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We can get ahead for now, but we can never get above 21 million. This is because every 210000 blocks the reward halves 50, 25, 12.5... until it is gone and tx fees are the sole motivation for generating. The date at which this happens can change but there will never be 21 million coins. It's a few coins under because the halving rounds down to the hundred millionth.
It is not particularly likely to happen early either because of difficulty adjustments. We are in a long term growth period now and the diff adjustment never gets us down below 6/hr for any length of time. I'd guess the first time this happens for very long will be the first summer (northern hemisphere) after near complete bitcoin acceptance, but that's a total guess.
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grains of sand on the earth.
planets in the our galaxy
seconds in the lifetime of the universe/earth
number of people who ever lived.
People who ever lived is so tiny compared to 1.5*10^48 (which is smaller than I thought I remembered) being very very generous people who ever lived is still under 10^11. If every person went a different direction and repopulated a new planet with the same number of people as have ever lived here we'd still be under 10^22, so then have all of them do it again, and we're still 1500 times fewer. |
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Beautiful stuff, I sent a few coins.
Why do you want attribution? And how do you want it? "Graphics by BitBoy" at the bottom of every page?
No, you don't have to. I don't know how to go about releasing something under public domain. The above license was taken after the advice from Theymos. I thought that would be the most appropriate, after all the symbol was traced from the logo done by Satoshi. And thank you so much for sending me the coins. Oh, is there something to it besides saying "I declare this to be in the public domain!"?  I really don't know anything about it. |
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Beautiful stuff, I sent a few coins.
Why do you want attribution? And how do you want it? "Graphics by BitBoy" at the bottom of every page?
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This is good. Never heard of this guy before.
"How many zeros can you put on a piece of paper" nice, but now it should be "How many zeros on a hard disk"
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BTW, How does Bitcoin make sure that every generated address is unique ?
Is it just at random + seed, so there is a theoretical possibility of collision one in a billion billion times ?
Collision is theoretically possible but is astronomically unlikely. Remember that there are much more addresses than there are atoms in the universe. If two people were randomly choosing an atom in the universe, how likely do you think they are to choose the same atom ? Not really, but i still don't like it. I am a programmer and i what like more are 0 and 1 states: either it is possible or not. So "impossible" is much more interesting for me than "so improbable that almost impossible". PS. Bankers also won't like the "highly unlikely" thing. Really? So bankers never step outside? Or spend anytime inside for that matter, people die from building collapses every day. It's just retarded to worry about this.Maybe there will be one collision if bitcoin becomes the primary currency of the universe for the next 100 billion years, but not before 40 million bankers get struck by lightning. Let it go. Seriously, like a banker actually worries about every 1 in 10^100 possibility. edit: It's probably a joke, got me good. |
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If you generate and sell immediately I'd guess not. If you hold a while the price rise will probably take care of it eventually.
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You're new here. Why should we trust you?
What the hell is this? He specifically said he'd escrow or even accept payment after it arrives. He didn't ask for trust, Geez. |
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I changed my flight to the 25th! That'll show them! Too bad the conference will be over... |
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I'm suggesting you do this, but it just occurred to me that you could add the ability to put notes on everything wiki style.
Comments about addresses especially. This could be useful for sharing information while investigating scams and such. Plus it would just be fun to sift through all the labels people put on stuff, like I was wondering how much the mtgox donation addy got, I think I found it from my transaction history, but I don't know for sure, or if he had a different one up previously, etc.
I was thinking about that, too, but it seems to me that any comments would get lost in the gigantic sea of pages. If I see a lot of "look at this cool thing on BBE!" posts on the forum, I will implement this. I can think of a few ways to fix that. There could be a page of new comments. It could also be searchable. So if there was a taabl controversy searching "taabl" would bring up a list of relevant addresses. Anyway, just thinking aloud. It is very useful as it is. |
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I'm suggesting you do this, but it just occurred to me that you could add the ability to put notes on everything wiki style.
Comments about addresses especially. This could be useful for sharing information while investigating scams and such. Plus it would just be fun to sift through all the labels people put on stuff, like I was wondering how much the mtgox donation addy got, I think I found it from my transaction history, but I don't know for sure, or if he had a different one up previously, etc.
