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Author Topic: Bitcoin does not have limited supply  (Read 1093 times)
becometa.pl
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November 19, 2017, 12:42:13 PM
 #21

I think you do not understand how it works. Hardfork does not alter the maximum supply of bitcoin, it just creates an altcoin based on the current blockchain. But bitcoin will still have 21M maximum supply. If ever the hardforked coin survives, it is just an altcoin and will compete with bitcoin on the market.
I think original poster resisted on fact that no matter how good/bad hardfork is, original Bitcoin users are going to receive it's token so..  Smiley

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November 19, 2017, 12:43:34 PM
 #22

I think you do not understand how it works. Hardfork does not alter the maximum supply of bitcoin, it just creates an altcoin based on the current blockchain. But bitcoin will still have 21M maximum supply. If ever the hardforked coin survives, it is just an altcoin and will compete with bitcoin on the market.
I think original poster resisted on fact that no matter how good/bad hardfork is, original Bitcoin users are going to receive it's token so..  Smiley

You really don't get it do you?

A person wants to invest 100 USD of real money in cryptocurrencies. If there was only one crypto - Bitcoin - with a limited supply, then over time you can argue price will go up as long as that person really want to by crypto for his USD. But when you then have more and more cryptocurrencies, some of the people will choose to put their 100USD in competing cryptos. And this means in reality that the supply of crypto currency is growing exponentially and without limits
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November 19, 2017, 12:49:44 PM
 #23

The fork was made to introduce a coin that can probably divert the bitcoin market not increase the supply of bitcoin none in this place or even no one can increase the supply of bitcoin this thing makes bitcoin weak because as the demand continue growing the supply need to accomodate them all but since its limited the only way is to increase the value of bitcoin.

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November 19, 2017, 12:51:20 PM
 #24

The fork was made to introduce a coin that can probably divert the bitcoin market not increase the supply of bitcoin none in this place or even no one can increase the supply of bitcoin this thing makes bitcoin weak because as the demand continue growing the supply need to accomodate them all but since its limited the only way is to increase the value of bitcoin.

The cryptoes are fungible, hence doesn't matter what you label them
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November 19, 2017, 12:54:26 PM
 #25


You really don't get it do you?

A person wants to invest 100 USD of real money in cryptocurrencies. If there was only one crypto - Bitcoin - with a limited supply, then over time you can argue price will go up as long as that person really want to by crypto for his USD. But when you then have more and more cryptocurrencies, some of the people will choose to put their 100USD in competing cryptos. And this means in reality that the supply of crypto currency is growing exponentially and without limits
You could make the same argument for any investable asset.

There are tens of thousands of stocks and bonds, and yet many investors pour large sums into them.

You could also say that if another online retailer starts up, then that somehow devalues Amazon.

I see the same thing with Bitcoin and other (forked) cryptos and alt coins.

Bitcoin is like Amazon or Apple and, until a better crypto appears, all the others are like Poundland.

While there is unlimited fiat money waiting to be invested, there will continue to be growing demand for Bitcoin,
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November 19, 2017, 12:55:21 PM
 #26

It does not affect the maximum suppply of Bitcoin. If you fork Bitcoin there would be an altcoins (Name of the fork) + Bitcoin) They are trying to make a 2.0 Version of bitcoin. It would not really change anything with Bitcoin it self.

You really don't get it do you?

A person wants to invest 100 USD of real money in cryptocurrencies. If there was only one crypto - Bitcoin - with a limited supply, then over time you can argue price will go up as long as that person really want to by crypto for his USD. But when you then have more and more cryptocurrencies, some of the people will choose to put their 100USD in competing cryptos. And this means in reality that the supply of crypto currency is growing exponentially and without limits
That's cryptocurrency as whole, not the supply of bitcoin, that is a two different things. Bitcoin always has a finite supply of 21 mil and you can't change that even with endless fork. On the other hand, people are free to create their own cryptocurrency, if it's good people will use it, it will survive and become alts, if it's dead then it's just like another shitcoin.

