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Author Topic: Bitcoin's problem is the low rate of new coins  (Read 2166 times)
wingding
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April 21, 2013, 01:32:59 PM
 #41

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


Do you have any reference to that discussion? I would certainly like to read it.
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April 21, 2013, 04:38:50 PM
 #42

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?

+10000!!!!

Thank you! hopefully i'm not annoying people with my wild ideas, but here it goes.

here is the math:

Current bitcoin production average 3600 (+/- 400)/ day * 365 days = 1,314,000 BTC/ year   * (current value whatever it is, at the moment $130usd) = $170,800,000usd/year)

what if the interest increases? what if people are eager to enter the Bitcoin market? bitcoin will naturally scale so

increase the price to 1000  and you get = $1,314,000,000 USD/year  

what if it increases to world wide level demand?

increase the price to $200,000 USD/BTC =  $262,800,000,000 USD/year

what if the system tries to take the maximum amount of bitcoins possible all 21,000,000,000,000,000 USD/satoshiBTC?  = $27,594,000,000,000,000,000,000 USD/year

There is a lot of zero's past that decimal point.

The system scales my friends, the system scales.

In a way you got to remember that the fiat currencies inflate infinitely.... each coin can be worth an infinite amount of USD... one coin could be worth the entire world economy.

TO INFINITY AND BEYOND!

If you think my efforts are worth something; I'll keep on keeping on.
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April 21, 2013, 07:23:06 PM
 #43

Quote
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.
And actually that list is missing some entities as well Wink

Give me Btc: 1BRkf5bwSVdGCyvu4SyYBiJjEjbNiAQoYd Mine on my node: http://ask.gxsnmp.org:9332/
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April 22, 2013, 12:25:51 AM
 #44

Quote
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.

+10

Good work

If you think my efforts are worth something; I'll keep on keeping on.
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April 22, 2013, 12:31:40 AM
 #45

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

If you are going to whine at least get the facts right.  Since March 1st there have been 7,392 blocks producing 184,800 new BTC.  The Bitcoin money supply is growing at roughly a 12% annual rate (12% monetary inflation).



[/quote]

Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
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April 22, 2013, 06:02:08 PM
 #46

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

If you are going to whine at least get the facts right.  Since March 1st there have been 7,392 blocks producing 184,800 new BTC.  The Bitcoin money supply is growing at roughly a 12% annual rate (12% monetary inflation).




+1, and I would add that it is also incorrect to say they were produced by a very small community.  I think it is in the tens of thousands.
In any case, how many are produced is irrelevant. It is like saying there is not enough gold being mined to keep up with demand, therefore gold is useless as a store of value.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
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April 22, 2013, 06:05:06 PM
 #47

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.
+1
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April 22, 2013, 06:09:18 PM
 #48

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.
+1
Bitcoins are still being produced, and this will continue for over a century. You're also invited to join in the production.

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April 22, 2013, 06:55:56 PM
 #49

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.
+1
Bitcoins are still being produced, and this will continue for over a century. You're also invited to join in the production.
Yeah, what he said. How come gold miners don't have this kind of scorn? After all, they mine the gold and you are invited to buy it. You could try mining gold yourself, but you will likely not be successful. Same thing.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
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April 23, 2013, 07:11:42 AM
 #50

FFS, people...That's why we have Freicoin, Commie-Coin and, what I think is the best invention yet, DirtCoin. With DirtCoin, you don't need ANY mining hardware. You don't need a computer or a shovel or a sleuce. ANYone can obtain it, at any time, practically anywhere on the planet. An extremely modest demurrage is built into its core and new, clean Dirtcoins are being produced in numerous places around the world. If you cannot get to one of these production nodes, well, then you can just bend over and pick up some Dirtcoins to spend wherever Dirtcoins are accepted. Anyone can obtain it at any time with practically no investment whatsoever!

DirtCoins! An idea worth spending, hoarding, speculating, producing, legislating, overdesigning!


Now, let's give the forum a few years for the quadriplegics to show up and bitch about how unfair it is that they can't obtain any. By all means, hold your breath...  Roll Eyes

If you have more than 0.01BTC and complain about early adopters, please consider donating to this address: 1P11Dz4mhDcJvetHqEJu35KNEVqSRmqo3b
General Tips: 1P4YfrYwQKKtfwszzb2aHgLVLiWQCrJfwi
myrkul
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April 23, 2013, 07:19:34 AM
 #51

FFS, people...That's why we have Freicoin, Commie-Coin and, what I think is the best invention yet, DirtCoin. With DirtCoin, you don't need ANY mining hardware. You don't need a computer or a shovel or a sleuce. ANYone can obtain it, at any time, practically anywhere on the planet. An extremely modest demurrage is built into its core and new, clean Dirtcoins are being produced in numerous places around the world. If you cannot get to one of these production nodes, well, then you can just bend over and pick up some Dirtcoins to spend wherever Dirtcoins are accepted. Anyone can obtain it at any time with practically no investment whatsoever!

DirtCoins! An idea worth spending, hoarding, speculating, producing, legislating, overdesigning!


Now, let's give the forum a few years for the quadriplegics to show up and bitch about how unfair it is that they can't obtain any. By all means, hold your breath...  Roll Eyes



/thread.

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April 23, 2013, 07:23:02 AM
 #52

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."

Apparently I will never be an early adopter, because I didn't take this course.  I was the same for only the first few steps:
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.
Realize that I am now in a new land, with a new currency, and penniless.  Start working for a living to earn coin.

I'm still pretty close to penniless, but at least I'm not whining all the time.
myrkul
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April 23, 2013, 07:32:07 AM
 #53

Realize that I am now in a new land, with a new currency, and penniless.  Start working for a living to earn coin.

Given the course of many people who did that with the USD, You may end up one of the richest bitcoiners around. Or living in a hotel, married to a pigeon.

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April 23, 2013, 09:20:15 AM
 #54

Everyone has to remember that we are all Early adopters, we only have a 1.6 billion dollar market cap... we got 50 trillion dollars to go... spend your hard earned bitcoins, the more you use them the more valuable they become, So I'm going to order pizza with my bitcoins, that's my vote, I support pizza bought with bitcoins, I want to see more of that.

Bitcoin encourages saving; yes it does.

Bitcoin encourages hoarding? Certainly not; Your mindset has to change, with a system like this spending and saving makes what you have worth a lot more; Stop thinking like it's FIAT.

If you think my efforts are worth something; I'll keep on keeping on.
I don't believe in IQ, only in Determination.
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