Great interview with Jeffrey Tucker

[djalexr]

http://www.youtube.com/watch?v=qwy5kgwvzE4

Best interview about bitcoin I've yet come across

[1714113078]

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[1714113078]

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[Spaceman_Spiff]

interesting interview indeed, move this to press section?

[mai77]

are those dudes gay by any chance?

[marcus_of_augustus]

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or



... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi

[unk]

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

that's like saying 'why are there twelve notes in the chromatic musical scale? it's the result of the space between the notes.'

the number is arbitrary. it was one of several magic numbers satoshi chose, basically as educated guesses to favour bitcoin's adoption. i think he described them in exactly those terms once.

[mestar]

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

Then the interviewer asks, why 50, why 10 minutes and why 4 years.

The guy correctly answered that it was arbitrary.

[djalexr]

are those dudes gay by any chance?

he does look a bit like a gay bruce willis

[Piper67]

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or



... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi

Mechanistic =/ Teleological

Bitcoin needs fewer mathematicians and more philosophers 

[hugolp]

are those dudes gay by any chance?

As far as I know he is married to a woman, but Ill admit that he is so well manered and soft spoken that you wonder the first time. Give him a try, he is an amazing thinker.

[mai77]

also for an American he also has almost a unique kind of accent. sounds neither US nor Brit nor Aussi... weird  

[marcus_of_augustus]

The interviewer asked "why 21 million?" and Tucker stumbled over that one somewhat I thought.

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

After 210,000 blocks 10.5 million btc were created. Now if we half the number being created every 210,000 blocks we will never quite reach exactly twice as many as were created in the first period ...

i.e. 10.5 + 5.25 + 2.625 + 1.3125 + .... = 21

And the general formula for this sum is one of the most well-known summations from mathematics ...

Zeno's dichotomy summation

or



... computer guys will enjoy the infinity of base-2 exponents in the denominator, another hat-tip from Satoshi

Mechanistic =/ Teleological

Bitcoin needs fewer mathematicians and more philosophers 

Actually no ... without math bitcoin would not work. Or know any good philosophers that can program?

[marcus_of_augustus]

It is basically a result of the period of the reward halving algorithm and the choice for the initial block reward of 50 btc.

that's like saying 'why are there twelve notes in the chromatic musical scale? it's the result of the space between the notes.'

the number is arbitrary. it was one of several magic numbers satoshi chose, basically as educated guesses to favour bitcoin's adoption. i think he described them in exactly those terms once.

you have reversed cause and effect to make a nonsensical non-point ... the choice for 50 per block implies it was arbitrary, the 21 million is a result of the halving algorithm applied to the arbitrary 50 btc per block choice.