|
kiwiasian
|
 |
July 23, 2011, 12:47:53 AM |
|
It likely won't change
Current investors don't seem to understand less supply = higher price
At the current difficulty the supply of mined bitcoins has dwindled waaaay down and yet the price has been more or less the same or just going down...when it gets reduced to 25 BTC I doubt anyone is going to pay attention. So all miners are screwed.
Doesn't the total supply remain constant, and the difficulty corrects for the number of miners? Yes, supply is constant, until block reward is dropped. 6 blocks per hour, ~300 coins. The supply is constant but they are being generated much slower You're joking, right? the system adjusts difficulty so that there is always ~300 coins every hour. If you are seeing 'slower' generation, it's because the number of miners, and thus the difficulty, is higher, and your share of the total hashing power, is lower. Learn2math. No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day. Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data... |
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
myrkul
|
|
July 23, 2011, 12:56:07 AM |
|
No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day.
Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data...
Ah. so you're an idiot. More miners, same supply... less per miner. Once again, learn2math. |
|
|
|
joulesbeef (OP)
Sr. Member
 Offline
Activity: 476
Merit: 250
moOo
|
|
July 23, 2011, 12:59:29 AM |
|
you can see the rate of new blocks being found on bitcoin chartsit is currently 6.63 it is harder for the individual to mine.. slower, due to the higher difficulty but that is due to more users, so we remain constant at 100,000 coins every 11-15 days right now we are 6.63 blocks an hour so difficulty will go up again, to slow us all down. |
mooo for rent
|
|
|
|
Shinobi
|
|
July 23, 2011, 02:35:00 AM |
|
That was funny! No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day.
Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data...
Ah. so you're an idiot. More miners, same supply... less per miner. Once again, learn2math. |
_______ Thinking of using a cheap, yet reliable VPN? Go with PrivateInternetAccess. Not a referral link. Just a satisfied customer! |
|
|
|
kiwiasian
|
|
July 24, 2011, 03:00:32 AM |
|
No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day.
Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data...
Ah. so you're an idiot. More miners, same supply... less per miner. Once again, learn2math. Ah, so you're an idiot. Difficulty went up, you make less per day. Sigh. Go here: http://www.alloscomp.com/bitcoin/calculator.phpEnter difficulty 10,000 and hash rate 10 =1.01 BTC/day Enter difficulty 20,000 and hash rate 10 =0.5 BTC/day There is your proof you cannot deny that |
|
|
|
Xephan
Newbie
Offline
Activity: 42
Merit: 0
|
|
July 24, 2011, 03:27:08 AM |
|
Ah, so you're an idiot. Difficulty went up, you make less per day. Sigh. Go here: http://www.alloscomp.com/bitcoin/calculator.phpEnter difficulty 10,000 and hash rate 10 =1.01 BTC/day Enter difficulty 20,000 and hash rate 10 =0.5 BTC/day There is your proof you cannot deny that You're embarrassing yourself here man. Difficulty only increases because total hashing power increases. This can only happen when total miners x average hash power increases. Total Miners: 1000, Average Hash Rate 10, Difficulty 10000 = 1 BTC / day PER MINER, Total Network BTC = 1000 x 1 = 1000 BTC Total Miners: 2000, Average Hash Rate 10, Difficulty 20000 = 0.5 BTC / day PER MINER Total Network BTC = 2000 x 0.5 = 1000 BTC |
|
|
|
|
notme
Legendary
Offline
Activity: 1904
Merit: 1002
|
|
July 24, 2011, 03:34:12 AM |
|
Right.... Your talking past each other. Kiwiasian is correct that a the BTC/hashrate has decreased, and Xephan is correct that the total supply remains fairly constant. A wider distribution of the new coins however is a new factor after the last major rally.
|
|
|
|
Xephan
Newbie
Offline
Activity: 42
Merit: 0
|
|
July 24, 2011, 03:42:05 AM |
|
Right.... Your talking past each other. Kiwiasian is correct that a the BTC/hashrate has decreased, and Xephan is correct that the total supply remains fairly constant. A wider distribution of the new coins however is a new factor after the last major rally.
