Bitcoin Forum
December 08, 2016, 08:26:45 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 [3]  All
  Print  
Author Topic: Isn't it a bad thing to never have more than 21 million coins?  (Read 3054 times)
qxzn
Hero Member
*****
Offline Offline

Activity: 602



View Profile
October 02, 2011, 06:59:43 PM
 #41

Good and bad are in the eye of the judger, but I'll spout some words.

I believe 21 million coin limitation is the central reason for bitcoin's stagnant adoption rate. The lack of a stable value (not to be confused with a stable exchange rate!) is keeping people from using the currency. The reason is that there's always this spectre of radical price appreciation. And whenever there's a spectre of radical appreciation, there's also downward risk. The problem is value instability, and bitcoin has a lot of that because of the 21 million thing. Cryptocurrency will really take off as more people recognize this and start moving towards new designs with value stability in mind.

One such coin in the design stages right now is EnCoin, a coin based on the value of 10kwh of electricity. Another idea is HashCoin, one based on a particular # of ghash, which could be achieved by simply increasing the payout-per-block based on the difficulty of solving that block (and having on limit on the number of coins).

I suspect bitcoin is not the future of money, but something like it is going to be a major player. Whether or not that's bitcoin itself will depend on bitcoin's ability to own up to it's 21-million-coin flaw. If it does not, it probably will lose to a competing currency that deals with value stability. If the bitcoin developers agree to fix the 21-million-coin problem, then bitcoin could become a big deal. However, in that case you're not going to get rich off of it because in fixing the 21-million-coin problem you've remove the "radical-upside" (fantasy) that so many are talking about with bitcoin.

You may want to think twice if you're buying bitcoins as an "investment" and holding them on the expectation that they'll make you a lot of wealth. Smiley You're taking a very big risk.
1481228805
Hero Member
*
Offline Offline

Posts: 1481228805

View Profile Personal Message (Offline)

Ignore
1481228805
Reply with quote  #2

1481228805
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481228805
Hero Member
*
Offline Offline

Posts: 1481228805

View Profile Personal Message (Offline)

Ignore
1481228805
Reply with quote  #2

1481228805
Report to moderator
1481228805
Hero Member
*
Offline Offline

Posts: 1481228805

View Profile Personal Message (Offline)

Ignore
1481228805
Reply with quote  #2

1481228805
Report to moderator
1481228805
Hero Member
*
Offline Offline

Posts: 1481228805

View Profile Personal Message (Offline)

Ignore
1481228805
Reply with quote  #2

1481228805
Report to moderator
OnyxCorp
Newbie
*
Offline Offline

Activity: 6


View Profile
October 03, 2011, 06:49:46 AM
 #42

This site has a lot of answers to questions like that

https://en.bitcoin.it/wiki/Myths
panerai
Member
**
Offline Offline

Activity: 84



View Profile
October 03, 2011, 07:02:14 PM
 #43

smaller increments will just be worth more, that's all
Nyaaan
Full Member
***
Offline Offline

Activity: 140


View Profile WWW
October 05, 2011, 09:43:03 AM
 #44

I think it's a good thing, because the value of BTC will increase slowly once the cap is hit.
cm68jd
Newbie
*
Offline Offline

Activity: 22


View Profile
October 05, 2011, 07:15:22 PM
 #45

There are not 21 million coins. There an infinite number for all practical purposes. Bitcoins can be divided to a thousand decimal places. It would take a simple programming change to do this.
P4man
Hero Member
*****
Offline Offline

Activity: 504



View Profile
October 05, 2011, 08:39:21 PM
 #46

There are not 21 million coins. There an infinite number for all practical purposes. Bitcoins can be divided to a thousand decimal places.

Sure but you cant divide them without dividing their value too Smiley IOW, you can divide your coins all you want, but it wont affect mine. With dollars/euro's etc, some entity can create more and thereby affect yours.

Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!