adamstgBit
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April 01, 2014, 10:37:57 PM |
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Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC.... https://github.com/bitcoin/bips/blob/master/bip-0042.mediawikiAlthough it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.
This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.
To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.
Details
As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:
int64_t nSubsidy = 50 * COIN; // Subsidy is cut in half every 210,000 blocks // which will occur approximately every 4 years. nSubsidy >>= (nHeight / 210000); is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.
The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.
Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$ shame on you mmitech for spreading fud if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade fonzie go take a chill pill.
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adamstgBit
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April 01, 2014, 10:40:40 PM |
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Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC.... https://github.com/bitcoin/bips/blob/master/bip-0042.mediawikiAlthough it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.
This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.
To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.
Details
As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:
int64_t nSubsidy = 50 * COIN; // Subsidy is cut in half every 210,000 blocks // which will occur approximately every 4 years. nSubsidy >>= (nHeight / 210000); is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.
The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.
Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$ shame on you mmitech for spreading fud if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade fonzie go take a chill pill. wait is this an april fools joke? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) lmao
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seleme
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April 01, 2014, 10:41:56 PM |
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fonzie
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April 01, 2014, 10:43:33 PM |
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@adam ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) OK, i´ll talk a pill walk and will come back in a few hours.
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surfer43
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April 01, 2014, 10:44:06 PM |
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@adam ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) OK, i´ll talk a pill walk and will come back in a few hours. k, see u @ 600 CHINA BANS BITCOIN! "Cherish life, walk away from bitcoin" Zhang Niannian - PBOC Official. "Bitcoin generation maybe not limited to 21 million" Pieter Wuille-Bitcoin dev Nice signature.
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mmitech
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things you own end up owning you
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April 01, 2014, 10:45:54 PM |
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Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC.... https://github.com/bitcoin/bips/blob/master/bip-0042.mediawikiAlthough it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.
This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.
To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.
Details
As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:
int64_t nSubsidy = 50 * COIN; // Subsidy is cut in half every 210,000 blocks // which will occur approximately every 4 years. nSubsidy >>= (nHeight / 210000); is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.
The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.
Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$ shame on you mmitech for spreading fud if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade fonzie go take a chill pill. come on for god sake, it is screaming Aprils fool, so all of you can fool around and I cant ?
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Walsoraj
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April 01, 2014, 10:48:28 PM |
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Needs translation + proudhon confirmation.
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adamstgBit
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April 01, 2014, 10:48:53 PM |
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Guys did you read what Pieter Wuille Bitcoin dev wrote ? I have no intention to make any fud but Bitcoin generation maybe not limited to 21 million as sopposed to be, they still dont know how the client will behave when they reach the last Block reward, and they think it will start over from 50 BTC.... https://github.com/bitcoin/bips/blob/master/bip-0042.mediawikiAlthough it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.
This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default.
To combat this, this document proposes a controversial change: making Bitcoin's monetary supply finite.
Details
As is well known, Satoshi was a master programmer whose knowledge of C++ was surpassed only by his knowledge of Japanese culture. The code below:
int64_t nSubsidy = 50 * COIN; // Subsidy is cut in half every 210,000 blocks // which will occur approximately every 4 years. nSubsidy >>= (nHeight / 210000); is carefully written to rely on undefined behaviour in the C++ specification - perhaps so it can be hardware accelerated in future.
The block number is divided by 210000 (the "apparent" subsidy halving interval in blocks), and the result is used as input for a binary shift, applied to the original payout (50 BTC), expressed in base units. Thanks to the new-goldmine interval being exactly 64 times the halving interval, and 64 being the size in bits of the currency datatype, the cycle repeats itself every 64 halvings on all currently supported platforms.
Despite the nice showoff of underhanded programming skills - we want Bitcoin to be well-specified. Otherwise, we're clearly in for a bumpy ride MOTHER OF ALL FUD! HOLY SHIT! WE MIGHT SEE 0.0001$ shame on you mmitech for spreading fud if this isn't completely made up FUD, at most this is a bug, one the dev caught 32 years b4 it would become a problem, devs will fix it and you will upgrade fonzie go take a chill pill. come on for god sake, it is screaming Aprils fool, so all of you can fool around and I cant ? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Zule
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April 01, 2014, 10:53:10 PM |
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So in other words they are forbiden to have mandatory sex with bitcoin? Voluontary is just fine i guess
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chessnut
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April 01, 2014, 10:53:22 PM |
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seleme
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Duelbits.com
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April 01, 2014, 10:56:03 PM |
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So in other words they are forbiden to have mandatory sex with bitcoin? Voluontary is just fine i guess
Well, Chinese are definitely having hard sex with Bitcoin in last few months ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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April 01, 2014, 11:00:55 PM |
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billyjoeallen
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Hide your women
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April 01, 2014, 11:01:45 PM |
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So in other words they are forbiden to have mandatory sex with bitcoin? Voluontary is just fine i guess
That which is not forbidden is mandatory! In the name of freedom, of course.
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Dalmar
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April 01, 2014, 11:02:45 PM |
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Yet people keep on hodling here. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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MinermanNC
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April 01, 2014, 11:03:29 PM |
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that's interesting, lol seems they failed to mention that BTC has and can double just as easily almost over night, and where the price was just a year ago. 50.00 bucks ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) and all of the big names now excepting BTC as of late.
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surfer43
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April 01, 2014, 11:03:40 PM |
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This made me spit coca-cola all over my laptop. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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mmitech
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April 01, 2014, 11:04:32 PM |
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for the people who didnt get the Devs Joke, I didnt copy that because I thought some will read the Github post, but I think most of people here spend full time only on speculation so here : CompatibilityGiven the moderate time frame over which this change is to be implemented, we expect all miners to choose to screw themselves and deploy this change before 2214. If they don't, and a minority remains on the old code base, a fork may occur. Essentially, they'll be mining fool's gold after that time. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) also Hi all, I understand this is a controversial proposal, but bear with me please. I believe we cannot accept the current subsidy schedule anymore, so I wrote a small draft BIP with a proposal to turn Bitcoin into a limited-supply currency. Dogecoin has already shown how easy such changes are, so I consider this a worthwhile idea to be explored.The text can be found here: https://gist.github.com/sipa/9920696Please comment! Thanks, -- Pieter ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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surfer43
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April 01, 2014, 11:10:12 PM |
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Abstract Although it is widely believed that Satoshi was an inflation-hating goldbug he never said this, and in fact programmed Bitcoin's money supply to grow indefinitely, forever. He modeled the monetary supply as 4 gold mines being discovered per mibillenium (1024 years), with equal intervals between them, each one being depleted over the course of 140 years.
This poses obvious problems, however. Prominent among them is the discussion on what to call 1 billion Bitcoin, which symbol color to use for it, and when wallet clients should switch to it by default. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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