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Topic: Bitcoin Total Supply (Read 1051 times)

hero member
Activity: 840
Merit: 502
September 30, 2017, 10:25:45 PM
#26
1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?

Satoshi, the founder of Bitcoins is believed to have accumulated around 1 million Bitcoins. He disappeared from the scene a couple of years ago, and his Bitcoins are assumed to have disappeared with him.

This is all speculation though. It should also be kept in mind that there are plenty of cases of people losing their Bitcoins forever. Once the last Bitcoin is mined, we'd probably have markedly less than 21m. It's divisible into multiple decimal places though, so it should not pose too much of a problem.
And those are only satoshi coins, how many stories we have hear of people losing their bitcoin, there was a very famous story of a person that threw away a hard drive containing a lot of bitcoin and he did not realize until months later, as bitcoin becomes more valuable we are going to come to the point that those coins are going to be a like a lost treasure.
hero member
Activity: 1680
Merit: 845
September 25, 2017, 08:58:10 PM
#25
We will be dead by the time the total amount of BTC in circulation reaches 21 million. It will take many decades for that to happen. Sure, holding is one "Safe" option when it comes to Bitcoin investments, but I wouldn't consider holding just because the supply is limited, because that cap will take a vastly long time to be reached.
hero member
Activity: 1834
Merit: 759
September 25, 2017, 08:41:13 PM
#24
1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?

Satoshi, the founder of Bitcoins is believed to have accumulated around 1 million Bitcoins. He disappeared from the scene a couple of years ago, and his Bitcoins are assumed to have disappeared with him.

This is all speculation though. It should also be kept in mind that there are plenty of cases of people losing their Bitcoins forever. Once the last Bitcoin is mined, we'd probably have markedly less than 21m. It's divisible into multiple decimal places though, so it should not pose too much of a problem.
sr. member
Activity: 532
Merit: 250
September 25, 2017, 07:18:19 PM
#23
Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!

Technically we can never ever even hit 21 million because we will be infinitely close to that figure but never be able to actually reach it as each halving comes by. However you make a great point still of why bitcoin is worth a buy.

It is a store of value that everyone can access for cheap, essentially. Bitcoin is pretty much like digital gold.

Except it is more convenient and you don't need to worry about "fake bitcoins".
hero member
Activity: 840
Merit: 502
September 25, 2017, 04:42:57 PM
#22
Is truly amazing if you think the limited supply. But when you know that it can break into trillions, then the hard cap supply of Bitcoin is just unlimited. Thats why I believe it will continue to rise.
Technically speaking the true unit of bitcoin is the satoshi since it does not exist a lower unit than that, so if you look at it from that perspective we have always been limited in the amount of satoshis that are going to exists, so like you see there is not an unlimited amount of subdivisions of bitcoin there are limits and have been present from the very beginning that is why I think that at some point in the future we will need to stop talking about bitcoin and instead use mBTC as the unit of bitcoin.
member
Activity: 294
Merit: 19
September 22, 2017, 08:19:43 AM
#21
Is truly amazing if you think the limited supply. But when you know that it can break into trillions, then the hard cap supply of Bitcoin is just unlimited. Thats why I believe it will continue to rise.
hero member
Activity: 840
Merit: 502
September 21, 2017, 10:01:53 PM
#20
There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.
The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

Let's assume that the day comes where the price of BTC stabilizes to not rise or fall more than 1% or so on average each year.  Let's go further and assume that BTC doesn't rise more than 1% per year relative to fiat.  If banks offer 5-6% to have it stored with them, you can bet your bottom dollar that most people will "sell out" and put it in a time deposit or some form of bank bond.  If the greed and Ponzi scheme mentality that permeates this forum alone is any indication of human nature, you are on the wrong side of the idealistic argument that says that average people won't stampede toward banks with BTC just like they do with cash.
But that is not going to be possible at least as directly as you state, the bank will need to pull the same sleight of hand they did to gold, they will need to make people accept pieces of paper for their gold, so they will need to create something similar to banking money, lets call it banking bitcoin and at that point you no longer have or receive interest rates on bitcoin but on banking bitcoin.
hero member
Activity: 952
Merit: 503
September 19, 2017, 05:00:00 AM
#19
he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

If this is true then people like those are sure hitting their head for eating pizza. Really if I had known about bitcoin earlier then I would have stashed it.
I have also heard about this guy. Really, he must be killing himself for such a stupid act. That was so ignorant of him and most probably the biggest mistake of his life.
There are people who have even given away their bitcoins for free but not that big of an amount. If I were him, I wouldn't have done this for sure.
full member
Activity: 406
Merit: 105
Chosŏn Minjujuŭi Inmin Konghwaguk
September 15, 2017, 11:05:46 AM
#18
1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?

From intentionally burned by the likes of counterparty.io, lost private keys/passwords, thrown away/dead disks, and nobody knows if satoshi is still alive or if anyone has access to his ~million coins.
member
Activity: 100
Merit: 10
September 15, 2017, 10:46:36 AM
#17
1 million bitcoins are lost forever, or until quantum computing can break sha256

I did not understand. Can you please explain how 1million bitcoin is lost?
full member
Activity: 406
Merit: 105
Chosŏn Minjujuŭi Inmin Konghwaguk
September 15, 2017, 10:34:57 AM
#16
1 million bitcoins are lost forever, or until quantum computing can break sha256
member
Activity: 100
Merit: 10
September 15, 2017, 10:33:19 AM
#15
to be honest bitcoin and other virtual money is so risky let say if

WAR III start or bitcoin system hacked it will loss it value and will be Zero

I read that the system can not be hacked. Wallets can be.

