by 2024, over 94% of all bitcoins will be completely mined.
the supply curve is too sharp for us to legitimately argue that by 2024, whereby we reach paypal level of TXs that 30,000 tx/s will be reachable solely by people exchanging value. We will undoubtedly need some existing legacy rail (e.g. Banking & financial institution & stock/equities) to be entirely placed on the blockchain to justify this harsh supply curve. In other words, relatively speaking, today's bitcoin's fundamentals lags far (1 order of magnitude) behind where we actually stand in today's supply curve.
This to me is very very concerning because it will pigeon hole bitcoin's pathways to massive value.
Why do you think Nasdaq and NYSE are poking around the tech right now? Today's announcement is great news for them.
Welcome to Bitcoin!
hello cypher,
excuse my ignorance, but can you link me to the news? I cant find anything new from nyse/nasdaq.
I know that they are using colored coins on the bitcoin network to track pre-IPO stock transfers as a pilot program, but i havent heard anything new since.
No, nothing new.
Just the fact that they are experimenting with colored coins is a great sign. It's been clear to me by my reading if the news that for quite a while now traditional institutions have been laughing at us because of our miserable 2-3 TX/'s bottleneck. I'm sure they are laughing at the infighting as well.
But Gavin's announcement is sticking tight to the top of reddit and is the beginning of a new dawn for Bitcoin. It's a clear signal that we are going to make an attempt to drive this thing hard. They won't be laughing any longer.
Ok, and I also think those programs are insanely beneficial for the odds of a Winklevoss ETF kicking off.
But the supply curve really worries me. By 2024, the entire earth will be blanketed with wifi.
I do not think that you can justify people buying into a commodity that is 95% mined and only real hope is for a legacy rail to take over it. That's strictly from an investment perspective
Similarly, because 95% has been mined, I am not so sure that people will use bitcoin over an altcoin as a means of p2p transfer. It's supply in 2024 will be far too small to facilitate hundreds of million of people buying in to actually use it. Because by 2024, either the legacy rail has taken over and bitcoin is far too expensive relative to it's supply OR, it will not have happened and bitcoin will be worth nothing. Perhaps this is too simplistic an argument to make, but 10 years is not actually very long.
It didnt use to concern me, but it does now.