Will Bitcoin become worthless? - page 2.

DannyHamilton

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Quote from: MakeBelieve on February 16, 2014, 01:52:46 PM

I have a question which I haven't found a good answer to will Bitcoin become worthless when there is 21 million Bitcoin in existence?

First, the answer to your question is no.

Second, there will never be 21 million in existence. As a matter of fact, there will never even be 20,999,999.9769 in existence.

Quote from: MakeBelieve on February 16, 2014, 01:52:46 PM

If not why would they not

Because when there isn't very much of something, and people want that something, it INCREASES in value. This is how the law of supply and demand in economics works. For example: There will never be more than one "real" Mona Lisa painting. After that one painting was completed, did it become worthless?

Quote from: MakeBelieve on February 16, 2014, 01:52:46 PM

because Bitcoin is worth as much as it is now because people want to invest to sell for more in the future

Bitcoin is worth as much as it is right now because:

There isn't very much of it
The people who want it are willing to pay that much for it
The people who have it are unwilling to sell it for less

How do any of those things change when all the bitcoins have been mined?

Quote from: MakeBelieve on February 16, 2014, 01:52:46 PM

when do we expect Bitcoin to reach 21 million.

The exact date is impossible to know right now, but it will most likely be somewhere around the year 2104 (give or take a few years). Note, as I mentioned earlier, we will never actually reach 21 million. We will never actually even reach 20,999,999.9769.

EvilPanda

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The fiat can also become worthless if nobody wants to use it. But usually there are people who do.

MakeBelieve

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Quote from: corebob on February 16, 2014, 02:05:29 PM

Quote from: MakeBelieve on February 16, 2014, 01:59:02 PM

I thought I remember reading that we are expecting to hit 21 million Bitcoin in 2040 but won't Bitcoin lose a lot of interest when it does hit that amount I was under the impression Bitcoin was being driven by the media at the moment and the people who want to make a quick profit.

I believe that is 2140.

@OP
While those who wants to make a quick buck will create some ups and downs on the price, it is the general adoption of bitcoin that is interesting for the rest of us, and that should be a good old exponential curve in the longer run, due to the network effect.

Also, there is no technical reason why bitcoin should drop in price when we hit 21M. Just like gold didn't loose its value when the gold-rush was over

Oh maybe I did mis read that and maybe it ws 2140 I guess it isn't going to affect our generation the next question would be is Bitcoin going to be successful enough to proceed onto the next generation.

corebob

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Quote from: MakeBelieve on February 16, 2014, 01:59:02 PM

I thought I remember reading that we are expecting to hit 21 million Bitcoin in 2040 but won't Bitcoin lose a lot of interest when it does hit that amount I was under the impression Bitcoin was being driven by the media at the moment and the people who want to make a quick profit.

I believe that is 2140.

@OP
While those who wants to make a quick buck will create some ups and downs on the price, it is the general adoption of bitcoin that is interesting for the rest of us, and that should be a good old exponential curve in the longer run, due to the network effect.

Also, there is no technical reason why bitcoin should drop in price when we hit 21M. Just like gold didn't loose its value when the gold-rush was over

MakeBelieve

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I thought I remember reading that we are expecting to hit 21 million Bitcoin in 2040 but won't Bitcoin lose a lot of interest when it does hit that amount I was under the impression Bitcoin was being driven by the media at the moment and the people who want to make a quick profit.

hilariousandco

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Quote from: MakeBelieve on February 16, 2014, 01:52:46 PM

I have a question which I haven't found a good answer to will Bitcoin become worthless when there is 21 million Bitcoin in existence? If not why would they not because Bitcoin is worth as much as it is now because people want to invest to sell for more in the future when do we expect Bitcoin to reach 21 million.

No, why would it?

Quote from: ?? on ??

i would imagine it's value would increase.

This. And you'll be dead when it does, so I wouldn't worry about it.

Lethn

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Well think about it, if we finally reach 21 million coins, the amount of transactions going on in Bitcoin will be so much that it should easily pay for the network and keep miners active, in fact, depending on how many people participate you could say that the miners will end up being paid more this way through transaction fees than through just mining blocks. I don't think it will become worthless in the slightest, especially when you take into account the kind of age we live in, Gold and Silver just isn't practical at the moment with how easy it is for authorities to seize it and they have absolutely no respect for personal property or privacy.

MakeBelieve

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I have a question which I haven't found a good answer to will Bitcoin become worthless when there is 21 million Bitcoin in existence? If not why would they not because Bitcoin is worth as much as it is now because people want to invest to sell for more in the future when do we expect Bitcoin to reach 21 million.

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