Bitcoin Forum

https://www.coindesk.com/17-millionth-bitcoin-mined-means-matters/

What's your take on the 17th million btc being mined? It's now more scarce do you think this will help many get past the mental barrier they had before in buying? Will it trigger Fomo and drive the price up?

With bitcoin and rarer completeness I think this could trigger for more expensive prices or will trigger a higher price increase.

It certainly could, and from what I gather from the mainstream media it seems they are in unison when talking about the markets. In early January and February it was all doomsday news, and as of late in March and April the news has all been positive. It is like they have the same sources or something ::).

The scarcity of Bitcoin makes it a potential big investment. It will come to a time that most of Bitcoin will be mined and those who hold Bitcoin will increase its value. This is good for the future of crypto

With the decrease in the number of bitcoins that can be mined I think it will have an effect on the rising prices, and this increase could be due to the bitcoin scarcity that is affected by the large number of users.

Bitcoin is not more scarce. The number of bitcoins increases every 10 minutes until it reaches 21 million.

When mining reaches 17 million bitcoin, bitcoin remains the remaining 4 million bitcoin, and this makes bitcoin scarce as many of the world's people want to have bitcoin for trade or for investment, and this can make bitcoin go up in price.

If anything bitcoin gets less scarce every block that is mined (around 10m), as bitcoin is minted with each block. There is no supply/demand reason that price would be driven up by the mining of the 17th million bitcoin, however the idea that either its been going on for so long that there is more strength behind it or the scarcity of what is left seems appealing. The scarcity of whats left driving up price makes no sense though, because its not used up like Oil, so controlling the last drops could be huge, the 17 mil are all out there (bar lost/burned ones).

If anything going off analysis of historical events re mining its a halving (half the amount of bitcoin minted per block) that would drive up price, which has a kind of supply/demand argument as less are made every day so there is less additional supply in the same amount of time. Looking back at the last halvings a 2x increase could be on the cards, however this event is still a way off.   

so many miners who invest in bitcoin scarcity is a very good prospect, if the occurrence of bitcoin scarcity will trigger a price increase,
bitcoin bitcoin scarcity is certain but it does not mean bitcoin will run out, bitcoin will never run out until whenever

With a limited amount and continue to be mined may be the presence of bitcoin will be scarce, but who knows when to reach the limit. Clearly, now it is getting harder to get bitcoin if it does not buy it. Scarcity will trigger a significant price increase.

agree with you that bitcoin will never run out, but who play with bitcoin to play around the price certainly can not be denied there must be, because many expect the price of bitcoin so worthy if they will seek profit from the existence of bitcoin in circulation

17 million is more like a milestone. it doesn't have much of a significance in my opinion since it is not a significant number nor the block height is significant (for example it is not the reward halving block). and your statement about scarcity is wrong.
bitcoin is scarce (period). you can't say now that it is X amounts of it, then bitcoin is more scarce! if anything it is less scarce. unless you take into calculation the number of people now using bitcoin. for example you can say something like this: when there were 16 million bitcoin there were 1 million bitcoin users (arbitrary number) now that there are 17 million bitcoins there are 10 million users so it is scarcer!

Not yet. You can buy on exchanges.
17 Million is already mining and still left 4 Million. Maybe 2020 all bitcoin is already mining by miners
it's time to buy and hold for a long time.

Bitcoin isn't scarcer now that it reached 17 million. I agree with what pooya said that Bitcoin is less scarce now after the price corrected from $20k to $9k it'll only get scarcer once we reach a new ath. I don't think it'll drive the price up just because of the circulating supply reaching 17 million the amount of bitcoins getting produced is still the same until the next halving occurs.

In 2020 there's still Bitcoin left to mine. Miners needs to continue until 2140 to mine the remaining 4 million because of halving.