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... I didn't have any coins for sale at 0.5, and look at this from my Account History: When Type Description Delta BTC Delta USD Total BTC Total USD
11/07/10 08:36 Sold BTC 0 for 0.5 -0.002 0.001 -0.002 xxxxx.603
Now that you mention it, I've also got one of those bogus $0.50 transactions in my MtGox account history. I didn't worry about it at the time because it was so tiny. Anyway, it's all hypothetical now that the price has retreated. I wonder if it's some bug triggered by the total clearing of the ask side. I'm pretty sure the .50 was the last ask, but not positive. |
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So, do you think that gold (or any other precious metal or gem) is immune to new technology... technology that could manufacture it artificially, or find massive reserves of it?
Yes, I think gold is immune to new technology, at the very least for a few centuries. But even if cheap gold synthesis was possible, it is a very huge hypothesis. And above all : it is not present reality. Personaly, I prefer base my investments strategies on actual reality, instead of science fiction. Suppose we can produce gold at very low cost, what awesome applications could it be used for? Surely not roads, like they do in heaven. Cups would be moderately less likely to tip over if their bases were made of gold. Maybe cups with gold hemispheres on the bottom would become popular. I'm pretty sure I would want to use gold silverware. |
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So does this mean that producing coins will be impossible to do by average people? Which would mean that the number of computers able to produce coins is reducing: it's only the big ones – the average guy is out of the way. Can it happen that in the long run, a couple hundreds, then a couple computers get the monopoly on coin generation?
It's not binary in any sense, the odds just decrease, never to zero. If it used to take a GPU farm X minutes and an old CPU Y minutes now it takes them 4500X minutes and 4500Y minutes respectively. No one picks up any advantage, it gets harder by the same fraction for every imaginable set up. In a way you could say that the faster you were then the more you lose. |
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Aside from Satoshi sinisterly building in a back door for his future King Croesus-like wealth, the primary existing design flaw is what to do after 21 million is reached. Even at a generous 1:1 BTC:USD exchange rate, a small-time chump-change millionaire could buy up the world's supply of bitcoin and dictate prices/transactions.
Now, the only thing that would make this scenario unrealistic is for bitcoin value to go to 1000:1 thereby reflecting a $210 billion supply. If bitcoin is on that track then maybe the speculators have the right idea. You don't get there right away, but the current design flaw is that successful growth of the bitcoin economy has unavoidable built-in deflation. A solution to the post-21 million bitcoin world would address those concerns now. Weeee...........this speculating stuff is easy.
$1000/BTC is the best "design flaw" I can even imagine. |
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Grondilu, we are in agreement, especially regarding your comment on token representation. My point is that a pegged rate to gold will provide bitcoin with stable value representation (and put an end to the crying deflationistas and inflationistas). A floating rate to gold is what exists now but you still have to go through someone like Mt. Gox where the quoted exchange rate is dollar-based to get the expression in USD. I understand the irony here because a gold peg seemingly would overlay a centralized structure from those providing the gold-backing, but it doesn't have to be centralized if the bitcoin forks grow with the injected amount of gold. The gold peg can be software-established in the same way that the 21 million threshold is established. This would therefore be distributed because it is a distributed system of bitcoin exchangers worldwide providing the backing at generation.
I will remain open about the forked block in bitcoin being unnecessary, but I don't see how a stable bitcoin is feasible without parallel bitcoin economies having the option to provide the convertibility function.
If it doesn't float, there has to be a peg? And who picks the peg price? |
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It is bollocks only if there are going to be goods and services available that people desire for bitcoins. What is happening now is just a bubble and a result of speculation just as I have said in the other thread, if this is not changed it is going to burst, make bitcoin almost worthless, make a bunch of people angry and eventually die. This is not good situation, we need to encourage/create *useful and valuable* services, these are going to be the backing of bitcoin then ... and no, casino games, ponzi schemes and buying bitcoin for the sake of making profit is not useful nor valuable  Those who hold large amounts of bitcoins would do well investing in such services as that's going to make their coins much more valuable and actually sellable because right now if they tried to sell, they would find very quickly that they simply can't and most of the coins are just worthless and the price on mt. gox meaningless. No one is going to die from bitcoin, dude. The offers on mtgox are legit you can accept them and it goes through instantly. They are not guaranteed to be there forever if that's what you are talking about. |
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A "total received by this address" would be cool.
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I made it so inputs/outputs are always listed in the order they appear in blocks. So are listed balances correct, but the faucet is off because it uses/used multiple addresses or something? Can you elaborate on the change issue you mentioned?
Most of the faucet's balance is stored in addresses created when sending change. Here you can see that it sent 0.5 to someone, and then sent back to a new address - this new address does the same thing, and the new address from that transaction does the same thing, etc. You can also see the ordering randomization from this chain of transactions. Oh, duh. I get it. They just don't bother to re-aggregate in to one address all the time. |
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