Is the number of available bitcoins decreasing? - page 5.

Crazygreek

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Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

People talking about bitcoins that idle on wallets of people who wont use it. But bitcoins mining everyday and we have a good stock of bitcoins now so no need to panic

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Quote from: vero on April 15, 2016, 11:01:27 PM

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Quote from: Blackmet on April 10, 2016, 05:02:32 PM

Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

Let's set the record straight here.

The total number of bitcoins produced by miners is determined by a fixed schedule. It does not depend on the number of miners or the hash rate or the difficulty. According to the schedule, the number of bitcoins produced decreases every 210,000 blocks until at some point no more bitcoins are produced.

However, bitcoins are also constantly being lost by people losing their private keys.

The question is when will people be losing bitcoins faster than they are produced by miners.

if that's correct, the number of bitcoin produced decreases every 210,000 it means someday the price of bitcoin will soar higher than we've ever seen.

That's not true, the lost bitcoins won't make any impact on the price of the bitcoin. The technology never consider those lost coins into the count. Only the production for the entire system is already a fixed one.

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Quote from: Blackmet on April 10, 2016, 05:02:32 PM

Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

Let's set the record straight here.

The total number of bitcoins produced by miners is determined by a fixed schedule. It does not depend on the number of miners or the hash rate or the difficulty. According to the schedule, the number of bitcoins produced decreases every 210,000 blocks until at some point no more bitcoins are produced.

However, bitcoins are also constantly being lost by people losing their private keys.

The question is when will people be losing bitcoins faster than they are produced by miners.

if that's correct, the number of bitcoin produced decreases every 210,000 it means someday the price of bitcoin will soar higher than we've ever seen.

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Quote from: 7788bitcoin on April 14, 2016, 10:33:37 PM

This is the disadvantage (and STRENGTH!!) of such a highly extremely secure private keys we have.

Whenever a coin is lost, it is equivalent to having it's value distributed evenly to other circulating coins. Similarly, if a coin is ever found/recovered, it will regain it's value from other coins.

Maybe this is one of the reasons Satoshi is keeping 1M coins to himself...?

If those coins come into the market, 2 things will happen.

The supply will increase tremendously, the market could crash due to that.
Satoshi's identity will be revealed. The community would know who to turn to. The optimism related to that would probably result in a bull run.

7788bitcoin

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This is the disadvantage (and STRENGTH!!) of such a highly extremely secure private keys we have.

Whenever a coin is lost, it is equivalent to having it's value distributed evenly to other circulating coins. Similarly, if a coin is ever found/recovered, it will regain it's value from other coins.

Maybe this is one of the reasons Satoshi is keeping 1M coins to himself...?

lissandra

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I dont think its the # decreasing.. its more like the block rewards are decreasing lol.

Which makes people hoard like theres no tomorrow type of mindset.

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Quote from: Jasad on April 14, 2016, 02:46:51 PM

Quote from: expert4knowledge on April 14, 2016, 02:24:45 PM

Quote from: Nimbulan on April 11, 2016, 12:31:37 AM

it is actually decreasing if peoplle lose their bitcoins by losing their private keys or sending it to addresses that dont actually have any owners thus the total number of bitcoins is decreasing in my opinion

though i doubt that it is a bad thing that does not allow people to use their bitcoins in a proper way, i think its even better because it makes the price grow as there are less bitcoins to sell

There are many people who lose their bitcoins by losing their private key and decreasing bitcoins is not bad for people who own bitcoin but trends does not show this.

correct,losing private key mean losing our bitcoin,and people rare to lose their private key,its mean this is not make bitcoin decrease so high,its rare to happen,its why bitcoin keep on their high amount.

Another bad thing and risk for bitcoin owner is the risk of losing coins for people who invested on online wallets!

