Is BItcoins supply infinite?? - page 2.

Rufsilf

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Quote from: rosezionjohn on May 26, 2019, 12:16:25 AM

Quote from: fuckcrypto on May 25, 2019, 11:58:13 PM

So my point is, this leaves us in our lifetime with an infinite supply of Bitcoin.

You cannot define something infinite and limit it to a certain time which in this case is our lifetime. Perhaps you can simply say we cannot mine all bitcoins in our lifetime.

I agree, infinite by it's own definition means no bounds or limits but bitcoin has which is 21 million thus you can't say it's infinite. Bitcoin nowadays is very hard to mine thus it may take a couple more years to mine all the 21 million so I agree with you about us not being able to mine all of it in our lifetime.

samputin

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When I was starting here in this forum, I did a research about bitcoin. And as you have mentioned, I also found out the same—that the amount of bitcoin is just around 21 million. If there is a particular number set such as the aforementioned value, then I don't think it is appropriate to call bitcoin as "infinite". Because infinite means no limitations, no endings. However, in bitcoin's case there is.

Anyway, it seems like what you meant with that is something in connection with our lifetime. In that context, I can see your point. Thanks to @joeperry for making it clear. Now, I understand what OP is trying to say.

Dreamchaser21

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Quote from: mk4 on May 26, 2019, 01:56:09 AM

You need to do a bit of research on what "infinite" actually means. The hard limit is strictly 21 bitcoins. Not because it will take us a very very long time to reach somewhere close to that limit, it doesn't mean bitcoin is infinite.

As long as there’s a stated maximum number of bitcoin, the supply will never become infinite. It just happen that we have more supply in the market while the demand are still low but in the future maybe we will start to feel that the supply is not enough for everyone.

joeperry

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You already indicated that only 21 Million of bitcoins can only be mined right? So it's not infinite.

But I know what are you talking about, some people say that by 2150 all the bitcoin will be mined and by this time we are not around right? so in our lifetime mining bitcoin is really infinite even if we mine daily.

The OP word of "Infinite" is not the infinite technically but as an expression.

shinharu10282016

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Quote from: fuckcrypto on May 25, 2019, 11:58:13 PM

We know there will be at some point in time (estimated ~2150) a total amount of 21 million BItcoin in circulation. (minus lost bitcoins etc but all bitcoins will have been mined in the year 2150 or so

So right now we have a life expectancy of about 80 years.

So even if you are born 50 years from now you most likely won't be around when the last bitcoin is mined = when all bitcoins are in circulation.

We even know at what rate we can mine Bitcoin

So my point is, this leaves us in our lifetime with an infinite supply of Bitcoin.

No one will ever have all the bitcoin in the World, therefore, Bitcoin has an infinite unlimited supply to us.

Same as with Gold. We still find and dig and mine for Gold daily, so we have a daily increase of actual Gold we can use.

Same as Ethreum- it doesn't matter that ethereum doesn't have a hard cap because same as with Bitcoin it will be constantly mined during our lifetime.

This is why I say Bitcoin has an infinite supply to every human being alive today

Bitcoin's whitepaper clearly says 21 million bitcoins is the total circulating supply. I don't know how you mean to say its infinite when the monopoly of these bitcoins are oh so obvious they have given it a value of more than 5000 USD.

jak3

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Ok, I got rules and regulation crap, I see you clearly understand that Bitcoin is finite so I am not gonna touch that point. But I do not think Bitcoin is infinite from any angle. Suppose we know that we cannot get all the money in the world so there is no point that for you the money is infinite because it is not. The money is counted on a community basis and not an individual basis. So even if you have 10 BTC today by the time of mining the last Bitcoin you will have hardly 0.001 BTC in your hand because of the scarcity of the coin. Everybody will get only some portion of the coin.

Kapyong

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You clearly do not understand what infinite means Sad

Red-Apple

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you are changing the definition of the concept of being capped and having finite supply so yeah with your own personal and different definition of the word, you are correct but with that same logic everything else is infinite!
but with the same definition, your lifetime is also infinite and you will never die because i change the definition of infinite life to those who don't die by the end of today and if you stayed alive then it means you are immortal thanks to my tiny scope!!!

serjent05

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Quote from: fuckcrypto on May 26, 2019, 03:35:26 AM

Well why i said this was because a YouTuber called TOne Vays argues that ethereum is garbage because it doesn't have a hard cap.

Bitcoin doesn't have a hard cap to us either because we won't be around by the time the last bitcoin is being mined.

It doesn't matter if something has a hard cap of 21 million, 3 trillion or no hard cap at all.

Its like saying we run out of water in the year 2500.
So no matter what anyone will do we never run out of water. it will be around till the year 2500.

Same as with gold, we know that there is a finite supply of gold on this planet BUT knowing what technologies we have available for gold ming we can say that we will never run out of finding gold n that planet- saying we have an infinite amount of gold.

Like money- we might not personally have an infinite supply of money but the supply of money is still infinite.

So my point is BItcoin, Ethereum and Gold all have an infinite supply and are being created infinite at least during our lifetime and even people born 50 years from now will never be able to run out of ming neither gold nor bitcoin nor ethereum- its a fact

No one can argue with you since you used infinite in subjective way.

Quote

OBJECTIVE AND SUBJECTIVE CLAIMS

An objective claim is a statement about a factual matter-one that can be proved true or false. For factual matters there exist widely recognized criteria and methods to determine whether a claim is true or false. A subjective claim, on the other hand, is not a factual matter; it is an expression of belief, opinion, or personal preference. A subjective claim cannot be proved right or wrong by any generally accepted criteria.

http://www.butte.edu/departments/cas/tipsheets/thinking/claims.html

Most of the answer here is objective so both idea will never meet whatever explanation from both side is. This will just create an endless discussion and won't end.

