Why 21 Million? Won't that defeat the purpose & STOP Universal Acceptance

[iGROWyourBiz]

1) Why only 21 Million?

OK to stop debt and to stop hyper inflation...the problem is

There are so MANY transactions that go on during a day on this planet, how can so few units accommodate so many transactions.

2) And What happens to all the "lost" bitcoins.


I count LOST bitcoins as ones that a person had but:

- they "lost" the BTC (hard drive crash, paper wallet lost/illegible)
-the person DIES
- the person is on a long vacation or jail
- the FORGETS the wallet or key (maybe goes off to university)


These kinds of things happen with traditional currency...so ultimately the POOL of available bitcoin (even after all 21 million are mined) will shrink and shrink and shrink...while demand is growing...

Isn't this counter productive?

3) Why not a LARGER number....like 500 Million?

I am just asking how this came about and if there was any forward thinking involved.

IF i started a country on an Island, I would understand our assets could grow (to back currency) so I would ultimately make more currency (without causing inflation/debt)

4) what is to stop a FIAT based off of BITCOIN, once only a few hoarders have all the available coins?

[beatljuice]

There are 100,000,000 satoshi in every Bitcoin so there are 100000000*21000000 (2,100,000,000,000,000) satoshi to be mined.

And bitcoins can be divided even further.

[iGROWyourBiz]

There are 100,000,000 satoshi in every Bitcoin so there are 100000000*21000000 (2,100,000,000,000,000) satoshi to be mined.

And bitcoins can be divided even further.

ok so we will be dealing in satoshi rather than BTC

isn't that like pennies - or subdivisions of pennies?

right now people GIVE away satoshi - they have so little value right?

I am not sure if this helps or hurts the situation

hmmmm.....

[Joshuar]

I made a similar thread about this, and I was wrong, Bitcoin can be divided up infinitely, making those 21totalmillionunits just a figurehead.

[zolace]

yes why not can 0.0001 be a full bitcoin.  0.0001 bitcoins i have its in didgits and decimals

[iGROWyourBiz]

I made a similar thread about this, and I was wrong, Bitcoin can be divided up infinitely, making those 21totalmillionunits just a figurehead.

Thanks I was not aware of that.

So basically it is scalable

EVEN with LOST coins

[iGROWyourBiz]

1) Why only 21 Million?

The US dollar has this same problem.  There are only 21 million.  There are only 21 million (US 1.2 million dollars); that is 21,000,000X1,200,00 dollars. 

Are you people really this fucking dumb? 

There are only 21,000,000.
There are also only 210,000,000.
There are also only 2,100,000,000. 
There are also only 21,000,000,000.
There are also only 210,000,000,000.

One can move the decimal pretty far down that line with the current bitcoin code.  Did you guys all fail 3rd grade math?  How hard is it for you to multiply by 10?  I'll give you a hint - just move the fucking dot over one. 

Unreal how many people struggle with this.

uhm....

What school taught you there were only 21 Million USD?

and where are BTC worth 1.2 MM each?

"fucking dumb" indeed

[BittBurger]

iGrow -

Technically you could run an entire economy using 1 Bitcoin.

They would just modify the core code to allow for further subdivisions.

So yes - even with all the lost Bitcoins, there is no effect on the ecosystem.

Except that the people holding "whole bitcoins" become that much more rich.  Because its that much more rare.

So by all means people.  Please.  Lose your coins!

-B-

[jtsnau]

There are 21 million BTC  or  21 billion mBTC  or  21 trillion µBTC.

Enough to go around.

[ChuckBuck]

iGrow -

Technically you could run an entire economy using 1 Bitcoin.

They would just modify the core code to allow for further subdivisions.

So yes - even with all the lost Bitcoins, there is no effect on the ecosystem.

Except that the people holding "whole bitcoins" become that much more rich.  Because its that much more rare.

So by all means people.  Please.  Lose your coins!

-B-

Lol exactly!  Uninformed people look at the 21million figure like it's a flaw.  It's by design!   

The more lost is actually a good thing for us "HODLERS".

[zolace]

yeah thats why u gotta get on it now before its too late, daily more businesses are accepting it,  Also savers who like to save money will get on it.  Now we need is retailers to gives a bit of discount for bitcoin buyers, and boom we have a revoulution

[waldox]

dont worry about the 21 million

worry when in 2140 there is no more rewards for mining and will transaction fees support the miners protecting from a 51% attack?

