone that "if everyone... ...only 0.003btc"?
There are enough reasons why this would be never the case.
only around the half of the earth has internet access. ( why should then almost everyone use Bitcoin )
not everyone will be able to buy bitcoin ( cause they don´t need or afford it )
the bitcoin blockchain will fork in the Future and have a bigger supply as soon every bitcoin is held by a dead person or is lost (regardless of the worth it could have, there will be no supporter which has an incentive to join/support bitcoin)
The Price with this estimation of bitcoin is a dream ( it´s FOMO. ( marketing is made to make you exited like sugar in the Starbucks coffee is exact at the "sweet spot" to make you want !more!)
There are enough reasons why this would be never the case.
only around the half of the earth has internet access. ( why should then almost everyone use Bitcoin )
not everyone will be able to buy bitcoin ( cause they don´t need or afford it )
the bitcoin blockchain will fork in the Future and have a bigger supply as soon every bitcoin is held by a dead person or is lost (regardless of the worth it could have, there will be no supporter which has an incentive to join/support bitcoin)
The Price with this estimation of bitcoin is a dream ( it´s FOMO. ( marketing is made to make you exited like sugar in the Starbucks coffee is exact at the "sweet spot" to make you want !more!)
You are focusing on only one variable in the supply-demand equation, and that's a mistake. There could be only one satoshi left but if no one wants to buy, it doesn't have any value.
One other thing that comes to mind is that many investors are interested in cryptocurrencies in general and not just bitcoin in particular. If you look at the crypto investing space that way, you can clearly see there is no scarcity whatsoever. I fully understand the point you are trying to make, but I don't agree with the logic behind it.
One other thing that comes to mind is that many investors are interested in cryptocurrencies in general and not just bitcoin in particular. If you look at the crypto investing space that way, you can clearly see there is no scarcity whatsoever. I fully understand the point you are trying to make, but I don't agree with the logic behind it.
And it is way scarcer than anything we have seen before. For instance, we really don't know how much gold there are in total. But we know how much bitcoin will be in x years (or in total).
The gold-bitcoin comparison I see constantly makes my ears ring. They are two different beasts and again, you are not considering the demand component of the supply-demand curve.
To be honest 50% of the Bitcoins supply haven't moved in years and 20% of it has been lost .
Therefore we still have50% + 30% = 80% Bitcoins and that amounts to 80% of 21 million.
That's 16.8 million now.
Now you are considering everyone .
Why ?
What would a patient lying in a coma do of BTC ? Or someone who is too rich , too old or too young ?
And trust me their number accounts to far more than we can think , then there comes not that fortunate people with mental disabilities, it's 43.8% in the US Alone.
Therefore I don't agree !
Therefore we still have50% + 30% = 80% Bitcoins and that amounts to 80% of 21 million.
That's 16.8 million now.
Now you are considering everyone .
Why ?
What would a patient lying in a coma do of BTC ? Or someone who is too rich , too old or too young ?
And trust me their number accounts to far more than we can think , then there comes not that fortunate people with mental disabilities, it's 43.8% in the US Alone.
Therefore I don't agree !
I agree with franky1 and rallee14 that in case measuring units in bitcoins becomes difficult due to the very small amounts, satoshis will simply become a new standard.
If the op wanted to highlight how rich we, the early adopters might become one day, it's a fair point. Scarcity is what makes the price higher.
Since we have satoshis, we are save on this matter for some time. However, the problem is that if the adoption is very high, we cannot afford to time and fees of transactions. We are going to need something like LN but better.
If the op wanted to highlight how rich we, the early adopters might become one day, it's a fair point. Scarcity is what makes the price higher.
Since we have satoshis, we are save on this matter for some time. However, the problem is that if the adoption is very high, we cannot afford to time and fees of transactions. We are going to need something like LN but better.
The amount of lost coins we have now including satoshi's 1 million is not enough for it to be scarce because as what frank mentioned we could just divide it in to satoshis in case the price. Sure, we know there's only 21 million but when it can be chipped down even further than satoshis (if needed) there's always room for everyone to have Bitcoin.
I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
I 100% agree that bitcoin is scarce, and its scarcity is what drives its use case and value. People are flocking to gold and bitcoin because they cannot be created with computer keystrokes as fiat currencies are. Because bitcoin is so scarce, we should think in terms of satoshis as the basic or reference unit.
Well i think bitcoin is not scarse you can split it , the only thing i am wondering about it, few people held almost all bitcoin in some wallet! distributions should be more fair
I 100% agree that bitcoin is scarce, and its scarcity is what drives its use case and value. People are flocking to gold and bitcoin because they cannot be created with computer keystrokes as fiat currencies are. Because bitcoin is so scarce, we should think in terms of satoshis as the basic or reference unit.
And it is way scarcer than anything we have seen before. For instance, we really don't know how much gold there are in total. But we know how much bitcoin will be in x years (or in total).
I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.
Grasping this scarcity may help why BTC is still undervalued!
From the article below;
If you own just a single bitcoin, only 17 million other people will ever have as much as you.
We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.
Furthermore, and scaling up a little, let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…
Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html
I 100% agree that bitcoin is scarce, and its scarcity is what drives its use case and value. People are flocking to gold and bitcoin because they cannot be created with computer keystrokes as fiat currencies are. Because bitcoin is so scarce, we should think in terms of satoshis as the basic or reference unit.
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