Again, as far as I understand it, currently we are hitting the upper limit of the amount of bitcoins that can be mined in a day due to the shear amount of hashing power assigned to the task worldwide. You can't seriously tell me, that the creators, or even those that know everything there is to know about the algorithms surrounding the process etc foresaw 11 million bitcoins being mined in the space of 4 years?!
You still don't understand how mining works.
I'm not saying I do, but I believe I know enough to make the relevant decisions, also what I am saying is that of all the trading\pool platforms available cexio is doing the best out of it, for itself and its users so far, this from what I have evaluated to date.
I understand your argument here, but I don't think most people fully understand the whole process, even yourself.
The mining process itself is very straightforward, though the economics of mining are complex. I agree that most people don't fully understand the whole process. That is why people are paying far too much for hash rate and mining equipment. I assure you that I have a good understanding of both the process of mining and the economics. I don't want to explain mining to you here because there are so many other places to learn about it, but let me point out some errors:
1. "currently we are hitting the upper limit of the amount of bitcoins that can be mined in a day due to the shear amount of hashing power assigned to the task worldwide".
This is false. There are 3600 bitcoins mined every day regardless of the amount of hashing power in the world. For example, at the beginning of this year when the hashing power was 1/500 of what it is today, 3600 bitcoins were mined each day. The number of bitcoins mined each day changes precisely every 210,000 blocks. However, there is some variance because the difficulty changes based on the last 2016 blocks and this introduces some lag in the adjustment. As a result, blocks are being added every 8 minutes rather than every 10 minutes (average) as designed.
By your logic, when there was one miner with one hash, that miner was mining 3600 coins a day?? No..? See where I am going with this?
by the way, I never said you didn't have a good understanding, I said you or anyone else don't understand it fully!
2. "You can't seriously tell me, that the creators, ... foresaw 11 million bitcoins being mined in the space of 4 years?"
Yes, I can! 11 million bitcoins in 4 years is part of the bitcoin design. I can also tell you that 16 million bitcoins will be mined after 8 years, and that 18 million bitcoins will be mined after 12 years, and 20 million bitcoins will be mined after 16 years.
Whilst I respect your comment, I'm not entirely convinced. What do you reckon will be the amount mined by the end of this year? I will hold you to this prediction by the way!
~Foyz