I think we still have some time before bitcoin becomes super "rare." I guess there's a good amount of money trapped in wallets that people can't recover, but I don't think that's going to change the economy too much. I think the bigger impact comes from the fact that mining is becoming less and less profitable. As of now, I feel like the amount of bitcoin in circulation is good enough for keeping people at bay. I don't think I've heard of anyone complain about a shortage of bitcoin. If there was a shortage, it would cause the price to skyrocket if they really wanted to buy bitcoin. Without the support, bitcoin would be dust.

There are now only 17 million and when all the bitcoins are mined, there will be 21 million. There is more available for trade and investment every 10 minutes.


It is "supply and demand", not "additional supply and demand". The halving does not reduce the supply. The supply is greater after the halving than before because there are more bitcoins. An increasing number of bitcoins tends to cause the supply curve to shift the right, lowering the price of a bitcoin.


Mining fewer bitcoins does not affect the price because bitcoins are not consumed. Fewer bitcoins simply means that miners will make less money.


The subsidy will continue long past 2020, until about 2140. See https://en.bitcoin.it/wiki/Controlled_supply

here the deal, the less bitcoin becomes, the more expensive it will become, and not likely anyone can buy it anymore.

The most frightening actually now is the dynamic new price of Bitcoins. Falling and rising and if you do not follow it you will be sure to lose. So learn bitcoins well learn to be content and not be greedy because this is one of the reasons why we are losing bitcoins.

Definitely this could trigger the price because Bitcoin's price is evidently following the economic principle of supply and demand- that when there are increased supply, the price declines and that when there are decreased supply, the price inclines. This observation, as I have perceived throughout my Bitcoin experience, is true. Hence, Bitcoin investors could only rejoice to this!

I believe too that after the issue on Mt. Gox, when Bitcoin's price started pumping, people who once left are now back in the game to join the bandwagon once more. On the hindsight, I wish old-time investors would not sell their Bitcoins to these pump and dump people because the latter are major causative factor on why Bitcoin's price declines for almost all reasons I can think of.

If there are 17 million btc being mined, there is a high possibility that in the future it is going to be hard mining bitcoin. And also, there is a possibility that this might trigger the price to go up soon.

It's still early if to say bitcoin scarce at this time, there still 4 million that hasn't been in the mining. If already in the 21 million bitcoin mining it can be said with scarce, if there are still many people who still don't have bitcoin and they want to buy bitcoin. Let say, if you have not invested in bitcoin, now is the right time to start. Hold for a long term, and I believe you will become a rich men.

Is there a website out there that tracks all Bitcoin in inaccessible addresses? I think there were some addresses where you could send Bitcoins to 'burn' them forever. This is creating the real scarcity of the Bitcoin supply by lowering the amount of accessible coins permanently.

Btc becoming scarce is a sign of bullish event occurrence . the law of demand and supply has to come to play, except btc price to increase in USD

The total amount of bitcoins is certain. If the supply and demand relationship is not balanced, then the demand for bitcoin will rise further, so I think the price of bitcoin will rise sharply.

Although to me, those "mental barriers" are a funny thing... I cannot understand how someone can succumb to that, really - the situation yesterday was the same as it is today - it could drive the price a bit upwards. However, not substantially. I think people do already know Bitcoin is scarce and have made their minds up either way.

Nothing special with it... once it has mined the final coin then I will see what would happen next. I had realized a lot of things since December of last year - bitcoin should be utilized and should never be kept (unless you have a plan in the future); but in my case, I will just buy cheap and sell during pump. That 17th million spot means nothing to me so far. There will always be another coin to get profit.

It is not possible to know which addresses are accessible and which are not, but you can make some good guesses about some addresses. Here is a list of likely "burn" addresses: https://bitcointalk.org/index.php?topic=917913.0

btc is now more rare it's a common thing because btc is now still one of the coins in the rush by many people. now btc will continue to grow into one of the coins that continue to have a high price. so i think now it's normal btc experience scarcity.

"Scarce" is a concept in economics that means "limited" or "finite". It does not mean "rare" or "difficult to obtain".


