Limited Supplies Lead To Death (SIMULATION) Satoshi Help.

lobat999

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Quote from: Mahanton on October 21, 2019, 10:55:33 AM

Quote from: lobat999 on October 21, 2019, 07:45:27 AM

Somehow I wasn't able to watch that video as I assume it wasn't meant to be shared publicly, hence it was made private but I would like to assume that OP is talking about Bitcoin and its limited supply.

First of all, the fact that it has limited supply may lead others to believe that its scarcity will lead to its demise just like those critical resources needed for human to survive e.g., water, air, food, etc., but I believe this will not happen and I would like to point out three things that makes Bitcoin viable for long term use - its deflationary model, its fungibility and divisibility - all of which could counter the effects of its limited supply. Imho.

I totally agree with those 3 things that you had mentioned above which is definitely a valid one which would really able to counter up that possibility.
We cant totally compare Bitcoin to other things when it comes to scarcity matters.This is a digital currency not a natural resource.
The only thing here is that if scarcity comes takes place and then the demand bloat out then i do see the high value of it.

Absolutely! After all, Satoshi Nakamoto was convinced the economic model of Bitcoin would be the best among other contemplated options. Aside from that, I think OP forgot to mention one basic and popular law in economics and that is "The Law of supply and demand" - that could very well answer the OP title's assumption. Imho.

Mahanton

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Quote from: lobat999 on October 21, 2019, 07:45:27 AM

Quote from: Argoo on October 20, 2019, 02:08:33 PM

Quote from: kevpantof on June 21, 2019, 04:24:46 AM

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

I'm sorry but you're getting it wrong, the way I see it, Bitcoin is not really limited like people think. Every single day there are lots of people buying and selling Bitcoin and it's never going to stop. And when the demand for it gets high the price will as well be high, which means that it reduces the amount that people are able to purchase with a particular amount. If you can buy 1 btc with $1 and there happens to be a high demand, then 1 btc will start selling at $2 and that means that you will no longer be able to get up to 1 btc with that amount and will have to opt for 0.5 btc. You see?

Apparently, it meant that 21 million bitcoins will be mined, but over time, in fact, their number will decrease due to natural decline. Already today, more than six million bitcoins from the extracted 18 million have been irretrievably lost. Over time, the number of lost bitcoins will increase. Therefore, over time, the number of working bitcoins will decrease and the time will come when there will be very few of them.
Of course, given the fact that Bitcoin is planned to be mined before 2140, these will not be our problems.

Somehow I wasn't able to watch that video as I assume it wasn't meant to be shared publicly, hence it was made private but I would like to assume that OP is talking about Bitcoin and its limited supply.

First of all, the fact that it has limited supply may lead others to believe that its scarcity will lead to its demise just like those critical resources needed for human to survive e.g., water, air, food, etc., but I believe this will not happen and I would like to point out three things that makes Bitcoin viable for long term use - its deflationary model, its fungibility and divisibility - all of which could counter the effects of its limited supply. Imho.

I totally agree with those 3 things that you had mentioned above which is definitely a valid one which would really able to counter up that possibility.
We cant totally compare Bitcoin to other things when it comes to scarcity matters.This is a digital currency not a natural resource.
The only thing here is that if scarcity comes takes place and then the demand bloat out then i do see the high value of it.

lobat999

sr. member

Activity: 1078

Merit: 310

Quote from: Argoo on October 20, 2019, 02:08:33 PM

Quote from: kevpantof on June 21, 2019, 04:24:46 AM

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

I'm sorry but you're getting it wrong, the way I see it, Bitcoin is not really limited like people think. Every single day there are lots of people buying and selling Bitcoin and it's never going to stop. And when the demand for it gets high the price will as well be high, which means that it reduces the amount that people are able to purchase with a particular amount. If you can buy 1 btc with $1 and there happens to be a high demand, then 1 btc will start selling at $2 and that means that you will no longer be able to get up to 1 btc with that amount and will have to opt for 0.5 btc. You see?

Apparently, it meant that 21 million bitcoins will be mined, but over time, in fact, their number will decrease due to natural decline. Already today, more than six million bitcoins from the extracted 18 million have been irretrievably lost. Over time, the number of lost bitcoins will increase. Therefore, over time, the number of working bitcoins will decrease and the time will come when there will be very few of them.
Of course, given the fact that Bitcoin is planned to be mined before 2140, these will not be our problems.

Somehow I wasn't able to watch that video as I assume it wasn't meant to be shared publicly, hence it was made private but I would like to assume that OP is talking about Bitcoin and its limited supply.

First of all, the fact that it has limited supply may lead others to believe that its scarcity will lead to its demise just like those critical resources needed for human to survive e.g., water, air, food, etc., but I believe this will not happen and I would like to point out three things that makes Bitcoin viable for long term use - its deflationary model, its fungibility and divisibility - all of which could counter the effects of its limited supply. Imho.

Wexnident

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Activity: 2576

Merit: 666

I don't take loans, ask for sig if I ever do.

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

I haven't watched the video so Im just gonna touch what I understood from the topic title. I doubt limited supplies lead to death but rather loss of importance is the one that leads to death. Look at the countless altcoins that are released. Not all of them are being used even though they have a lot of supply available, most of them are still dying off. Importance is the one that leads to a coin being circulated in the market, and I doubt bitcoin would die cause of limited supply.

blckhawk

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Merit: 332

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

Please, at least give some abstract to what your point is. Not all people have the time to watch lengthy videos just to answer a point.

