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Author Topic: Total number of bitcoins will DECREASE  (Read 6214 times)
SpanishSoldier
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May 14, 2015, 08:43:42 PM
 #101

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...

  ▃▃▃▂▂▂▂▂▃▃▃▃                                      ▃▃▃▂▂▂▃▃▃                         
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May 14, 2015, 09:10:57 PM
 #102

That obvious man, there are thousands of bitcoins lost, even I remember to have seen a page that collects all the information of lost bitcoins
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May 14, 2015, 09:38:59 PM
 #103

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...
Its my pleasure man , I don't think you will believe it  Grin:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have  more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .
pereira4
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May 14, 2015, 09:40:59 PM
 #104

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

I don't get why would you burn your coins, unless you are so rich that you want to shrink the total supply to drive the price up.




.




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SpanishSoldier
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May 14, 2015, 10:15:27 PM
 #105

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...
Its my pleasure man , I don't think you will believe it  Grin:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have  more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

  ▃▃▃▂▂▂▂▂▃▃▃▃                                      ▃▃▃▂▂▂▃▃▃                         
   ██████████████████                                        █████████████     ████                 
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Blockchain Fair Games
|
Truly one of a kind games:
MAGIC DICE   CHAIN'S CODE   PIRATE BAY
MINING FACTORY      RAPID TO THE MOON
|

400 BTC
★ PRIZE FUND ★
|

WEEKLY GIWEAWAYS
Join our community!
150% BONUS
First-time deposit
VISA  🔴🌕  50+coins

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May 14, 2015, 10:40:11 PM
 #106

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...
Its my pleasure man , I don't think you will believe it  Grin:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have  more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

https://en.bitcoin.it/wiki/Proof_of_burn

This is the XCP proof of burn address.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
SpanishSoldier
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May 14, 2015, 10:44:59 PM
 #107

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...
Its my pleasure man , I don't think you will believe it  Grin:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have  more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

https://en.bitcoin.it/wiki/Proof_of_burn

This is the XCP proof of burn address.

Funnny... it seems miners are burning coins to prove loyalty to XCP. The man/men behind XCP might hold the private key of the address.

  ▃▃▃▂▂▂▂▂▃▃▃▃                                      ▃▃▃▂▂▂▃▃▃                         
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Blockchain Fair Games
|
Truly one of a kind games:
MAGIC DICE   CHAIN'S CODE   PIRATE BAY
MINING FACTORY      RAPID TO THE MOON
|

400 BTC
★ PRIZE FUND ★
|

WEEKLY GIWEAWAYS
Join our community!
150% BONUS
First-time deposit
VISA  🔴🌕  50+coins

CERTIFIED RNG
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RitzBitzz
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May 14, 2015, 10:52:37 PM
 #108

Yeah not to mention satoshi wallet that he will probably never use.
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May 14, 2015, 10:53:11 PM
 #109

 How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home
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May 14, 2015, 11:35:37 PM
 #110

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

Miners burning 20-30 BTC ? Really ? Your source please...
Its my pleasure man , I don't think you will believe it  Grin:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
This is a wallet created for miners that burn bitcoin now it have  more than 2130 BTC
did you think that's not burning and the amount of btc won't reduce ?

Best wishes ,
Bitcoin Boy .

Interesting... so what's the purpose ? Why are they burning ?

https://en.bitcoin.it/wiki/Proof_of_burn

This is the XCP proof of burn address.

Funnny... it seems miners are burning coins to prove loyalty to XCP. The man/men behind XCP might hold the private key of the address.
If anyone had the private key then it would not be a proof of burn address now would it.

Nobody has the private key to that address because the private key was never generated.  If someone could find the private key to that address then Bitcoin would be broken - and it is not broken.  Re-read the proof of burn article I gave you if you want to know why someone would burn BTC to that specific address.

Maybe this article will help you understand:  http://counterparty.io/news/why-proof-of-burn/

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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May 14, 2015, 11:38:29 PM
 #111

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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May 15, 2015, 12:14:49 AM
 #112

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

I believe its around 2020.
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May 15, 2015, 12:18:22 AM
 #113

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?
futureofbitcoin
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May 15, 2015, 12:27:01 AM
 #114

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?
I can't remember whether it's 2120 or 2140 but it's definitely not 2020. Probably 2140. Where? just Google it.

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May 15, 2015, 12:32:58 AM
 #115

How long time will take to mine all that 21 mln,diff will rise more
Finally miners will turn off the light and go home

The last satoshi will be mined some time around 2140.

The amount of mining, the difficulty, the number of miners, etc. will not change that by more than one or two years one way or the other unless everyone quits mining (Bitcoin death).

Other than that the system will adjust to the amount of mining by design and the rate of BTC production will remain on schedule.

where did you get 2140?
I can't remember whether it's 2120 or 2140 but it's definitely not 2020. Probably 2140. Where? just Google it.
See the year column in the second chart here:  https://en.bitcoin.it/wiki/Controlled_supply

The correct answer is 2140 (more or less).  2140.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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May 15, 2015, 12:38:06 AM
 #116

Also a fun estimator as to when the next difficulty adjustment will happen as well as an estimate as to when the next block reward drop will happen is here:

http://bitcoinclock.com/

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May 15, 2015, 02:36:38 AM
 #117

Yeah not to mention satoshi wallet that he will probably never use.

Hmm... It is possible that the BTC980,000 stored in various "Satoshi" wallets might be lost already. Satoshi was not a financially-motivated individual (or group of individuals). He had ideological reasons to create Bitcoin. In all probability, he is never going to use any of those coins. And we don't even know whether he is alive or not.

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May 15, 2015, 05:56:39 AM
 #118

ATM, I think at least 2 mill have already been lost. So total number ll not be over 19 million.

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May 20, 2015, 07:16:31 AM
 #119

I agree with you , also theirs some miners who always burn their bitcoins I don't know
why but they are really burning a lot like 20 - 30 btc and till now i can see some burning
wallet that can't be every generated with more than 1000 btc , also theirs some hack
cases that the hacker won't use ever that btc ,,,, the 21 Millions won't ever exist .

Bitcoin Boy .

I don't get why would you burn your coins, unless you are so rich that you want to shrink the total supply to drive the price up.

You wouldn't drive the price up much, if at all. Even if it did raise it, you'd lose MORE burning than you'd earn from the increase, since you now have far less coins. There's no economic benefit of burning coins.
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May 20, 2015, 07:26:52 AM
 #120

hey i also got the same idea as yours but i just said it in a different way
here is my discussion about it https://bitcointalk.org/index.php?topic=1065051
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