Bitcoins are not more rare. There are 1,700,000,000,000,000 satoshis, and there will be 2,100,000,000,000,000 satoshis-- enough for 300,000 per person. 300,000 per person of anything is not rare.

it is increasingly increasing the time the bitcoin capacity decreases, guess all already know that the total bitcoin that there are only 21 million, and from the beginning there are many who hunted it began to decrease now and the harder to get it, even penambangpun less income per day, yes indeed the more rare an item is getting harder to get. and make no mistake the more expensive the price will be.

Its not more "scarce" now. In total 21 million bitcoins would be mined and that's it. It has been "scarce" since forever. Being scarce won't do anything to change people's minds. What fucked up logic is that? Bitcoin's price may actually rise when the 17 millionth bitcoin is mined because of people who have a fucked up logic and also those pumping dumbshits.

It's true that the scarcity of bitcoin can trigger a price increase, and that makes a lot of people who really want to have bitcoin, because bitcoin is now increasingly popular and famous all over the world.

How is BTC more scarce when more has been mined? That doesn't even make sense from a mining perspective alone. Of course if there is a correspond increase in the number of users, the amount of BTC spread between these users will grow increasingly thin as the rate of growth exceeds the rate of mining. I think it's good to have news about bitcoin, as it might trigger FOMO as you say, but I doubt it will have such an effect.

The next halfening will be a much bigger thing than the previous one and the previous one was a big deal here. The number of bitcoins increases every 10 minutes until it reaches 21 millionso many miners who invest in bitcoin scarcity is a very good prospect, if the occurrence of bitcoin scarcity will trigger a price increase,
bitcoin bitcoin scarcity is certain but it does not mean bitcoin will run out, bitcoin will never run out until whenever
certainly could, and from what I gather from the mainstream media it seems they are in unison when talking about the markets.

Bitcoin isn't more scarce. All it means is that bitcoin only has that many left to be mined, it doesn't mean that bitcoin's supply has dropped at all. In fact, bitcoin is still inflationary, it's just disinflationary, meaning that the emission drops down over time.

I don't believe it's going to do anything to bitcoin, tangibly.

The difference between 16.9 million and 17 million is extremely small, almost negligible. Plus, the emission rate per block isn't going to change until 2020, so I fail to see any major impact resulting in this.

this is make bitcoin have more potential to reach a new high price record. more bitcoin mined means that bitcoin will be limited and rare in the future. This should be offset by the functionality and usability of bitcoin, if it works more demand will come and the limited availability of bitcoin makes the price more expensive

Bitcoin's price clearly follows the economic principle of supply and demand-that is, when supply prices fall and prices tilt. This observation, as I have felt throughout my Bitcoin experience, is true.Therefore, Bitcoin investors can only rejoice for this.

Absolutely, if the price there are a few supplies of bitcoin but already 17 million over 21 million is mined, the prices will surely go up. So bitcoin holders are lucky to have one because anytime soon, bitcoin price will skyrocket high.

If anything bitcoin gets less scarce every block that is mined as bitcoin is minted with each block. There is no supply/demand reason that price would be driven up by the mining of the 17th million bitcoin, however the idea that either its been going on for so long that there is more strength behind it or the scarcity of what is left seems appealing. The scarcity of whats left driving up price makes no sense though, because it's not used up like Oil, so controlling the last drops could be huge, the 17 million are all out there.

If the BTC is more scarce then the price will be pushed higher, I think so

If bitcoin is scarce, its value will be pushed higher

Yes, Bitcoin investors will feel very sastisfied with this because they could predict the supply and demand and know-well about when will be a huge drop incoming to avoid.

How is BTC all the more rare when more has been mined? That doesn't bode well from a mining point of view alone. Obviously if there is a relate increament in the quantity of clients, the measure of BTC spread between these clients will become progressively thin as the rate of development surpasses the rate of mining

Bitcoin is not scarce if it's scarce as you claim the price will be increasing instead of dropping continuously, I think many bitcoin holders has lost their hope on bitcoin as a result they keep dumping it which makes it lose value and makes it available everywhere instead of scarce. We should stop the habit if quick money and adopt patient to achieve maximum capabilities of cryptocurrency.