Bitcoin's problem is the low rate of new coins

[wingding]

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?

No that is not fast enough.

[1713447344]

1713447344

[1713447344]

1713447344

[1713447344]

1713447344

[wingding]

This is what is needed:

[myrkul]

3600 a day not fast enough for you?

No that is not fast enough.

What about 3600000?
Or maybe 3600000000?
How about 360000000000?

[alexeft]

3600 a day not fast enough for you?

No that is not fast enough.

What about 3600000?
Or maybe 3600000000?
How about 360000000000?

It wouldn't matter then. Bitcoin would be as worthless as fiat!

[wingding]

It wouldn't matter then. Bitcoin would be as worthless as fiat!

No. If those new 3600 coin were sold at $1000, it would only accomodate $1.2 billion a year. That is not enough for bitcoin to get out of the sandbox.

[bb113]

It wouldn't matter then. Bitcoin would be as worthless as fiat!

No. If those new 3600 coin were sold at $1000, it would only accomodate $1.2 billion a year. That is not enough for bitcoin to get out of the sandbox.

So what are you suggesting? Dump all the bitcoins and adopt some "other" coin just because. No matter what there will be early adopters, those who scoff at it and then are angry later.

[myrkul]

No. If those new 3600 coin were sold at $1000, it would only accomodate $1.2 billion a year. That is not enough for bitcoin to get out of the sandbox.

You have no idea what you're talking about. We're already a bigger economy than Nicaragua.

[luffy]

don't stuck only to BTC. there are more coins out there and more to come, enough for every member of the galaxy.
enjoy this technological ride

[wingding]

don't stuck only to BTC. there are more coins out there and more to come, enough for every member of the galaxy.
enjoy this technological ride

A good point

[Frequency]

Lots of hoarded coins will get in when they (hoarders) feel they get the right price .. Let say to buy stuff with coins or turn some in to fiat to spend on morgages and cars they never could afford, now is just not the time to buy everything u need with btc YET..

Longterm there will flow enough into the economie more then enough...!! Just no yet..! 

[alexeft]

don't stuck only to BTC. there are more coins out there and more to come, enough for every member of the galaxy.
enjoy this technological ride

Indeed!!

Hey, I just made alexeft-coin! Want to buy some?  

[batcoin]

  This thread...

[ChanceCoats123]

It wouldn't matter then. Bitcoin would be as worthless as fiat!

No. If those new 3600 coin were sold at $1000, it would only accomodate $1.2 billion a year. That is not enough for bitcoin to get out of the sandbox.

$1000 is not the current price. If btc is t to succeed, the value must be much higher. How do you think that value will rise if everyone has 50,000btc as soon as they open the program? You must do something for your btc and early adopters have done their share.

[Jobe7]

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."

Excellently put.

[Jobe7]

Dear OP,

There are currently OVER

1,000,000,000,000,000 Satoshi's (bitcoin) - 1 Quadrillion (tbh, I think I did my maths wrong and it should be 10 quadrillion satoshi's atm)

(10 millionx 100000000 (1 btc))


1,000,000,000 billion
100,000,000,000 billion

Thats counting it at 10 million, and as I hope you know, there's over 10 mil btc around atm.

So.... my question to you OP is ..

Do you think 1,000,000,000,000,000, considering the current interest, and that the world population is roughly 7 billion, is enough to go around then?

Or do you still think there's not enough? And if you think that 1 or 10 quadrillion is NOT enough for the current supply/demand, and the upcoming supply and demand, then how much DO you think would be enough?

[johnyj]

Actually there was a discussion about keeping coin generation rate forever at 50 coins per block, but the linear increase of coin supply would still make any newly generated coins insignificant comparing to all the existing coins, just the curve is not that steep

But the impression is totally different

1. Daily coin generation is 7200 coins
2. Total coin generation will be 21M

Comparing the two statements, the second one obviously give the impression of a limited supply, while the first one still feels like endless supply. This impression affect people's interest and trust, in the first case, bitcoin might never reach the status it has today

[Jobe7]

Steady decrease over time = less produced as it becomes more widely accepted. Which means that the btc in circulation has the chance to grow appropriately. As money-inflation supply decreases value increases and the desire to hold some increases which in turn increases the market and the business desire to do business with a market full of bitcoiners eager to spend their btc.

Supply decreasing also gives incentives to miners choosing to mine transaction blocks primarily, which encourages businesses to adopt transaction fees, which will mean that by the time final production of btc ends that there will be a steady transaction fee market so that miners will be comfortable to stay mining.

The amount of new people being introduced each day, and buying 1 btc when they get introduced vs 3600 btc produced per day.

Bit hard to judge this one, as you need to look at various sites that show how many 'new wallets' they get, but then, how many of these are new people to btc?

When you have 3600 new people per day, buying an average of 1 btc per day .. what happens when you have 7200 people .. per day.

Anyway .. hope what I said is a bit understandable, cba to write a paper, and you probably wouldn't read it anyway.

A good way to understand why a 'low' rate of new coins and a steady decrease is a most excellent idea is to spin it on its head, and figure out what would happen if it was a steady increase in the rate of coins culminating at a sudden cut off at 21 million (which would probably happen within a couple of years at that rate).

Just to add .. IF btc was produced faster as you suggest, or even faster, and all 21 million were to be mined by this August 2013. Then don't you think that ALL the btc would most definitely be in the hands of the minority. THAT would be a bad thing, then btc would die, or at least grow extremely slowly, but most likely die. Spreading it out nice and steady and encouraging current holders to spread it out is a very very good thing. Don't think short term 'I wanna make lotsa money!!", think long term "I want to save the world."

OK, maybe saving the world is too much for a lot of people, but having some Satoshi is a good step towards that

Satoshi Nakomoto is a genius, and thought long term.

[batcoin]

If bitcoin is to succeed...

I see this shit in just about every thread just like this one. I was going to save your asses a lot of trouble and just post the info here about all the businesses that transact in Bitcoin, but, alas, our trusty forum software only allows posts with less than 64 000 characters. I guess I will just have to put a link here instead and trust that you will click on it and actually read it.

Bitcoin IS succeeding!

And quite nicely without all the meddling chimpanzery that the newcomers with their Keynesian economics degrees and certificates and training would like to impose upon it.

[myrkul]

If bitcoin is to succeed...

I see this shit in just about every thread just like this one. I was going to save your asses a lot of trouble and just post the info here about all the businesses that transact in Bitcoin, but, alas, our trusty forum software only allows posts with less than 64 000 characters. I guess I will just have to put a link here instead and trust that you will click on it and actually read it.

Bitcoin IS succeeding!

And quite nicely without all the meddling chimpanzery that the newcomers with their Keynesian economics degrees and certificates and training would like to impose upon it.

I like you, you're good people.

[wingding]

Just to add .. IF btc was produced faster as you suggest, or even faster, and all 21 million were to be mined by this August 2013. Then don't you think that ALL the btc would most definitely be in the hands of the minority. THAT would be a bad thing, then btc would die, or at least grow extremely slowly, but most likely die. Spreading it out nice and steady and encouraging current holders to spread it out is a very very good thing. Don't think short term 'I wanna make lotsa money!!", think long term "I want to save the world."

OK, maybe saving the world is too much for a lot of people, but having some Satoshi is a good step towards that

Satoshi Nakomoto is a genius, and thought long term.

Thanks for  a reply with a rationale, rather than the religious kind.

You misunderstood me at a key point: Yes I want a faster coin production - but I want it to remain constant. Not to stop. I know the volume would be ever increasing, but I think the increased demand would keep infaltion well down, and one would still have defaltion.