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Author Topic: The Supply of Bitcoin Is Limited. The Supply of Cryptos Isn't!  (Read 1895 times)
bitlind
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July 31, 2018, 11:05:18 AM
 #141

It gives us the reason why we want to earn bitcoins more. More miners and earners the more it will limited its supply and in that reason the more rises its price.

I'm badly need to it also. I have limited income even if I've working in a company.
Today people want to use every method of earning Bitcoin. It depends on your personal way go to choose to get your money. For me many ways are comfortable.

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July 31, 2018, 11:22:57 AM
 #142

So, if Bitcoin really takes off, we think we have an honest, state-free money.  No central bank, or anyone, can create bitcoins past the 21 million limit.

Correct?  In practice, no.

What Western central banks are doing now is getting us used to the idea of multiple cryptocurrencies being viable.  When they use their printed money to buy some new cryptos, their values go up.  

One simple example of how they can continue to expand their money supply is to have a basket of cryptos against which they 'manage' exchange rates with dollars, euro, etc.  Say, at first this basket contains 1 BTC, 10 ETH, and 100 LTC, and the Fed and US government have an official or unofficial policy of keeping this basket at the price of $100K, with a combination of keeping money printing and public debt under control, and selling the BTC/ETH/LTC in its vaults to scare savers away from moving their dollars into coins.

As time goes on, the Fed will want to create more dollars.  (As it always has.)  Then they will  buy up lots of new cryptocurrency XYZ (cheap) with their dollars, and raise the price of XYZ.  After XYZ has 'proven itself in the market with its technical superiority,' the Fed will add it to the basket, and the new basket will be priced at $120K.  Since the 'base money' has expanded by 20%, the number of dollars can also be expanded by 20%.

This is only one of many variations.  The Fed doesn't even have to declare a basket (as mentioned above.)  Whatever it buys will rise in value, and will become part of the 'basket'.  Whatever it abandons will die out.  It will have all the power.

The system will be no different from the early days of gold and silver standards, but with a new twist: there are an unlimited number of new gold and silver mines, and only central banks know where they are!

So, I'm still thinking that gold and silver, whose scarcity is secured by physics, rather than computer code, are the superior forms of money for improving our freedom from governments and bankers.

That is like you making your own fake dollar and then going outside telling people there are more dollars now. Yet your dollar would be even more worthless.
It's like making copies of the most visited websites and then claiming you are taking their market share.
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July 31, 2018, 12:19:57 PM
 #143

that's what has been designed on bitcoin since the beginning, that the supply is limited to 21 million. while newly emerging altcoins have no supply limit.

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July 31, 2018, 12:29:12 PM
 #144

This is only one of many variations.  The Fed doesn't even have to declare a basket (as mentioned above.)  Whatever it buys will rise in value, and will become part of the 'basket'.  Whatever it abandons will die out.  It will have all the power.

The system will be no different from the early days of gold and silver standards, but with a new twist: there are an unlimited number of new gold and silver mines, and only central banks know where they are!

So, I'm still thinking that gold and silver, whose scarcity is secured by physics, rather than computer code, are the superior forms of money for improving our freedom from governments and bankers.

Very true point I think. The banks can just look around for new "assets" to buy in order to "back" their currency. Sure, bitcoin is capped at 21 mil, but there are always new ones that they can gobble up and then use that as a reason to keep printing (or issuing a digital version) dollars.

The only thing I see holding them back is risk of snapping up an unworthy coin. Or being tricked into snapping up an unworthy coin by someone who knows exactly what they're doing. This could cause a bit of chaos as the coin collapses or turns out to be a ponzi scheme...
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August 03, 2018, 07:21:47 AM
 #145

It gives us the reason why we want to earn bitcoins more. More miners and earners the more it will limited its supply and in that reason the more rises its price.

I'm badly need to it also. I have limited income even if I've working in a company.
Today people want to use every method of earning Bitcoin. It depends on your personal way go to choose to get your money. For me many ways are comfortable.
Basically there are so many chances and opportunities that are being provided by bitcoin. People from different backgrounds and different educational skills are continuously entering into this world. How can one become so ignorant to not be agreed to earn money from this reliable source. Anyone who came here had something good as results. Good luck to everyone.
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August 03, 2018, 08:26:19 AM
 #146

It's not clear for me on how crypto currency is actually backed up. A friend of mine already explained it and it ended up me just nodding. But what i known is, all crypto currencies, Bitcoin and otherwise, have a limited number of coins. They don't create more and if they did, they price will dip to correct the inclusion of new coins.

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