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November 19, 2017, 12:56:37 PM
 #27

It is fascinating to see for us investors to see that the number of bitcoin supplies is are always met our demands which is a bonus to us bitcoin users. Because this is one factor which is huge for factor for a trading business because one of the basics in surviving in a economical industry of ours is to always meet up the demand of your consumer because if you cannot hit the demand then it is a huge setback for your consumers.
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November 19, 2017, 12:57:45 PM
 #28

No, the supply is limited. If someone forked bitcoin then it will become a different coin, completely different than the bitcoin itself.
The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )

Th forking (or absence of it) does not effect Bitcoin's supply. At best, you can consider it as a "gift" to all bitcoin holders, which will increase the overall worth. It in no way impacts the overall supply of 21 Mn, which is set in stone.

That is precisely my point. I create "Bitcoin2" by forking. Then I create "Bitcoin3" and so on and so on. In reality what I am doing is issuing more Bitcoin. That I call it a different name does not change the reality.
You create bitcoin A B C or something else but the amount of your original bitcoin is still the same.You are issuing another coin, forked from bitcoin. You can fork bitcoin 10 times but it will be useless if no one support that chain.

I agree with your assessment if that fork did not get enough support they will just be considered as altcoin with the name bitcoin on it, there's only one bitcoin and it's supply is limited and cannot be changed.

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November 19, 2017, 12:58:45 PM
 #29


You really don't get it do you?

A person wants to invest 100 USD of real money in cryptocurrencies. If there was only one crypto - Bitcoin - with a limited supply, then over time you can argue price will go up as long as that person really want to by crypto for his USD. But when you then have more and more cryptocurrencies, some of the people will choose to put their 100USD in competing cryptos. And this means in reality that the supply of crypto currency is growing exponentially and without limits
You could make the same argument for any investable asset.

There are tens of thousands of stocks and bonds, and yet many investors pour large sums into them.

You could also say that if another online retailer starts up, then that somehow devalues Amazon.


And it does. It is called competition.

You really do not get it.
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November 19, 2017, 12:58:53 PM
 #30

I think you do not understand how it works. Hardfork does not alter the maximum supply of bitcoin, it just creates an altcoin based on the current blockchain. But bitcoin will still have 21M maximum supply. If ever the hardforked coin survives, it is just an altcoin and will compete with bitcoin on the market.
Yes bitcoin really does not have limited supply. The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencies . Bitcoin is really successful.
freightjoe
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November 19, 2017, 12:59:33 PM
 #31

No, the supply is limited. If someone forked bitcoin then it will become a different coin, completely different than the bitcoin itself.
The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )

Th forking (or absence of it) does not effect Bitcoin's supply. At best, you can consider it as a "gift" to all bitcoin holders, which will increase the overall worth. It in no way impacts the overall supply of 21 Mn, which is set in stone.

That is precisely my point. I create "Bitcoin2" by forking. Then I create "Bitcoin3" and so on and so on. In reality what I am doing is issuing more Bitcoin. That I call it a different name does not change the reality.
You create bitcoin A B C or something else but the amount of your original bitcoin is still the same.You are issuing another coin, forked from bitcoin. You can fork bitcoin 10 times but it will be useless if no one support that chain.

I agree with your assessment if that fork did not get enough support they will just be considered as altcoin with the name bitcoin on it, there's only one bitcoin and it's supply is limited and cannot be changed.

You argument si completely flawed, because there clearly is a demand for these altcoins
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November 19, 2017, 12:59:52 PM
 #32

The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )
You simply cant compare bitcoins with BCH or BTG. They might work on very same blockchain but are quite dissimilar. First thing the value of bitcoin cash is nothing in comparison with BTC. Bitcoin supply isnt increasing its just a parallel bitcoin being formed.

  

 
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November 19, 2017, 12:59:58 PM
 #33

No, the supply is limited. If someone forked bitcoin then it will become a different coin, completely different than the bitcoin itself.
The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )

Th forking (or absence of it) does not effect Bitcoin's supply. At best, you can consider it as a "gift" to all bitcoin holders, which will increase the overall worth. It in no way impacts the overall supply of 21 Mn, which is set in stone.

That is precisely my point. I create "Bitcoin2" by forking. Then I create "Bitcoin3" and so on and so on. In reality what I am doing is issuing more Bitcoin. That I call it a different name does not change the reality.
You create bitcoin A B C or something else but the amount of your original bitcoin is still the same.You are issuing another coin, forked from bitcoin. You can fork bitcoin 10 times but it will be useless if no one support that chain.

