Total number of bitcoins will DECREASE

MF Doom

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Quote from: moriartybitcoin on May 19, 2014, 12:01:23 PM

One thing that most people don't seem to understand is that after 21 million Bitcoins have been produced, the TOTAL number of Bitcoins in circulation will decrease in a LINEAR fashion each year. Why? Because a consistent number of people (maybe 0.05%) will always - ALWAYS - lose their private keys. This is inevitable.

So with the number of Bitcoins DECLINING (after 21 million) and the demand RISING, classical economics tells us that the price will SURGE.

a lot have already been "lost". Only thing is there is another 100+ years til 21 mil are in circulation, so this will have no effect on any of us, or maybe not even anyone, hard to say if btc will stick around

Amph

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Quote from: crazyivan on May 15, 2015, 12:56:39 AM

ATM, I think at least 2 mill have already been lost. So total number ll not be over 19 million.

i think much more than that, especially from early adopters, those guys were mining a tons, if even few of those lost their coins, a great % will vanish, it was estimated a 30 total loss, i don't remember if it is base don the current amount of coin in circulation or total coins

thebenjamincode

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37iGtdUJc2xXTDkw5TQZJQX1Wb98gSLYVP

hey i also got the same idea as yours but i just said it in a different way
here is my discussion about it https://bitcointalksearch.org/topic/will-this-be-the-end-of-bitcoin-1065051

ranlo

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Quote from: pereira4 on May 14, 2015, 04:40:59 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

I don't get why would you burn your coins, unless you are so rich that you want to shrink the total supply to drive the price up.

You wouldn't drive the price up much, if at all. Even if it did raise it, you'd lose MORE burning than you'd earn from the increase, since you now have far less coins. There's no economic benefit of burning coins.

crazyivan

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ATM, I think at least 2 mill have already been lost. So total number ll not be over 19 million.

bryant.coleman

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Quote from: RitzBitzz on May 14, 2015, 05:52:37 PM

Yeah not to mention satoshi wallet that he will probably never use.

Hmm... It is possible that the BTC980,000 stored in various "Satoshi" wallets might be lost already. Satoshi was not a financially-motivated individual (or group of individuals). He had ideological reasons to create Bitcoin. In all probability, he is never going to use any of those coins. And we don't even know whether he is alive or not.

BurtW

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Also a fun estimator as to when the next difficulty adjustment will happen as well as an estimate as to when the next block reward drop will happen is here:

http://bitcoinclock.com/

BurtW

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Quote from: futureofbitcoin on May 14, 2015, 07:27:01 PM

Quote from: RitzBitzz on May 14, 2015, 07:18:22 PM

Quote from: BurtW on May 14, 2015, 06:38:29 PM

Quote from: Pab on May 14, 2015, 05:53:11 PM

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?

I can't remember whether it's 2120 or 2140 but it's definitely not 2020. Probably 2140. Where? just Google it.

See the year column in the second chart here: https://en.bitcoin.it/wiki/Controlled_supply

The correct answer is 2140 (more or less). 2140.

futureofbitcoin

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Quote from: RitzBitzz on May 14, 2015, 07:18:22 PM

Quote from: BurtW on May 14, 2015, 06:38:29 PM

Quote from: Pab on May 14, 2015, 05:53:11 PM

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?

I can't remember whether it's 2120 or 2140 but it's definitely not 2020. Probably 2140. Where? just Google it.

RitzBitzz

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Quote from: BurtW on May 14, 2015, 06:38:29 PM

Quote from: Pab on May 14, 2015, 05:53:11 PM

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?

RitzBitzz

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Quote from: Pab on May 14, 2015, 05:53:11 PM

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

I believe its around 2020.

BurtW

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Quote from: Pab on May 14, 2015, 05:53:11 PM

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

BurtW

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Quote from: SpanishSoldier on May 14, 2015, 05:44:59 PM

Quote from: BurtW on May 14, 2015, 05:40:11 PM

Quote from: SpanishSoldier on May 14, 2015, 05:15:27 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 04:38:59 PM

Quote from: SpanishSoldier on May 14, 2015, 03:43:42 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

Its my pleasure man , I don't think you will believe it Grin

:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

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

This is the XCP proof of burn address.

Funnny... it seems miners are burning coins to prove loyalty to XCP. The man/men behind XCP might hold the private key of the address.

If anyone had the private key then it would not be a proof of burn address now would it.

Nobody has the private key to that address because the private key was never generated. If someone could find the private key to that address then Bitcoin would be broken - and it is not broken. Re-read the proof of burn article I gave you if you want to know why someone would burn BTC to that specific address.

Maybe this article will help you understand: http://counterparty.io/news/why-proof-of-burn/

Pab

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How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

RitzBitzz

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Yeah not to mention satoshi wallet that he will probably never use.

SpanishSoldier

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Quote from: BurtW on May 14, 2015, 05:40:11 PM

Quote from: SpanishSoldier on May 14, 2015, 05:15:27 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 04:38:59 PM

Quote from: SpanishSoldier on May 14, 2015, 03:43:42 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

Its my pleasure man , I don't think you will believe it Grin

:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

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

This is the XCP proof of burn address.

Funnny... it seems miners are burning coins to prove loyalty to XCP. The man/men behind XCP might hold the private key of the address.

BurtW

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All paid signature campaigns should be banned.

Quote from: SpanishSoldier on May 14, 2015, 05:15:27 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 04:38:59 PM

Quote from: SpanishSoldier on May 14, 2015, 03:43:42 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

Its my pleasure man , I don't think you will believe it Grin

:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

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

This is the XCP proof of burn address.

SpanishSoldier

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Quote from: Bitcoin_BOy$ on May 14, 2015, 04:38:59 PM

Quote from: SpanishSoldier on May 14, 2015, 03:43:42 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

Its my pleasure man , I don't think you will believe it Grin

:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

pereira4

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Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

I don't get why would you burn your coins, unless you are so rich that you want to shrink the total supply to drive the price up.

Bitcoin_BOy$

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Quote from: SpanishSoldier on May 14, 2015, 03:43:42 PM

Quote from: Bitcoin_BOy$ on May 14, 2015, 03:34:58 PM

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

Its my pleasure man , I don't think you will believe it Grin

:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Topic: Total number of bitcoins will DECREASE (Read 6542 times)