Did we ever get a definite limit supply?
Yes and No. The same situation - Ethereum
Difficult increase
that makes zero sense. increasing difficulty as network hash rate increases is not going to reduce the output. so long as block time is 13 seconds and the reward is 12 the same number of coins will be minted. they would need to either reduce reward or increase block time...
It makes sense. Difficulty grows on a logarithmic scale
first year - price pril ~8 $
Next year - to the moon
It doesnt make sense.
Difficulty increase as network hashrate increases, coz higher hashrate means faster block time, then DIFFICULTY kicks in to reduce block times and keep them under set range (13 seconds). But as network hashrate grows, that mean more miners join the club and you get less coins as coins are spread out to more people. But each day, same amount of coins enter the market. Doesnt matter is it 1 miner and 0.1 difficulty or 10000000000 miners and 1000T difficulty.
Yes thank you! How can people spend all this money to invest and/or build a miner and NOT understand something as simple as difficulty?!? If your average block time is 13 seconds, that means 4.6 blocks per minute are solved:
60 min * 4.61 (blocks per min) = 276 blocks per hour
24 hrs * 276 (blocks per hr) = 6624 blocks per day
6624 blocks per day * 12 coins per block = 79,000 coins minted per day..... 79,000 * 365 days = 28,835,000 coins per year.
Difficulty is adjusted up as more people join the network and hashrate goes up. it needs to do so in order to keep the 13 seconds block time, because more network hashrate means the blocks get solved quicker.... the difficulty adjustment just keeps it as close to 13sec average as possible. it does not change the number of coins minted.
To reiterate - you would need to change the block time or the reward if you're going to reduce the number of coins minted. And it doesnt seem that they're willing to do so.