The problem here is that his original point is that the supply has dwindled which isn't the case. He was confusing his personal BTC/hashrate with total supply. The key part of his original statement was this At the current difficulty the supply of mined bitcoins has dwindled waaaay down
|
|
|
|
|
notme
Legendary
Offline
Activity: 1904
Merit: 1002
|
|
July 24, 2011, 03:58:22 AM |
|
That statement is indeed incorrect.
|
|
|
|
|
myrkul
|
|
July 24, 2011, 04:02:26 AM |
|
No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day.
Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data...
Ah. so you're an idiot. More miners, same supply... less per miner. Once again, learn2math. Ah, so you're an idiot. Difficulty went up, you make less per day. It must take a lot of work to be as stupid as you are. |
|
|
|
|
kiwiasian
|
|
July 24, 2011, 04:03:00 AM |
|
Right.... Your talking past each other. Kiwiasian is correct that a the BTC/hashrate has decreased, and Xephan is correct that the total supply remains fairly constant. A wider distribution of the new coins however is a new factor after the last major rally.
The problem here is that his original point is that the supply has dwindled which isn't the case. He was confusing his personal BTC/hashrate with total supply. The key part of his original statement was this At the current difficulty the supply of mined bitcoins has dwindled waaaay down
BTC generated per person declines... Which I just explained... |
|
|
|
|
kiwiasian
|
|
July 24, 2011, 04:03:48 AM |
|
No, I'm not joking. At one point I could make 3 BTC a day. Now it's 0.5 BTC a day.
Difficulty is up and coins are being produced 6x slower. Use a bitcoin mining profitability calculator, it will give you the same data...
Ah. so you're an idiot. More miners, same supply... less per miner. Once again, learn2math. Ah, so you're an idiot. Difficulty went up, you make less per day. It must take a lot of work to be as stupid as you are. Do you not get it? Did you even bother to look at the link? And enter the data I just provided? And yet I am the stupid one in this situation? How old are you? Edit: I also provided statistical proof that you can't deny. What proof have you? |
|
|
|
|
myrkul
|
|
July 24, 2011, 04:18:33 AM |
|
Right.... Your talking past each other. Kiwiasian is correct that a the BTC/hashrate has decreased, and Xephan is correct that the total supply remains fairly constant. A wider distribution of the new coins however is a new factor after the last major rally.
The problem here is that his original point is that the supply has dwindled which isn't the case. He was confusing his personal BTC/hashrate with total supply. The key part of his original statement was this At the current difficulty the supply of mined bitcoins has dwindled waaaay down
BTC generated per person declines... Which I just explained... But there are more miners... and the rate of generation is constant... So there's still the same number of coins going on the market... and you're still a moron... |
|
|
|
|
error
|
|
July 24, 2011, 04:18:53 AM |
|
Just what exactly are you two disagreeing about?!
|
3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
|
|
|
|
kiwiasian
|
|
July 24, 2011, 05:07:27 AM |
|
Right.... Your talking past each other. Kiwiasian is correct that a the BTC/hashrate has decreased, and Xephan is correct that the total supply remains fairly constant. A wider distribution of the new coins however is a new factor after the last major rally.
The problem here is that his original point is that the supply has dwindled which isn't the case. He was confusing his personal BTC/hashrate with total supply. The key part of his original statement was this At the current difficulty the supply of mined bitcoins has dwindled waaaay down
BTC generated per person declines... Which I just explained... But there are more miners... and the rate of generation is constant... So there's still the same number of coins going on the market... and you're still a moron... At this point I feel that you are just throwing random insults at me Not once have you provided any evidence, and I have provided statistical evidence that proves higher difficulty = less BTC Just admit you have no idea what you are talking about, since evidently you are denying the nature of Bitcoin itself, and we can be done with this discussion. Edit: In case you still don't understand... On 6/7/2011 the difficulty was 567358 and I generated 1.29 BTC that day, worth $23.1 each (total $30 that day) Yesterday, at the currenty difficulty I generated 0.49 BTC, worth the current market price (total $6.8 yesterday) I don't know how to make it any more clear. |
|
|
|
|
kiwiasian
|
|
July 24, 2011, 05:10:38 AM |
|
Just what exactly are you two disagreeing about?!