However, basing on the subject, I think what you're talking is the panic regarding deflation. As it may sound terrible, I don't think it would crash too much. People would still buy and sell bitcoin according to their personal needs. Price would still fluctuate, the market will still be determined by demand.

airdnasxela

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Activity: 728

Merit: 254

I don't know but I can't watch the video. It says that the video is private. I just hope you added information about the video and what you wanted to point out in the whole video. But based on your title, everything is limited. Paper money, gold, and bitcoin. It just the matter of value. Since it's limited, their value depends on the demand to supply every needs. It may seems to be a lot of supplies but it's still limited.

Argoo

full member

Activity: 2352

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Quote from: kevpantof on June 21, 2019, 04:24:46 AM

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

I'm sorry but you're getting it wrong, the way I see it, Bitcoin is not really limited like people think. Every single day there are lots of people buying and selling Bitcoin and it's never going to stop. And when the demand for it gets high the price will as well be high, which means that it reduces the amount that people are able to purchase with a particular amount. If you can buy 1 btc with $1 and there happens to be a high demand, then 1 btc will start selling at $2 and that means that you will no longer be able to get up to 1 btc with that amount and will have to opt for 0.5 btc. You see?

Apparently, it meant that 21 million bitcoins will be mined, but over time, in fact, their number will decrease due to natural decline. Already today, more than six million bitcoins from the extracted 18 million have been irretrievably lost. Over time, the number of lost bitcoins will increase. Therefore, over time, the number of working bitcoins will decrease and the time will come when there will be very few of them.
Of course, given the fact that Bitcoin is planned to be mined before 2140, these will not be our problems.

kevpantof

sr. member

Activity: 491

Merit: 250

Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

I'm sorry but you're getting it wrong, the way I see it, Bitcoin is not really limited like people think. Every single day there are lots of people buying and selling Bitcoin and it's never going to stop. And when the demand for it gets high the price will as well be high, which means that it reduces the amount that people are able to purchase with a particular amount. If you can buy 1 btc with $1 and there happens to be a high demand, then 1 btc will start selling at $2 and that means that you will no longer be able to get up to 1 btc with that amount and will have to opt for 0.5 btc. You see?

avikz

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Quote from: TimeBits on April 23, 2019, 02:35:09 PM

Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

Be specific! Instead of posting gibberish videos, post what exactly your thought is!! No one is going to watch your video just to find out your thought! If you want to share thoughts effectively, please post it here! We will be happy to understand and discuss!

1Referee

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Quote from: sandra_x on June 19, 2019, 06:24:13 AM

We trust bitcoin because the supply is something that is fixed by its core protocol

That too, but another important feature is transparency.

We, to the very satoshi, can verify how much of it is in circulation. With Gold you just have to rely on external sources without anything allowing you to verify how much of it is actually in circulation. People don't realize how important Bitcoin is, both in offering an alternative to our currently rotten financial and governmental system, and the transparency that it offers.

Also, people often focus too much on 1BTC thinking 21 million coins can't be enough for the whole world. You don't have to buy a whole coin. 1BTC = 100,000,000 satoshis, which as more time goes by, will gain more value and thus more importance. It's only a matter of time before we calculate in satoshis and stop thinking about 0.0xx BTC.

odolvlobo

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Sorry. I don't feel like watching a 30 minute video just to discover the topic of this thread.

sandra_x

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Quote from: 1Referee on June 19, 2019, 05:52:28 AM

Quote from: HouseStark on June 19, 2019, 05:19:59 AM

So how come Gold hasn't died yet until now? The limited supplied implied here doesn't mean a sharp sloppy graph! It's a gradual process which could take centuries to happen.

Gold isn't really that limited, especially not when you look at how much paper Gold there is circulating.

Considering that most people don't mind going for convenience and buy paper Gold, it will gradually decrease the actual spot demand for Gold. Aside from it being a shiny metal and some people believe they have to own some physical Gold to be ready for a collapse of their fiat currency, there isn't much spot demand.

Gold's last 5 year gains are a little over 2%. You might think, great, it at least held its value, but when you factor in the loss in purchasing power due to inflation, things aren't as great as they might seem. I'm sure the picture would be different with way less paper Gold, but the situation is as it is. Not much that you can do about it.

And some day we might even be getting Gold (and other precious metals) being mined in space and shipped back to earth, It is already a topic of discussion or a similar scenario with diamond which are increasing being perfectly made industrially. We trust bitcoin because the supply is something that is fixed by its core protocol

1Referee

legendary

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Quote from: HouseStark on June 19, 2019, 05:19:59 AM

So how come Gold hasn't died yet until now? The limited supplied implied here doesn't mean a sharp sloppy graph! It's a gradual process which could take centuries to happen.

Gold isn't really that limited, especially not when you look at how much paper Gold there is circulating.

Considering that most people don't mind going for convenience and buy paper Gold, it will gradually decrease the actual spot demand for Gold. Aside from it being a shiny metal and some people believe they have to own some physical Gold to be ready for a collapse of their fiat currency, there isn't much spot demand.

Gold's last 5 year gains are a little over 2%. You might think, great, it at least held its value, but when you factor in the loss in purchasing power due to inflation, things aren't as great as they might seem. I'm sure the picture would be different with way less paper Gold, but the situation is as it is. Not much that you can do about it.

HouseStark

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So how come Gold hasn't died yet until now? The limited supplied implied here doesn't mean a sharp sloppy graph! It's a gradual process which could take centuries to happen.

TimeBits

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Sorry I been up for 24hours and my thoughts are just off the top of my head. The stuff I am talking about is in the middle of the video

https://www.youtube.com/watch?v=494ki3Dz9pM

Topic: Limited Supplies Lead To Death (SIMULATION) Satoshi Help. (Read 312 times)