Maximum number of Bitcoins (21million)

thenoblebot

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Quote from: Bitcoi2n2n on February 10, 2014, 11:43:56 AM

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

To answer the original question : https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

An yes to whoever the person was above asking whether the graph is linear. No it is NOT linear when examined closely. Having said that the last Bitcoin will be mined somewhere close to 2140. By that I mean - can't predict the exact time but possibly a range as we move closer and closer.

Bitcoi2n2n

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First of all I did not see that the graph I linked to only displayed the last 1 year and not the whole timeline since the beginning of Bitcoin. And if you just look at that part you have to admit it looks pretty linear. For the time before 2013 it obviously has huge curves in it, sure. But as mentioned, I misinterpreted the graph first because I did not pay attention to the legend on the bottom enough.

Whatever, I kinda think it's stupid to have to excuse for this now. However I can add that mathematics was never my best class in school at all. I'm not in school anymore for 2 years now. Whether that means that you have to be better in mathematics than a high school student or you could even be worse because you did not need any of it in your current workplace is questionable. A sure thing though is that this topic is going hella off-topic.

DannyHamilton

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Quote from: thenoblebot on February 10, 2014, 12:27:22 PM

Do you guys have something against high school students ? I admire them for their novel and creative solutions. Can we talk like adults without resorting to such adhominems ?

In this particular case, I took the question to be literal, and not as an insult.

Generally (in the U.S.) elementary school students have not been taught much about graphing equations, so someone who hasn't yet entered high school would have a very limited understanding of what a graph represents and how to interpret it.

The graphing of equations is typically taught during algebra lessons and then more detail is taught in trigonometry and calculus.

Since algebra and trigonometry are classes that are typically taught in High School in the U.S., it is a reasonable assumption that a person who is struggling to understand what a graph represents is still early enough in their high school studies to have not encountered such concepts yet.

cr1776

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Quote from: thenoblebot on February 10, 2014, 12:27:22 PM

Do you guys have something against high school students ? I admire them for their novel and creative solutions. Can we talk like adults without resorting to such adhominems ?

Asking questions is great, but most people are more receptive when someone has put some effort into finding the answer first. Perhaps the proper response to the first question would have been: what have you done so far to try to determine the answer for yourself?

:-)

thenoblebot

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Do you guys have something against high school students ? I admire them for their novel and creative solutions. Can we talk like adults without resorting to such adhominems ?

Nancarrow

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Quote from: Bitcoi2n2n on February 10, 2014, 11:55:54 AM

Yea but for more than 1 year it is that linear now.
A kinda "rough" estimation should be more than possible.

Any curve looks linear if you take a small enough part of it (well, not EVERY curve, but all the curves normal people [non-mathematicians] are interested in). That doesn't mean it's useful to pretend its linear. Indeed your very question, 'when will the process END', involves looking at the behaviour of the entire curve, not just a small 'almost linear' portion of it.

Perhaps you are not still in high school, but if you don't understand these ideas you should probably go back.

Anyway, just read DannyHamilton's link. The answer is 2140, give or take a year.

DannyHamilton

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Quote from: Bitcoi2n2n on February 10, 2014, 12:01:41 PM

Quote from: NanoAkron on February 10, 2014, 11:57:48 AM

Quote from: Bitcoi2n2n on February 10, 2014, 11:55:54 AM

Yea but for more than 1 year it is that linear now.
A kinda "rough" estimation should be more than possible.

Have you finished high school? Do you understand how to read a graph? Do you understand how to read the answers other people have already given you?

No need to become mad my friend.

I've read a rough estimation before, so someone did it... But I forgot where I did read it and what the result was.

Here you go.

https://en.bitcoin.it/wiki/Controlled_supply

It's amazing what a Google search for "Bitcoin 21 million" will turn up.

Bitcoi2n2n

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Quote from: NanoAkron on February 10, 2014, 11:57:48 AM

Quote from: Bitcoi2n2n on February 10, 2014, 11:55:54 AM

Yea but for more than 1 year it is that linear now.
A kinda "rough" estimation should be more than possible.

Have you finished high school? Do you understand how to read a graph? Do you understand how to read the answers other people have already given you?

No need to become mad my friend.

I've read a rough estimation before, so someone did it... But I forgot where I did read it and what the result was.

NanoAkron

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Quote from: Bitcoi2n2n on February 10, 2014, 11:55:54 AM

Yea but for more than 1 year it is that linear now.
A kinda "rough" estimation should be more than possible.

Have you finished high school? Do you understand how to read a graph? Do you understand how to read the answers other people have already given you?

Gator-hex

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The coin reward halves every 4 years.

Bitcoi2n2n

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Activity: 125

Merit: 10

Yea but for more than 1 year it is that linear now.
A kinda "rough" estimation should be more than possible.

kerogre256

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Quote from: Bitcoi2n2n on February 10, 2014, 11:50:08 AM

Quote from: Gator-hex on February 10, 2014, 11:48:21 AM

Quote from: Bitcoi2n2n on February 10, 2014, 11:43:56 AM

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

It's not linear, it's curved. It's 2140 when the last bitcoin can be earned! And each coin has 8 decimal places so there are 2.1 Quadrillion Satoshi currency units!

So this is not linear for you?
https://blockchain.info/charts/total-bitcoins

lol man just read legend under chart

Gator-hex

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Activity: 490

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Quote from: Bitcoi2n2n on February 10, 2014, 11:50:08 AM

Quote from: Gator-hex on February 10, 2014, 11:48:21 AM

Quote from: Bitcoi2n2n on February 10, 2014, 11:43:56 AM

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

It's not linear, it's curved. It's 2140 when the last bitcoin can be earned! And each coin has 8 decimal places so there are 2.1 Quadrillion Satoshi currency units!

So this is not linear for you?
https://blockchain.info/charts/total-bitcoins

Your only looking at one year out of 130 zoom out and it should look like a curve.

Bitcoi2n2n

member

Activity: 125

Merit: 10

Quote from: Gator-hex on February 10, 2014, 11:48:21 AM

Quote from: Bitcoi2n2n on February 10, 2014, 11:43:56 AM

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

It's not linear, it's curved. It's 2140 when the last bitcoin can be earned! And each coin has 8 decimal places so there are 2.1 Quadrillion Satoshi currency units!

So this is not linear for you?
https://blockchain.info/charts/total-bitcoins

Gator-hex

hero member

Activity: 490

Merit: 500

Quote from: Bitcoi2n2n on February 10, 2014, 11:43:56 AM

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

It's not linear, it's curved. It's 2140 when the last bitcoin can be earned from mining! And each coin has 8 decimal places so there are 2.1 Quadrillion Satoshi currency units!

Bitcoi2n2n

member

Activity: 125

Merit: 10

The amount of the Bitcoins that are being generated is very linear. So it should be possible to calculate when we will reach the maximum 21 million BTC to be in circulation.
Did anyone calculate this yet? When will the last Bitcoin be mined?

Topic: Maximum number of Bitcoins (21million) (Read 921 times)