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Author Topic: Bitcoin's problem is the low rate of new coins  (Read 4003 times)
wingding
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April 19, 2013, 05:52:47 PM
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Bitcoin got real public attention in early March. At that point 11 million coins were produced by a very small community.
Since then only 7000 new coins has been created, or a 0.06% of the total supply. But the people interested in bitcoin have increased probably by thousands or even millions. So the only way for bitcoins to get massive adaptation is by sell-off from a small community that was in early. In other words, a small number of people is in charge of the money supply. I don’t think this is a good starting point for bitcoin to obtain broad adaptation.



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April 19, 2013, 05:56:39 PM
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Even if one bitcoin per day were produced it would be enough. We would simply be using amounts like BTC0.000024. It is not a dollar bill.

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April 19, 2013, 06:00:26 PM
 #3

When I was born, somebody else had all the money too.

25 BTC * 144 = 3600 BTC per day (or more) that are created. We are printing half a million dollars worth of Bitcoin a day, which would be inflation if it wasn't for more value and interest than that coming into the Bitcoin economy.

wingding
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April 19, 2013, 06:02:20 PM
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Even if one bitcoin per day were produced it would be enough. We would simply be using amounts like BTC0.000024. It is not a dollar bill.

You are missing my point: First all bitcoins are produced (by one guy - or a few thousands, does not matter) then, the rest of the world are invited to come and buy their coins.

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April 19, 2013, 06:06:35 PM
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Even if one bitcoin per day were produced it would be enough. We would simply be using amounts like BTC0.000024. It is not a dollar bill.

You are missing my point: First all bitcoins are produced (by one guy - or a few thousands, does not matter) then, the rest of the world are invited to come and buy their coins.

People were being invited the whole time but being laughed at for it being a joke or pyramid scheme. First come, first serve is the fairest way to initially distribute an experimental currency. Just get some to try it out as currency.
alexeft
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April 19, 2013, 06:18:47 PM
 #6

To OP: isn't it fair that early adopters own more of the bitcoin wealth just because they had to endure more risk for more time than others? Not to mention mocking and outright accusations of crimes!!!  Huh
myrkul
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April 19, 2013, 06:30:41 PM
 #7

Life cycle of a Bitcoiner:
Hear about Bitcoin. Look into it, decide not to get in. Too risky.
Several months pass.
Hear about Bitcoin again, see how much the price has risen.
Buy a few coins, so as to not be left out.
Bitch about "early adopters" and how they "have all the coins."
"Early adopters" tell you to quit whining.
Post new thread about "fatal flaw" in Bitcoin.
Get told that "fatal flaw" is feature, not bug, get pointed to 9000 other threads where same "flaw" is discussed.
Tell friends about Bitcoin. They decide not to get in. Too risky.
Several months pass.
New users flood in, and start posting threads bitching about "early adopters" and how they "have all the coins."
Tell new users to quit whining about "early adopters".
Realize that you are now an "early adopter."

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April 19, 2013, 06:36:40 PM
 #8

Life cycle of a Bitcoiner:
Hear about Bitcoin. Look into it, decide not to get in. Too risky.
Several months pass.
Hear about Bitcoin again, see how much the price has risen.
Buy a few coins, so as to not be left out.
Bitch about "early adopters" and how they "have all the coins."
"Early adopters" tell you to quit whining.
Tell friends about Bitcoin. They decide not to get in. Too risky.
Several months pass.
New users flood in, and start posting threads bitching about "early adopters" and how they "have all the coins."
Tell new users to quit whining about "early adopters".
Realize that you are now an "early adopter."

+1000 Really big knowledge in this words.

justusranvier
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April 19, 2013, 06:40:42 PM
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Life cycle of a Bitcoiner:
Hear about Bitcoin. Look into it, decide not to get in. Too risky.
Several months pass.
Hear about Bitcoin again, see how much the price has risen.
Buy a few coins, so as to not be left out.
Bitch about "early adopters" and how they "have all the coins."
"Early adopters" tell you to quit whining.
Tell friends about Bitcoin. They decide not to get in. Too risky.
Several months pass.
New users flood in, and start posting threads bitching about "early adopters" and how they "have all the coins."
Tell new users to quit whining about "early adopters".
Realize that you are now an "early adopter."
You left out the part where you you assume you've discovered a fatal flaw that nobody in the entire history of the project has ever thought of before, so you start a new thread on the forum to announce your finding without bothering to perform a cursory search to see if there aren't already over 9000 threads and 42 wiki articles already talking about it.
alexeft
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April 19, 2013, 06:43:03 PM
 #10

Life cycle of a Bitcoiner:
Hear about Bitcoin. Look into it, decide not to get in. Too risky.
Several months pass.
Hear about Bitcoin again, see how much the price has risen.
Buy a few coins, so as to not be left out.
Bitch about "early adopters" and how they "have all the coins."
"Early adopters" tell you to quit whining.
Tell friends about Bitcoin. They decide not to get in. Too risky.
Several months pass.
New users flood in, and start posting threads bitching about "early adopters" and how they "have all the coins."
Tell new users to quit whining about "early adopters".
Realize that you are now an "early adopter."