I'm claiming that the difficulty went up so each miner generates less bitcoins (lesser supply per person) and thus the price per bitcoin should go up. I don't know what he is claiming, other than the fact I'm an stupid idiot and a moron. |
|
|
|
|
myrkul
|
|
July 24, 2011, 05:20:42 AM |
|
Just what exactly are you two disagreeing about?!
I'm claiming that the difficulty went up so each miner generates less bitcoins (lesser supply per person) and thus the price per bitcoin should go up. I don't know what he is claiming, other than the fact I'm an stupid idiot and a moron. Close. I'm also claiming you have exactly 0 knowledge of the most basic economic principles. Price is based on total supply compared to total demand. Total supply is relatively constant, and will remain so until the reward drops. ~300/hour. Price will go up only if demand increases, not simply from your desire to make the same amount of money. Sorry if this is disappointing. |
|
|
|
joulesbeef (OP)
Sr. Member
Offline
Activity: 476
Merit: 250
moOo
|
|
July 24, 2011, 05:25:14 AM |
|
I had intended this to be a fun and mostly meaningless discussion.
I think yall are arguing about two different things.
Personal rates of bitcoins change with difficulty.
global rates try to stay the same with difficulty which is it' entire purpose.
when the blocks reduce to 25 bitcoin each, global rates will be cut in half and so will individual miners rates.
|
mooo for rent
|
|
|
Xephan
Newbie
Offline
Activity: 42
Merit: 0
|
|
July 24, 2011, 05:56:53 AM |
|
BTC generated per person declines...
Which I just explained...
Unfortunately that's not what your initial statement is about. It likely won't change
Current investors don't seem to understand less supply = higher price
At the current difficulty the supply of mined bitcoins has dwindled waaaay down and yet the price has been more or less the same or just going down...when it gets reduced to 25 BTC I doubt anyone is going to pay attention. So all miners are screwed.
You see, you were talking about investors and higher prices. Basic economics and common sense here, investors make judgements based on the total market. They are not going to care if 1 person can only make 1 unit if the whole market is making ten thousands of units. So supply in this context can only refer to total market supply. So either you don't know enough economics to know what supply means, or you misunderstood how bitcoin generation works or both. |
|
|
|
|
netrin
Sr. Member
Offline
Activity: 322
Merit: 251
FirstBits: 168Bc
|
|
July 25, 2011, 04:41:28 PM |
|
I had intended this to be a fun and mostly meaningless discussion.
Hey joulesbeef, I received a meaningful inflation chart out of this discussion. I'm a satisfied poster.  | Year | New BTCs/yr | Start BTCs | End BTCs | BTC Increase | | 2009 | 2625000 | 0 | 2625000 | infinite | | 2010 | 2625000 | 2625000 | 5250000 | 100.0% | | 2011 | 2625000 | 5250000 | 7875000 | 50.0% | | 2012 | 2625000 | 7875000 | 10500000 | 33.3% | | 2013 | 1312500 | 10500000 | 11812500 | 12.5% | | 2014 | 1312500 | 11812500 | 13125000 | 11.1% | | 2015 | 1312500 | 13125000 | 14437500 | 10.0% | | 2016 | 1312500 | 14437500 | 15750000 | 9.1% | | 2017 | 656250 | 15750000 | 16406250 | 4.2% | | 2018 | 656250 | 16406250 | 17062500 | 4.0% | | 2019 | 656250 | 17062500 | 17718750 | 3.8% | | 2020 | 656250 | 17718750 | 18375000 | 3.7% | | 2021 | 328125 | 18375000 | 18703125 | 1.8% | | 2022 | 328125 | 18703125 | 19031250 | 1.8% | | 2023 | 328125 | 19031250 | 19359375 | 1.7% | | 2024 | 328125 | 19359375 | 19687500 | 1.7% | | 2025 | 164062.5 | 19687500 | 19851562.5 | 0.8% | | 2026 | 164062.5 | 19851562.5 | 20015625 | 0.8% | | 2027 | 164062.5 | 20015625 | 20179687.5 | 0.8% | | 2028 | 164062.5 | 20179687.5 | 20343750 | 0.8% |
|
|
|
|
|