[franky1]

why 21mill coins is the same questions as why there are only 171,000 tonnes of gold on the planet. as that equates to less then once ounce of gold per person for the whole planet...world wide wealth exceeds the amount of gold in the world.

what about all the bitcoins lost? is the same question as what about all the gold in computer parts that ends up in landfill.. or tainted by being mixed with other metals to make it impure.. well the answer is that people have to share a depleting rare 'item'

[twiifm]

why 21mill coins is the same questions as why there are only 171,000 tonnes of gold on the planet. as that equates to less then once ounce of gold per person for the whole planet...world wide wealth exceeds the amount of gold in the world.

Do you realize this is why we went off gold standard?  When you make currency convertible to a commodity.  The supply cant keep up w demand.  It leads to liquidity crisis

[franky1]

why 21mill coins is the same questions as why there are only 171,000 tonnes of gold on the planet. as that equates to less then once ounce of gold per person for the whole planet...world wide wealth exceeds the amount of gold in the world.

Do you realize this is why we went off gold standard?  When you make currency convertible to a commodity.  The supply cant keep up w demand.  It leads to liquidity crisis

thats because banks got greedy, and printed more money then people wanted or needed. if banks stuck with the gold standard and only printed enough FIAT compared to gold value.. then the world would not be trillions in debt. instead the value of gold would have risen to compensate for a demand of extra fiat.

[iGROWyourBiz]

why 21mill coins is the same questions as why there are only 171,000 tonnes of gold on the planet. as that equates to less then once ounce of gold per person for the whole planet...world wide wealth exceeds the amount of gold in the world.

what about all the bitcoins lost? is the same question as what about all the gold in computer parts that ends up in landfill.. or tainted by being mixed with other metals to make it impure.. well the answer is that people have to share a depleting rare 'item'

it is for this reason FIATs are born.  Which is the potential problem I was mentioning.

[twiifm]

When dealing w money systems, what we care about is liquidity.   

Debt isn't good but its ppreferable to crisis

[acoindr]

Do you realize this is why we went off gold standard?  When you make currency convertible to a commodity.  The supply cant keep up w demand.  It leads to liquidity crisis

No that was to provide camouflage cover. The real reason we went off the gold standard was to accommodate big government. The US population in 1971 was about 200M and about 300M in 2008 or a 50% increase in 40 years. Take a look at the chart below. Over that same time period 1971-2008 the US monetary base increased about 700% in 40 years. Even worse from 2008-2012 or just 4 years it increased 300%! Liquidity crisis my rear. We're absolutely swimming in dollars. You should really listen to the following Peter Schiff episode. He really nails it talking about average people living on about $50 per week in the 50's yet having a full family, feeding & clothing the kids, without the wife working, and typically without a high school diploma, but it's because in today's dollars a comparable person would need to earn $140K per year.

https://www.youtube.com/watch?v=kHDcl5aiGus&list=UUIjuLiLHdFxYtFmWlbTGQRQ

[iGROWyourBiz]

Do you realize this is why we went off gold standard?  When you make currency convertible to a commodity.  The supply cant keep up w demand.  It leads to liquidity crisis

No that was to provide camouflage cover. The real reason we went off the gold standard was to accommodate big government. The US population in 1971 was about 200M and about 300M in 2008 or a 50% increase in 40 years. Take a look at the chart below. Over that same time period 1971-2008 the US monetary base increased about 700% in 40 years. Even worse from 2008-2012 or just 4 years it increased 300%! Liquidity crisis my rear. We're absolutely swimming in dollars. You should really listen to the following Peter Schiff episode. He really nails it talking about average people living on about $50 per week in the 50's yet having a full family, feeding & clothing the kids, without the wife working, and typically without a high school diploma, but it's because in today's dollars a comparable person would need to earn $140K per year.

https://www.youtube.com/watch?v=kHDcl5aiGus&list=UUIjuLiLHdFxYtFmWlbTGQRQ

https://i.imgur.com/dQmjktz.png

actually that is also camouflage...

we got off gold (silver and gold certificates) to Federal Reserve Notes because we got tired of handling gold for the world and to secure the future of a global currency backed by oil. ie the petrodollar

this is not someones opinion...this is historical fact:

http://ftmdaily.com/preparing-for-the-collapse-of-the-petrodollar-system/

[bassclef]

There are 100,000,000 satoshi in every Bitcoin so there are 100000000*21000000 (2,100,000,000,000,000) satoshi to be mined.

And bitcoins can be divided even further.

ok so we will be dealing in satoshi rather than BTC

isn't that like pennies - or subdivisions of pennies?

right now people GIVE away satoshi - they have so little value right?

I am not sure if this helps or hurts the situation

hmmmm.....

In the beginning people gave away whole bitcoins. Think about that for a minute.