Topic: Only 21.000.000 Bitcoins in existance - page 2. (Read 364 times)

Maybe or maybe not.   Rare baseball cards, Pokemon, or Furbies are not necessarily valuable.

Satoshi saw a couple of problems with internet finance and sought out one solution using cryptographic security. He wanted to create a “cash” or currency that in the source code he called “coins” capable of making internet payments when two parties don’t know or trust each other. He said, “Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments.”

He wanted to remove any doubt that the transaction will fail. In other words, he saw transaction reversal as a big problem on the internet. He said, “Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes.”

He wanted to allow people transacting business on the internet to keep their personal information as private as possible. He said, “Merchants must be wary of their customers, hassling them for more information than they would otherwise need.”

He saw the current trusted third party financial system that is used to make internet payments as a wasteful step that costs too much. He said, “A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel (the internet) without a trusted party.”

He chose to create a fixed quantity of only 2.1 quadrillion individual units because that was believed to be enough to absorb the global M1 money supply. He said, “Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.”

He clearly didn’t anticipate many of the problems associated with making a currency. Deflation creates its own problems but he wanted a deflationary currency. He wanted businesses to stop being ripped off but created the opposite and made a currency that will allow businesses to steal from their customers. These things may be wrong but they are bitcoin and to use bitcoin you must accept them. The only alternative is to make your own “coin” and plenty of people have done that. Go find one that suits you instead of trying to change bitcoin.

Yes, not buying now is the worst thing you can do I think...

already 70 percent bitcoin mine so only left 30 percent will be completed 2040 all bitcoin will be mined

This is a real problem and I really don't understand how is that you can't see you're transforming BTC in fiat!!

What is this obsession a lot of users here have with fixed value?Why does it have to be fixed, why must we put barriers so the value can't go down.You're acting exactly like the central banks that people criticize.

Was this the purpose of bitcoin? To make everybody who holds coins for decade rich?
I think I somehow missed that in the whitepaper Satoshi wrote....

Hm, a bit of negative reactions. My ideas were more to fight possible whales in controlling the market alone. Of course, 1 country is not gonna buy all the Bitcoin but I am trying to explain how rare bitcoins are if it really gets used everywhere.

A real cartel will be bad for the price but the final bitcoins will go away for very high prices. They can decide the price.

Then it might already be too late to save Bitcoin.

If you read articles like this you will see that there are definitely serious
problems in the Bitcoin market and the Bitcoin price discovery doesn´t resemble a
free market at all:
https://hackernoon.com/tether-the-tail-wagging-the-dog-3ebfd4640825

Of course the Tether story is not really newsworthy at this point, but
the ties between the various businesses in the Bitcoin scene
(CoinDesk, Tether, Coinbase, DCG) were novel at least for me.

So each time we fork we don't double the money (well err OK token supply) ?

Dear oh dear good job we cannot run out of digits or would that crash the matrix we live in

🤦

Your logic is heavily heavily flawed. Looks like you don't have the slightest idea on how the market works. Theoretically, one small country can buy all the bitcoin; just as one single person can buy all the bitcoin IF he/she has enough money. But the question is do they have enough money to clean out all the sellers? Definitely not, not even close. Not to mention that not everyone are willing to sell.

Also, sure. Miners can sell bitcoin at a fixed price. The question is that are people going to be willing to buy at higher prices? Of course not! That's what exchanges are for: so we can set our own prices.

If bitcointalk had a de-merit feature, I'd definitely give you a lot. For sure.

The limited number of Bitcoin will make its price sky rocket in the long run. It will become so hard for a normal people to get a whole Bitcoin in the next few years.

.001btc today is already 8usd. Someday if Bitcoin enters the $100k mark. .001 will become $100.

Well, they may try to buy all the bitcoins, but I'm not selling them mine.   I have fewer than a X0, but like Charlton Heston said....from my cold dead hands!

No they can't.
At current prices all the bitcoins would still be around 120 billions and a small country does not have the GDP close to that, not talking about the budget which is usually around 1/3 of that.

Let's say that they are indeed planning to buy them, how will the market look after a 100 000 BTC buy ?
The price will probably shoot up to 20 000$ at least , making the remaining bitcoins double in value.
And by the time they will manage to acquire 1 million the rest will be probably worth 1 trillion.


Oh, so you mean transforming bitcoin in a cartel with fixed prices.
Forget demand and offer, forget free market , forget everything. WE WANT MONEY!

The moment that happens (I pray it won't) BTC is doomed for sure.

This. Open up any bitcoin graph and zoom out a bit. We are still up x10 in a year. In any traditional market this is insane growth.

Blockchain technology is here to stay. It can't be "uninvented". What percentage of people do you think know about bitcoin? 1-2%? And how many of them actually own any bitcoin? Again, 1-2%? This is still early days.

Guys I would like to remember everyone that there are only 21.000.000 Bitcoins in existence around 3 to 4 mil bitcoins are lost permanently. This means that we will have 16 mil bitcoins. Now the twist. 1 small country can buy all the bitcoins. The media has to fud to bring the prices down. They are really worried about Bitcoin and they can't shut it down. Just like skynet.  They will tax it but they can't shut it down.

Really I am having a blast when talking to people about Bitcoin. So many are still skeptical out of 5 only 1 buys. Yes, the market has to correct sometimes. Some are angry at me that they bought in December but they are not seeing the bigger picture. The whales are lacking the tools to properly bring the market down in my opinion. The more people that buy Bitcoin today and hold the more power the whales will lose and they must buy from miners to obtain more bitcoins then.

We can even make our own prices if all miners agreed to sell 10k only price will be 10k. 100k only 100k. 

Corrections are part of this path but we will seek higher heights. 50k+ easy this year.