Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
[edited out]
I thought that my original post clearly said that it is 1.36 % or the original supply of 21 mil, but let me reiterate the numbers;Assuming 21 mil supply, apparently lost 4 mil in 14 years, therefore 4/21=0.19; 0.19/14=0.0136=1.36% (of 21 mil or 285714.286 btc/year).
If we currently have 17 mil maximum available supply (17=21-4), then 17000000/285714.286=59.5 years.
So...check your maths, buddy. You assumed % of the current when I talked about a linear loss of certain # of btc per year (which I indicated as % of the overall bitcoin issuance for simplicity).
I thought that Hisslyness's post already pretty clearly pointed out the maths in terms of taking more than 1,200 years to get down to less than 1 BTC.. so the BTC does not disappear, even if you presume a constant loss rate of 1.36% per year (which is also not realistic)... and you seem crazy to suggest that all of a sudden bitcoin's supply would go to zero when we should be working with your presumption of a 1.36% loss rate.. which may or may not be realistic... which also was addressed by hissleyness's post.
My point was that BIP-42 was already implemented in 2016, which is 249 years before an additional "cycle" would have begun.
Absolutely nothing is being said about much earlier (maybe in 60 years) possible event depicted above.
Sure, maybe the rate of the loss is lower (or higher?) now.
We just don't know. Maybe we should find out?
Absolutely nothing is being said about much earlier (maybe in 60 years) possible event depicted above.
Sure, maybe the rate of the loss is lower (or higher?) now.
We just don't know. Maybe we should find out?
Maybe you are on some kind of a weird mental exercise that really is not seeming to be very well connected to real facts or even realistic speculations regarding what is happening and what might happen down the road, if things were to remain constant based on the current speculated BTC loss rate.
Checks what day it is...
FUCK YOU JJG!
FUCK YOU JJG!
Oh thank you so muchie.
I was starting to think that I was going to lose my day.
@JJG...sooner or later...developers would have to address concerns like mine.
Some others state that the loss rate is maybe even 4% a year now, which is kind of high (https://blog.trezor.io/what-happens-to-lost-bitcoin-71eb5a80cc74).
I think that it is inevitable that some solution would be advanced (once we find out the actual rate of loss).
Could some solutions cause a fork? Hopefully not, but we shall see.
However I see most of bitcoiners solidly supporting the idea of no more than 21 mil btc, but maybe not the idea of constant decrease in that number (or what is actually available).
To me, personally, the idea of supply shriveling to a few bitcoins and then dealing with fractions of satoshi to buy houses sounds positively Kafkaesque.