Novatech8

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You are wrong friend ,bitcoin total supply is 21million pieces and that's that ,no more no less ,and now tell me how many humans we have in the world that won't be able to pick out every single bitcoin left ,some are even holding thousands that's why bitcoin is getting more scarce

talkbitcoin

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All I know is that I know nothing.

if you have 3 apples but you can't eat them because you have no teeth, that doesn't mean you have infinite supply of apples.

the important thing about bitcoin is that it has a cap and that cap means you can't ever have as much as you want or print as much as you want like you do with fiat (paper money).

additionally since you are comparing it with ethereum (although ETH is indeed unlimited), the distribution is important. for example compare the supply of bitcoin and ethereum. bitcoin is at 17 mil but ethereum is above 100 million.

same with gold, it is limited but you can't suddenly extract a million ton gold overnight. it takes time to find new supply and enter it in circulation.
for cryptocurrencies a good cap and a good distribution design with ensure the supply is produced and distributed properly and helps with the price rise but a bad design and no cap will end up like no cap coins that keep losing value.

yusupjatigumilar

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Actually it is not unlimited but we are currently still living within the bitcoin boundary where every day bitcoin is successfully mined and every day the number of bitcoins decreases if you define unlimited bitcoin means the number of bitcoins will not decrease even though every day miners are mined, I am here just trying to straighten out the paradigm that is not right so sorry if your opinion in my opinion is not right.

fuckcrypto

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Well why i said this was because a YouTuber called TOne Vays argues that ethereum is garbage because it doesn't have a hard cap.

Bitcoin doesn't have a hard cap to us either because we won't be around by the time the last bitcoin is being mined.

It doesn't matter if something has a hard cap of 21 million, 3 trillion or no hard cap at all.

Its like saying we run out of water in the year 2500.
So no matter what anyone will do we never run out of water. it will be around till the year 2500.

Same as with gold, we know that there is a finite supply of gold on this planet BUT knowing what technologies we have available for gold ming we can say that we will never run out of finding gold n that planet- saying we have an infinite amount of gold.

Like money- we might not personally have an infinite supply of money but the supply of money is still infinite.

So my point is BItcoin, Ethereum and Gold all have an infinite supply and are being created infinite at least during our lifetime and even people born 50 years from now will never be able to run out of ming neither gold nor bitcoin nor ethereum- its a fact

serjent05

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I believe infinite and lifetime have different meaning. So please OP do not misinterpret the term infinite and associate it to lifetime.

Bitcoin is not made for a certain generation only making its use case limited. I believe the finite on that terms does not intend to interprete with a reference of certain generations life span but rather the number of Bitcoins to be mined. The term infinite here is objective not subjective. So the answer will be NO, bitcoin supply is not infinite.

So we can bring it down to :

Subjective : you are right about Bitcoin infinite supply in a certain generation since it can be mine during those generation life span. But you will be wrong on the later generations.

Objective : you are wrong because it is stated that Bitcoin is limited to 21M coins.

Nadziratel

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Quote from: fuckcrypto on May 25, 2019, 11:58:13 PM

Same as with Gold. We still find and dig and mine for Gold daily, so we have a daily increase of actual Gold we can use.

I don't understand how you have a math knowledge, but it's very clear that you don't understand the number issue between Gold and Bitcoin. Yes, we have no idea how long the gold mining can last. Things are different for Bitcoin! Bitcoin will be 21 million pieces! There will be no +/- 1!

mk4

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You need to do a bit of research on what "infinite" actually means. The hard limit is strictly 21 bitcoins. Not because it will take us a very very long time to reach somewhere close to that limit, it doesn't mean bitcoin is infinite.

Kakmakr

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OP, your username for this forum suggest that you are not a supporter of Crypto currencies... right? Infinite supply does not matter, if you are going to live to an age of 100 or to 1000, because infinite supply means that it would go on forever, even after you are not around anymore. You obviously want it to be around for your children, when you leave this world. Wink

There are only a limited supply, because it is spread over a predetermined period and then it stops. Roll Eyes

uray

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Quote from: fuckcrypto on May 25, 2019, 11:58:13 PM

No one will ever have all the bitcoin in the World, therefore, Bitcoin has an infinite unlimited supply to us.
Same as with Gold. We still find and dig and mine for Gold daily, so we have a daily increase of actual Gold we can use.
Same as Ethreum- it doesn't matter that ethereum doesn't have a hard cap because same as with Bitcoin it will be constantly mined during our lifetime.
This is why I say Bitcoin has an infinite supply to every human being alive today

I am not sure which university you graduated to come up with a verdict like this Roll Eyes

, never compares ETH the coin without a hard cap and gold with bitcoin and the level of your expertise in comparing apples to oranges is evident with your post and my personal opinion to the OP is the first four words of your user name Tongue

. If something is limited how can you ever preach that it is infinite since you view that is the case in your lifetime, it is time to consult a psychiatrists because your brains are tired thinking too much about it Cheesy

.

CryptoBry

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You have a different definition of "infinite" which may not be coinciding of the generally accepted notion of the term especially in connection with bitcoin. It is called finite because there comes a time (though it is still far away into the future) when there will be no more bitcoin to mine and so what can be in circulation is the number of bitcoin existing at that time and nothing more. We have nothing to worry on this because bitcoin is being traded everyday there will always be sellers on the market...the problem is if we have no money to buy bitcoin and that means our wallet is finite likewise.

xvids

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We couldn't really say that it is infinite because we all know that it is limited,
Even if we wouldn't be around when the whole supply has been mined it isn't still infinite.
I know what you are trying to say but it is still wrong to say that it is infinite while we know the fact that it is limited .
It is like saying that we are immortal when we know the fact that we would die too.

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