So true and really irritating.
myrkul
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April 19, 2013, 06:44:07 PM
 #11

Life cycle of a Bitcoiner:
Hear about Bitcoin. Look into it, decide not to get in. Too risky.
Several months pass.
Hear about Bitcoin again, see how much the price has risen.
Buy a few coins, so as to not be left out.
Bitch about "early adopters" and how they "have all the coins."
"Early adopters" tell you to quit whining.
Tell friends about Bitcoin. They decide not to get in. Too risky.
Several months pass.
New users flood in, and start posting threads bitching about "early adopters" and how they "have all the coins."
Tell new users to quit whining about "early adopters".
Realize that you are now an "early adopter."
You left out the part where you you assume you've discovered a fatal flaw that nobody in the entire history of the project has ever thought of before, so you start a new thread on the forum to announce your finding without bothering to perform a cursory search to see if there aren't already over 9000 threads and 42 wiki articles already talking about it.
Oh, right. That goes in between '"Early adopters" tell you to quit whining.' and 'Tell friends about Bitcoin. They decide not to get in. Too risky'

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RodeoX
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April 19, 2013, 07:02:21 PM
 #12

Even if one bitcoin per day were produced it would be enough. We would simply be using amounts like BTC0.000024. It is not a dollar bill.

You are missing my point: First all bitcoins are produced (by one guy - or a few thousands, does not matter) then, the rest of the world are invited to come and buy their coins.
The coins are not given away. It takes time, equipment and a lot of electricity to produce coins. Anyone who wants to try can start mining. You could plop down $20k for a mining rig and do it yourself. I don't see how it could be more fair.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
botlove
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April 19, 2013, 07:21:40 PM
 #13

The rate of new coins is a known number.   The whole world can plan and factor that into their calculations.  It's really not hard - supply versus greed, demand versus panic. Besides, it's only a few years old... improving every day...  And what have YOU done to contribute to improvements?
cbeast
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Let's talk governance, lipstick, and pigs.


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April 19, 2013, 07:23:40 PM
 #14

The Bitcoin community of active miners is larger than the staff of Google, yet their stock is valued over $600. That hardly seems fair that we have to pay so much for something issued by so few people.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
ZephramC
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April 19, 2013, 07:34:35 PM
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Even if one bitcoin per day were produced it would be enough. We would simply be using amounts like BTC0.000024. It is not a dollar bill.
With the current transaction fees or with lower fees? :-]

Btw. : Lifecycle of the bitcoiner - This should be archived for future generations newbies. :-]
Severian
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April 19, 2013, 07:37:39 PM
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In other words, a small number of people is in charge of the money supply.

It sounds like you'd better get mining.
tooniz
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April 19, 2013, 07:53:47 PM
 #17

The Bitcoin community of active miners is larger than the staff of Google, yet their stock is valued over $600. That hardly seems fair that we have to pay so much for something issued by so few people.

Are you kidding, are you so blind that you don't see how much value Google provides? Everyday, I pay nothing to do ~20 searches a day, get best email service in the world, get best calendar in the world, and get a couple minutes of entertainment from YouTube.

Maybe I should correct myself, I am sure even blind people get a lot of value out of google.
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April 19, 2013, 08:03:22 PM
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The Bitcoin community of active miners is larger than the staff of Google, yet their stock is valued over $600. That hardly seems fair that we have to pay so much for something issued by so few people.

Are you kidding, are you so blind that you don't see how much value Google provides? Everyday, I pay nothing to do ~20 searches a day, get best email service in the world, get best calendar in the world, and get a couple minutes of entertainment from YouTube.

Maybe I should correct myself, I am sure even blind people get a lot of value out of google.

For what price??

Nothing is free my friend, google uses your personal details. I think they possess the most valuable lump of information and you can be sure that they get money for it. Think for a second, would you run these services if it wouldn't worth it financially? ;-) the devil is in the details.
wingding
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April 19, 2013, 08:25:23 PM
 #19

I do not intend to 'bitch' about early adapters and stuff like that. I have no problems with people making lots of money, especially not those who made bitcoin possible. I think more about the possibility for bitcoin to actually get massive adaptation. I believe the 'real' succesful coin will be one that has a fast growth during a few years while the world is accommodating it.

myrkul
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April 19, 2013, 08:47:29 PM
 #20

I do not intend to 'bitch' about early adapters and stuff like that. I have no problems with people making lots of money, especially not those who made bitcoin possible. I think more about the possibility for bitcoin to actually get massive adaptation. I believe the 'real' succesful coin will be one that has a fast growth during a few years while the world is accommodating it.



3600 a day not fast enough for you?

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