And if world war 3 starts then many paper currencies will be zero price. But before that there won't be many countries left. Most of the world would be US and Eu and Russia type countries.
full member
Activity: 383
Merit: 161
September 15, 2017, 01:59:46 AM
#14
There can be 1 bitcoin split up into trillions of pieces.  21 million means nothing.

Let's pretend that there is one piece of gold on Earth and it's the only form of currency.  This currency will be needed for countless transactions.  Scientists find ways to slice the single piece of gold into increasingly small pieces to buy or sell an increasing number of things.  Eventually paper notes are issued on the promise of the actual gold for those who are willing to store their microns of gold in a depository or bank.

BTC is no different.  Banks can turn BTC into fiat as long as there are people willing to store it there.  They can offer a higher return for those willing to store it there for longer terms.

I don't understand why so few people seem to be able (or willing) to figure this out.
The difference is that the old justification to store gold in banks is not longer there anymore, in the past people stored their money in a bank because it was safer but now a bank is more insecure than if you store your own bitcoin so while they may try, many people are not going to let deceive themselves and store their bitcoin in a bitcoin bank.

I'd like to add that people can't create more bitcoin to lower its value. The dollar and other currencies can be printed making a larger supply. This in return makes your supply less in comparison.

So if you hold 1 Bitcoin. Your amount in comparison to the total supply is 1/21,000,000. 7 years from now, if you never touch it, your comparison is still 1/21,000,000. If you have $10,000 and the total is $5,000,000,000,000. Your comparison is 1/500,000,000. 7 years from now, you still have $10,000. However the total supply may increase to $10,000,000,000,000. Your comparison is now 1/1,000,000,000. So basically the value of your money has halved itself. With Bitcoin, this doesn't happen.
member
Activity: 63
Merit: 10
September 15, 2017, 01:45:18 AM
#13
to be honest bitcoin and other virtual money is so risky let say if

WAR III start or bitcoin system hacked it will loss it value and will be Zero
full member
Activity: 504
Merit: 100
September 15, 2017, 01:43:22 AM
#12
that's a very good idea, the amount of bitcoin to be mined is very limited at 21,000,000 bitcoin, and now the bitcoin price is not too expensive to buy and when the amount of bitcoin is exhausted it certainly costs so much higher than the current price, bitcoin investment is very promising and profitable later on,
member
Activity: 100
Merit: 10
September 15, 2017, 01:40:30 AM
#11
he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

If this is true then people like those are sure hitting their head for eating pizza. Really if I had known about bitcoin earlier then I would have stashed it.
legendary
Activity: 1638
Merit: 1163
Where is my ring of blades...
September 15, 2017, 01:29:44 AM
#10
Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!
pretty soon the rest of topics we are seeing here will change subject to "I can't afford 1 whole bitcoin" when the FUD clears up and the recovery starts. in the long run when more people start understanding basics of supply and demand they will learn how 21 million is too small to even want to afford 1 while bitcoin and only early adopters like us who bought coins these days can own 1 whole bitcoin.

just sell some and buy back at lower price
it is way too late to "sell" some. you would be selling at the bottom or even if by any chance there were more drop, it wouldn't be that big to give you any profit that warrants a sell at this point.
hero member
Activity: 588
Merit: 500
BitcoreService.com
September 15, 2017, 12:48:05 AM
#9
in other chase, i spend my bitcoin to buy some hardware mining and trade it too.
i knowmy usd value is decreased at this momenth, but my bitcoin rising, just sell some and buy back at lower price
legendary
Activity: 1946
Merit: 1137
September 15, 2017, 12:43:11 AM
#8
he spent 1000 bitcoins to buy a pizza in 2010.
If he did not spend and hold onto 1000 bitcoins, today he would've had 1000 bitcoins X $3000 per bitcoin = $3,000,000 USD.

simple math.

LOL...seriously....LOL.

Let's focus on YOU.  YOU have "x" amount of money to spend to buy BTC or a fraction thereof.  My guess is that you don't have enough to buy 1 BTC.  So you put whatever money you have to spend into BTC and wind up with 0.05% of 1 BTC.  You now have $150 worth of BTC.  Let's pretend that, in the future, that 0.05% of 1 BTC increases in value by 10,000%.  You now have $15,000 worth of BTC or about 4-5 BTC at current prices.

Tell me....do you really care that you still only hold 0.05% of 1 BTC or that you have profited 10,000%?  Simple logic (and math).

You only get to make 1 choice since you are not an alchemist.

double LOL.
what else were you expecting? did you think you can invest $150 in bitcoin and then own $1,000,000,000 after the price rise? you reap what you sow. if you invest $1 you will be left with a smaller profit. and if you invest $100000000 then you will be left with a bigger profit.
hero member
Activity: 1106
Merit: 638
September 14, 2017, 11:55:08 PM
#7
Bitcoin total supply is limited.
There's only 21,000,000 Bitcoins

I'd buy and hold!

Holy Shit!

Tom, this is the first thing you've said that's made sense! What happened to your racist charged political rants? (I haven't been over to Politics & Society for a long while.)



Guys, I know you're new but let's get the story straight. The pizza transaction was for 10,000BTC (not 1,000). Get it straight, kids!

In 2010 it took 1000 BTC to buy a pizza.  Today it only takes maybe 0.0001 BTC to buy the same pizza.

he spent 1000 bitcoins to buy a pizza in 2010.

Here's the ORIGINAL PIZZA FOR BITCOIN POST, friends. Enjoy.
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