I agree with your assessment if that fork did not get enough support they will just be considered as altcoin with the name bitcoin on it, there's only one bitcoin and it's supply is limited and cannot be changed.

It may be limited but it cant be easily consumed. People today wont be living to see how bitcoin would be comsumed. because it could take many years to mine all those coins and maybe if that happens. New blocks or coins created by blockchain will be introduced as a new bitcoin.
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November 19, 2017, 01:00:26 PM
 #34

Bitcoins supply still has more compared to other bitcoin crypto. It is still capable to circulate all over the world.

freightjoe
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November 19, 2017, 01:01:07 PM
 #35

The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )
You simply cant compare bitcoins with BCH or BTG. They might work on very same blockchain but are quite dissimilar. First thing the value of bitcoin cash is nothing in comparison with BTC. Bitcoin supply isnt increasing its just a parallel bitcoin being formed.

Of course I can. The cryptocurrencies are essentially fungible
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November 19, 2017, 01:01:20 PM
 #36

No, the supply is limited. If someone forked bitcoin then it will become a different coin, completely different than the bitcoin itself.
The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )

Th forking (or absence of it) does not effect Bitcoin's supply. At best, you can consider it as a "gift" to all bitcoin holders, which will increase the overall worth. It in no way impacts the overall supply of 21 Mn, which is set in stone.

That is precisely my point. I create "Bitcoin2" by forking. Then I create "Bitcoin3" and so on and so on. In reality what I am doing is issuing more Bitcoin. That I call it a different name does not change the reality.
You create bitcoin A B C or something else but the amount of your original bitcoin is still the same.You are issuing another coin, forked from bitcoin. You can fork bitcoin 10 times but it will be useless if no one support that chain.

I agree with your assessment if that fork did not get enough support they will just be considered as altcoin with the name bitcoin on it, there's only one bitcoin and it's supply is limited and cannot be changed.

You argument si completely flawed, because there clearly is a demand for these altcoins
I think what he means to say by low demand is that it has lack of support from core miners. Like out of the 40-50 miners in the core team just a bunch of them support these parallel bitcoins.

  

 
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November 19, 2017, 01:01:26 PM
 #37

Limit of 21 million coins is hardcoded in Bitcoin code. Forks are not part of Bitcoin, they are different currencies

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November 19, 2017, 01:01:44 PM
 #38

Bitcoins supply still has more compared to other bitcoin crypto. It is still capable to circulate all over the world.

All crypto are capable of circulating all over the world
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November 19, 2017, 01:02:17 PM
 #39

The argument is again and again that the value of Bitcoin will increase because supply is limited to 21 million. But this is quite simply wrong. Every time Bitcoin is forked that is in real terms an expansion of the Bitcoin currency beyond 21 million. To some degree the same is true of alternative crypto currencies which will flood the market. There is already more than 1000 cryptocurrencues ( https://en.wikipedia.org/wiki/List_of_cryptocurrencies )

Th forking (or absence of it) does not effect Bitcoin's supply. At best, you can consider it as a "gift" to all bitcoin holders, which will increase the overall worth. It in no way impacts the overall supply of 21 Mn, which is set in stone.

That is precisely my point. I create "Bitcoin2" by forking. Then I create "Bitcoin3" and so on and so on. In reality what I am doing is issuing more Bitcoin. That I call it a different name does not change the reality.

Well, but how this differs from creating just another altcoin? You can create hundreds of them but it will not change the limit of Bitcoin's overall supply which is 21 million.

You can create Bitcoin2 and say that this is the same thing as Bitcoin, but will people be buying your Bitcoin2 at $7,000+ per coin? I seriously doubt that.

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freightjoe
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November 19, 2017, 01:03:52 PM
 #40



You can create Bitcoin2 and say that this is the same thing as Bitcoin, but will people be buying your Bitcoin2 at $7,000+ per coin? I seriously doubt that.

No they won't - and that is also why the realization will sink in that there is also no need to buy Bitcoin at those levels at all, and the party will come to an end
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