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Author Topic: Bitcoin amount limit  (Read 3652 times)
giszmo
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July 07, 2011, 12:16:15 AM
 #41

The only reason people are getting involved is because they know that there is a limit. Who in their right mind would invest in something that will be diluted infinitely? The price of bitcoins would still be at $0.001 if there was an infinite supply. An infinite supply mean that no matter the demand, the price is going to be tiny, because there will always be more. The current price is from people speculating on future demand given a finite supply.

Complete bullshit. DamienBlack said it right already but I'm even stronger opposed to that.
If there was a way to grant 50*1.1^time in years btc per person (that is every user would be granted 50btc for 2009, 55 for 2010, ... no matter when he joins), I would be fine with that, too. This mechanism would make bitcoin more of a currency. now it is only a store of value.

i bought at 9$ and i'm not an early adopter with thousands of btc so i value those btc i have much higher than people trade them on mtGox. on the other hand I doubt the btc will survive as a save haven for all of my savings so i'm stuck with some coins neither bold enough to buy more nor to use them at the MtGox rate. A predefined rate of infinite exponential growth would help a lot. With the money being attributed to persons, people would not turn their back to bitcoin knowing they have some fresh coins every year (month/block). unfortunately this reward per person instead of per proof of work doesn't work in an anonymous decentralized system.

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BitcoinBabe
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July 07, 2011, 04:50:07 AM
 #42

This is not a manner of a elementry school, It does not matter if it is "fair" to mine bitcoins, And receive so very many dollars from it. What matters is this limit is idiotic. There is no need for it, And it will cause the eventual demise of bitcoins, For bitcoins will become as any other currency. I must buy bitcoins in order to receive them in place of mining them, And this will discourage many. If this occurs, Bitcoins will become somewhat a stock market, You can buy bitcoins when the value drops, And sell them when it increases, Yet you cannot add to this by mining bitcoins, Thus the use decreases, And the value.

Do you understand why there are countries in tens of trillions of fiat currency debt? Do understand why quantitative easing (i.e. increasing the money supply - to try and mend a system that's beyond repair, no less) devalues a currency? Do you understand what a growing and infinite supply does to the value of a currency? Do you understand what happened to the currencies of the Weimer Republic in the 1920s and Zimbabwe in the last decade?

Do you understand that there are two main people who get into bitcoin? i.e. those who understand the above and want to not only maintain their purchasing power, but improve it with time (nothing idiotic about that); and those who just want to make a quick buck because they heard some people already made shit loads  of money, and even though they don't understand the how or why of the deflationary nature what they're getting into works.

The latter should probably just stick to fiat currency as it already does exactly what they want - offer a limitless supply of money.

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July 07, 2011, 05:16:06 AM
 #43

I must buy bitcoins in order to receive them in place of mining them, And this will discourage many.

Please tell me, what is the different between transferring money into PayPal to buy stuff with PayPal, and transferring money into MtGox/TradeHill to buy stuff with Bitcoin?

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July 07, 2011, 05:28:25 AM
 #44

I agree with this but realize you are arguing with people who disagree with you.  Bitcoin is not going to change.  Rather than complain about bitcoin which is not going to change for you, look into building something new.  My suggestion is the scheme outlined here, a bitcoin-like currency but where every miner has very precise control over what he will accept in a block, and what he will include in a generation.

http://forum.bitcoin.org/index.php?topic=24929.20

Also the people who believe letting coins be mined infinitely mean they all become worth less are misunderstanding something: the coins cost money to mine.  Letting them be mined infinitely just means their value won't exceed their cost to produce.  It's basically like some kind of coin for which we have infinite materlal, but actually turning them into coins is expensive.  Unfortunately I think most on this forum don't understand this so it's not really worth arguing.
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July 07, 2011, 01:48:48 PM
 #45

Also the people who believe letting coins be mined infinitely mean they all become worth less are misunderstanding something: the coins cost money to mine.  Letting them be mined infinitely just means their value won't exceed their cost to produce.  It's basically like some kind of coin for which we have infinite materlal, but actually turning them into coins is expensive.  Unfortunately I think most on this forum don't understand this so it's not really worth arguing.

Fallacy. As I said elsewhere - I can make tiny statues from my shit that take a really long time to make, will you buy them?

The artificial scarcity imposed by coins with an arbitrary limit gives them their value - no one buying them gives a shit how much it cost you to mine them.

^_^
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