Great interview with Jeffrey Tucker | Bitcointalksearch.org

marcus_of_augustus

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Quote from: unk on April 06, 2013, 12:33:23 AM

Quote from: marcus_of_augustus on April 05, 2013, 11:11:55 PM

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

that's like saying 'why are there twelve notes in the chromatic musical scale? it's the result of the space between the notes.'

the number is arbitrary. it was one of several magic numbers satoshi chose, basically as educated guesses to favour bitcoin's adoption. i think he described them in exactly those terms once.

you have reversed cause and effect to make a nonsensical non-point ... the choice for 50 per block implies it was arbitrary, the 21 million is a result of the halving algorithm applied to the arbitrary 50 btc per block choice.

marcus_of_augustus

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Quote from: Piper67 on April 06, 2013, 06:45:24 AM

Quote from: marcus_of_augustus on April 05, 2013, 11:11:55 PM

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or

... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi Wink

Mechanistic =/ Teleological

Bitcoin needs fewer mathematicians and more philosophers Cheesy

Actually no ... without math bitcoin would not work. Or know any good philosophers that can program?

mai77

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also for an American he also has almost a unique kind of accent. sounds neither US nor Brit nor Aussi... weird Huh

hugolp

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Quote from: mai77 on April 05, 2013, 10:19:55 PM

are those dudes gay by any chance?

As far as I know he is married to a woman, but Ill admit that he is so well manered and soft spoken that you wonder the first time. Give him a try, he is an amazing thinker.

Piper67

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Quote from: marcus_of_augustus on April 05, 2013, 11:11:55 PM

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or

... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi Wink

Mechanistic =/ Teleological

Bitcoin needs fewer mathematicians and more philosophers Cheesy

djalexr

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Quote from: mai77 on April 05, 2013, 10:19:55 PM

are those dudes gay by any chance?

he does look a bit like a gay bruce willis

mestar

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Quote from: marcus_of_augustus on April 05, 2013, 11:11:55 PM

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

Then the interviewer asks, why 50, why 10 minutes and why 4 years.

The guy correctly answered that it was arbitrary.

unk

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Quote from: marcus_of_augustus on April 05, 2013, 11:11:55 PM

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

that's like saying 'why are there twelve notes in the chromatic musical scale? it's the result of the space between the notes.'

the number is arbitrary. it was one of several magic numbers satoshi chose, basically as educated guesses to favour bitcoin's adoption. i think he described them in exactly those terms once.

marcus_of_augustus

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Activity: 3920

Merit: 2349

Eadem mutata resurgo

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or

... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi Wink

mai77

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are those dudes gay by any chance?

Spaceman_Spiff

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interesting interview indeed, move this to press section?

djalexr

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http://www.youtube.com/watch?v=qwy5kgwvzE4

Best interview about bitcoin I've yet come across

Topic: Great interview with Jeffrey Tucker (Read 2052 times)