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Quote from: expert4knowledge on April 14, 2016, 02:24:45 PM

Quote from: Nimbulan on April 11, 2016, 12:31:37 AM

it is actually decreasing if peoplle lose their bitcoins by losing their private keys or sending it to addresses that dont actually have any owners thus the total number of bitcoins is decreasing in my opinion

though i doubt that it is a bad thing that does not allow people to use their bitcoins in a proper way, i think its even better because it makes the price grow as there are less bitcoins to sell

There are many people who lose their bitcoins by losing their private key and decreasing bitcoins is not bad for people who own bitcoin but trends does not show this.

correct,losing private key mean losing our bitcoin,and people rare to lose their private key,its mean this is not make bitcoin decrease so high,its rare to happen,its why bitcoin keep on their high amount.

expert4knowledge

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Quote from: Nimbulan on April 11, 2016, 12:31:37 AM

it is actually decreasing if peoplle lose their bitcoins by losing their private keys or sending it to addresses that dont actually have any owners thus the total number of bitcoins is decreasing in my opinion

though i doubt that it is a bad thing that does not allow people to use their bitcoins in a proper way, i think its even better because it makes the price grow as there are less bitcoins to sell

There are many people who lose their bitcoins by losing their private key and decreasing bitcoins is not bad for people who own bitcoin but trends does not show this.

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Quote from: moviebuff777 on April 14, 2016, 11:48:59 AM

I think the OP is pointing out that some people misplace their private keys and so those bitcoins are lost and can never be accessed again. Those are lost or zombie bitcoins and that total will increase. So the question is whether the lost/zombie bitcoins are growing faster than the mined bitcoins.

Yes, that is what OP is talking about, but no, this is not going to be a credible concern in the next (at least) 30 years.

moviebuff777

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I think the OP is pointing out that some people misplace their private keys and so those bitcoins are lost and can never be accessed again. Those are lost or zombie bitcoins and that total will increase. So the question is whether the lost/zombie bitcoins are growing faster than the mined bitcoins.

HeroCat

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There are many new & large BTC mining farms, so I think BTC market will expand. Look at photos from China BTC mining farms, who else can do this ? China have cheap electricity, therefore it will be Nr.1 bitcoin mining country. Wink

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Quote from: goinmerry on April 13, 2016, 08:27:30 AM

As far as I know the maximum bitcoin will not increase. There is just a number to be maxed out and will stop there. And I think it will take long to fully drain it all and bitcoin halving will happen so it will be much longer.

It's also possible (I would even call it likely) that in the future, Bitcoin's economics prove unsustainable as transaction fees required to propagate the network would become so high to keep miners around in the face of declining block rewards that the 21 million coin cap is eventually scrapped. That is, of course, assuming Bitcoin stays viable long enough to reach that point.

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As far as I know the maximum bitcoin will not increase. There is just a number to be maxed out and will stop there. And I think it will take long to fully drain it all and bitcoin halving will happen so it will be much longer.

hexitor

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For now and for most of the coming years, the total number of lost bitcoins are less than the number of bitcoins produced in a day I think, maybe in a week, but not more. So we can say that the total supply is still increasing, but (not a lot) less faster.

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Quote from: Blackmet on April 10, 2016, 05:02:32 PM

Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

Yes I agree with this, miners are not responsible for the decrease of bitcoin. People were very eager to collect coins and save it for halving, this is the reason for decrease of coins.

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Quote from: Blackmet on April 10, 2016, 05:02:32 PM

Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

...

bitcoins are also constantly being lost by people losing their private keys.

The question is when will people be losing bitcoins faster than they are produced by miners.

It's more likely Bitcoin becomes obsolete before the above scenario ever has a chance to happen. Even when the reward is a paltry .09 btc per block, that's roughly 13 new bitcoins produced per day, and we're still some 30 years away from that point.

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Quote from: Blackmet on April 10, 2016, 05:02:32 PM

Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

Right now lot of bitcoins have got hold, which is the reason most think number of bitcoin is decreasing regularly.

Not only people hold bitcoins others also burning bitcoins by sending to a burn address and there is also people sending to the genesis address or others assumed as satoshis address.

Nimbulan

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it is actually decreasing if peoplle lose their bitcoins by losing their private keys or sending it to addresses that dont actually have any owners thus the total number of bitcoins is decreasing in my opinion

though i doubt that it is a bad thing that does not allow people to use their bitcoins in a proper way, i think its even better because it makes the price grow as there are less bitcoins to sell

Blackmet

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Quote from: rio3233 on April 10, 2016, 11:53:40 AM

I think the number of available bitcoins is increasing, because there are many miners out there. And if bitcoins decreasing i think it will affect the price of bitcoins.

Bitcoin will never deacreasing cause of miners it's ture. But a lot of people are holding bitcoins and it's a problem what nobody can solve. Everyone want more money.

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