2013-05-19 DNA India: Bitcoin mine or minefield

[Benson Samuel]

http://www.dnaindia.com/lifestyle/1836651/report-bitcoin-mine-or-minefield

[Foxpup]

“They can say it’s illegal tomorrow, but then they will have to monitor a combination of 34 alphabets going from one computer to another,” says Samuel. That is somewhat impossible.

Say what? I think something got lost (or added) in translation here.

“Till 2040 the number of BTCs cannot exceed 21 million (therefore only 9 million more can be mined in the next 27 years).”
...
The number of new bitcoins that can be mined is halved every four years until the year 2140, when this number will come to zero. Currently, there are a little over 11 mn bitcoins in circulation and only 21 mn can be mined till 2040.

Dammit, if you're going to be wrong about something, at least be consistently wrong in the hope that nobody will notice. Is that really too much to ask?

[Benson Samuel]

“They can say it’s illegal tomorrow, but then they will have to monitor a combination of 34 alphabets going from one computer to another,” says Samuel. That is somewhat impossible.

Say what? I think something got lost (or added) in translation here.

“Till 2040 the number of BTCs cannot exceed 21 million (therefore only 9 million more can be mined in the next 27 years).”
...
The number of new bitcoins that can be mined is halved every four years until the year 2140, when this number will come to zero. Currently, there are a little over 11 mn bitcoins in circulation and only 21 mn can be mined till 2040.

Dammit, if you're going to be wrong about something, at least be consistently wrong in the hope that nobody will notice. Is that really too much to ask?

Lol, way too much got lost in the translation. I have mailed the reporter.

Have added some comments on the page as well as I am not sure if they will change the article.

[Realpra]

Maybe he got confused, the 2040 year figure gets thrown around a lot, but usually saying ~90% will have been generated by then yadada.
He's not wrong though, less than 21 million will have been made in 2040...

[odolvlobo]

“Till 2040 the number of BTCs cannot exceed 21 million (therefore only 9 million more can be mined in the next 27 years).”
...
The number of new bitcoins that can be mined is halved every four years until the year 2140, when this number will come to zero. Currently, there are a little over 11 mn bitcoins in circulation and only 21 mn can be mined till 2040.

Dammit, if you're going to be wrong about something, at least be consistently wrong in the hope that nobody will notice. Is that really too much to ask?

I think it is just the result of a typo. 2140 is the year that the reward is supposed to go to 0 (though it will probably be many years sooner).

[Benson Samuel]

“Till 2040 the number of BTCs cannot exceed 21 million (therefore only 9 million more can be mined in the next 27 years).”
...
The number of new bitcoins that can be mined is halved every four years until the year 2140, when this number will come to zero. Currently, there are a little over 11 mn bitcoins in circulation and only 21 mn can be mined till 2040.

Dammit, if you're going to be wrong about something, at least be consistently wrong in the hope that nobody will notice. Is that really too much to ask?

I think it is just a typo. 2140 is the year that the reward is supposed to go to 0 (though it will probably be many years sooner).

They have printed something else in the hard copy.

Will take a pic of that piece and post when I can.

[BTCLuke]

Did anyone else start foaming at the mouth and shoot steam out of their ears when the supposed bitcoin "supporter" by the name of "Doctor" in that article said he's working towards finding a way to help governments identify the users of bitcoins?

This person needs to die slowly in a fire.