Erdogan
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Merit: 1005
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December 14, 2014, 03:12:35 AM |
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is there a limit on how many bitcoins can be mined? on how many bitcoins will circulate the internet world?
Welcome to the world of hard money!
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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whitslack (OP)
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December 14, 2014, 03:16:40 AM |
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is there a limit on how many bitcoins can be mined? on how many bitcoins will circulate the internet world?
That's what this chart is showing. The blue line is the number of bitcoins in existence as of the block number shown on the bottom axis. The number of bitcoins is exactly a function of the number of blocks, and the function is asymptotic. The years shown on the top axis are approximate, based on the target block rate of one block per 10 minutes. In reality, we're somewhat ahead of schedule because the hash rate has been increasing so aggressively.
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Possum577
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December 22, 2014, 11:29:08 PM |
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Why has this thread been "sticky'd" in this forum?
I'm sure it's because I don't understand the impact or value of the charts - what difference does it make what the inflation rate will be as bitcoin mining rate slows over time?
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painlord2k
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December 24, 2014, 09:28:34 PM |
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Why has this thread been "sticky'd" in this forum?
I'm sure it's because I don't understand the impact or value of the charts - what difference does it make what the inflation rate will be as bitcoin mining rate slows over time?
All the difference of the world in a world where the world reserve currency inflate 40% a year and 0 the next (Money Base of the USD 2013 and 2014). Some day, bitcoin inflation will be 4.5% year (from july 2016), 2.25% year (from 2020), 1.125% year (from 2024), etc. Today, 1-1.5 M$/day are converted in bitcoins (both cash or goods and services) to keep up with this exchange rate. With half of the bitcoins mined, the same amount of fiat would move the exchange rate to 640$; a quart of bitcoin mined would push the price to 1280$. But, with the supply of bitcoins increasing less than the supply of USD, this exchange rate would raise a lot higher and faster too.
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Bitcoin_BOy$
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December 25, 2014, 06:19:15 AM |
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Can't understand why it always the same price at btc-e and bitstamp and the price change at asks and bid
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freebit13
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January 06, 2015, 09:28:23 AM |
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Can't understand why it always the same price at btc-e and bitstamp and the price change at asks and bid
Because the price on each exchange is decided by the last trade.
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Decentralize EVERYTHING!
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sekaiissobig
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January 26, 2015, 05:42:34 AM |
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ya,that's so true. However, with the high inflation rate of bitcoin. Dogecoin, litecoin or others are in the market, so next question such as what is the different of cryto-currency with currency nowadays when the price is high and another new cryto-currency is created?
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marcus_of_augustus
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Eadem mutata resurgo
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January 26, 2015, 10:18:36 PM |
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ya,that's so true. However, with the high inflation rate of bitcoin. Dogecoin, litecoin or others are in the market, so next question such as what is the different of cryto-currency with currency nowadays when the price is high and another new cryto-currency is created?
yes, a comparative plot with bitcoin money supply inflation versus the same of USD, EUR, YEN, CHF GBP (M0 figures?) might be enlightening. Particularly with the recent QE antics.
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mmortal03
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January 27, 2015, 01:59:29 AM |
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ya,that's so true. However, with the high inflation rate of bitcoin. Dogecoin, litecoin or others are in the market, so next question such as what is the different of cryto-currency with currency nowadays when the price is high and another new cryto-currency is created?
yes, a comparative plot with bitcoin money supply inflation versus the same of USD, EUR, YEN, CHF GBP (M0 figures?) might be enlightening. Particularly with the recent QE antics. See here regarding USD money supply versus bitcoins (click on the year tabs at the top to zoom in or out): https://docs.google.com/spreadsheets/d/17Jjhd_nnfRJ9EyYuOM1ACPMwRod3hhPqRk4YQp7FIZE/pubhtml#
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painlord2k
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January 28, 2015, 05:01:59 PM |
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If anyone would like to point me to sources (or share them if not public) for data about the Money Base and M1 of €, Yen, Yuan, UK Pound I would appreciate and compile the same chart for them.
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L3G1T
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February 09, 2015, 02:05:06 AM |
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Really nice chart OP appreciate it!!!
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Jybrael
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March 03, 2015, 11:27:42 PM |
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So if we continue to mine at the rate we are....or probably go higher than that...eventually by the end of 2030...we will see the amount of bitcoins mined drop significantly. It will reach an amount where it isn't worthwhile is that what you meant with that mate?
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gjgjg
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March 05, 2015, 10:19:44 PM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
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██████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
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mmortal03
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March 06, 2015, 01:00:48 AM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
This is supply inflation, not price inflation.
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specgamer
Sr. Member
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Activity: 252
Merit: 250
I love bitcoins.
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March 07, 2015, 02:39:51 AM |
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Very clearly presented chart
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██████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
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true-asset
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March 09, 2015, 09:46:05 PM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
This is supply inflation, not price inflation. Sorry for my lack of economic knowledge, but what is the real difference?
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Uro: A Real Long Term Currency, 1 URO = 1 metric tonne of Urea N46 fertilizer[/url] Urea N46 tracks gradual increases in energy and food prices over the long term.
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marcus_of_augustus
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Eadem mutata resurgo
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March 09, 2015, 10:07:40 PM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
This is supply inflation, not price inflation. Sorry for my lack of economic knowledge, but what is the real difference? ..somewhere from 18 months to 5 years, depending on the behaviour of the mob getting spooked into thinking their monies are losing purchasing power (inflation expectations), so largely perception driven and manipulable by TPTB pulling levers frantically, but ultimately inevitable.
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mmortal03
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March 10, 2015, 07:42:27 AM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
This is supply inflation, not price inflation. Sorry for my lack of economic knowledge, but what is the real difference? Supply inflation refers to new amounts of the currency being printed (in this case, mined). Price inflation refers to the currency's price/exchange rate devaluing relative to other goods (price of goods go up) or currencies (demand for other currencies goes up), even if the supply of the currency in question remains the same.
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painlord2k
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March 15, 2015, 12:50:25 PM |
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That chart does not even work because you would have to implement the bitcoin decline etc.
This is supply inflation, not price inflation. Sorry for my lack of economic knowledge, but what is the real difference? Supply inflation refers to new amounts of the currency being printed (in this case, mined). Price inflation refers to the currency's price/exchange rate devaluing relative to other goods (price of goods go up) or currencies (demand for other currencies goes up), even if the supply of the currency in question remains the same. It must be clear that currency inflation do not immediately become price inflation and the increase of currency do not translate in the same increase of prices. This because where the money flow it is not the same. For example: if the central bank create more USD and then loan to the bank and the bank give more mortgages to the people at lower interest rates, the price of the houses will increase first. Builders will get more money and they will start spend it is some way. With higher housing prices, builders will increase the rate of building and the prices of wood, sand, concrete, etc. will increase after the prices of housing. The price of bread would not increase until later, when the investments in producing foods will reduce, the people start spending the new currency units in food, cloths, etc. If people decided to save money, you could not see any price increase (apart for the housing bubble) for a few years. Until they start spending their savings.
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