It will never hit exactly 21 million unless something bad happens, but the block subsidy is set to deplete at block 6,930,000 which is estimated to occur sometime around the year 2140.
However, the vast majority of coins (99%) will have been mined by around 2032, when the block subsidy drops to less than 1 BTC per block. Roughly 20.67 million coins will exist, leaving less than 1/2 a million to be mined over the next 100 years.
Here is a good video for the ones that feel this has all been moving quite fast. It must feel like when you were at school and missed a few lessons and have no idea what people are talking about sometimes:
It touches on the point about why cryptocurrencies = blockchain and why they have to have value. I think it's critical to understand why blockchain = cryptocurrencies and why they must have value otherwise people just think they are purely a money grab (see quote below). I am under no illusion that people are out there to make money unfairly, but just like the fact people do actually buy bitcoin and use it for legitimate and legal reasons, currencies are doing way more good than bad. We are going to see time and time again horror stories and scary shit. It always happens with anything new and I am surprised people don't become desensitised to this sort of stuff by now.
Like it or not regulation will dictate the path of cryptocurrencies, it will also bring them down to more reasonable valuations and we can then focus on what uses the underlying technology can play in our lives.
It's like poker. In 2004 I discovered poker and by 2005 I had read about 10 poker books and read a poker site called pokertips.org. I was pretty determined and I am confident that I was in the best 0.01% of the world at that point as a poker player. Where would determination, reading 10 books and a website get you in 2018 within 12 months?
It's quite likely that people born in the 80s that ended up being the best in their area of expertise would have had the best chance of success in the modern era, it's just they would have had to work a lot harder than they were in their old setting.
I wonder how many people that understand the tech of cryptocurrency and bitcoin and have no real agenda have a negative outlook on the future of cryptocurrencies? We have people who are in important positions of the finance world who know a lot about how the current economy and banking system works, and we have a lot of people who have been successful with investments and predictions about markets for their entire lives. It seems collectively the ones that fall into this category that don't have a good understanding of cryptocurrencies, are the only ones that have a negative outlook on cryptocurrencies.
I think it's important to be constructive because there are so many problems and concerns with crypto, I am not delusional to this fact. If the end game for bitcoin or another cryptocurrency to replace the fiat system, we would need to overcome so many problems that it is borderline laughable to even bring up the subject. It would most definitely require a revolution. A revolution is a struggle to the death between the future and the past.
I have not argued about how to invest so I cannot be told about my lacking of investment skills.
I have not pressed the point that bitcoin et al are underpriced so you cannot call me dillusional.
People are not being led into scam after scam, this detracts us from the point of this thread. We are focussing on the technology here, however in such a new and unregulated market it is going to happen. I have tried to post measures for people to protect themselves.
I have never once told you that you do not understand investments, in fact I have learned some things from your postings in this thread and even asked you honest questions.
What I do know about investing in cryptos is in line with what a lot of people say. It is risky, it is volatile and you cannot expect results.
And no, governments cannot shut down bitcoin. It has no central point of attack. You can regulate it in to the ground and ban all trading of it, but it will not stop people. It has massive use in progression in technology and its current best use is building a network of store and exchange of trusted information that has not been possible before. Its current best use is to build a currency in the backbone of it and it will continue to thrive as long as there are internet connections available in the world.
I've not directed this thread towards investment nor have I dismissed your knowledge of investment or abilities, but this is a thread about Cryptocurrencies. While your posts have been amusing, I think it's only fair that you post on topic and not spinning each post in to something about yourself and away from Cryptocurrencies. We get it, you think they are a scam. Now move on.
Sorry but I've tried to see both sides and have opinions kept away from as many posts as possible, but you're very wrong indeed. You have no iota about blockchain and cryptocurrency and even worse are too stubborn to see that.
You cannot shut down the bitcoin network, just like the internet. Governments can regulate as much as they like, but bitcoins heart will still beat. One of the greatest attractions to bitcoin is its decentralised nature and separation from state. If and when governments clamp down harder it will hurt the price in the short term, but as more and more people find privacy and control important, we will see further implementation. Just remember, bitcoin cannot be stopped, the governments trying to clasp it will be like trying to hold on to a lathered soap with rubber gloves. The tighter you squeeze the harder it is to hold.
A lot of people have said bitcoin will fall and a lot of people have said its the future so I'm not too interested anymore if a particular person says bitcoin is garbage or the future.
And therein lies my point, gold is a store of value. It's been used in this way since the year dot. It has also been a reliable hedge against inflation plus offers inverse correlation when things like recessions and financial crises happen. What that means is generally when the markets fall, gold tends to go the other way as it is seen as a safe haven asset.
Gold is a sensible diversifier away from stocks and shares, bitcoin and its altcoin relations aren't.
Gold is so very established I agree. It's a very safe reliable hedge against inflation and recessions because it's always there. It's properties are what makes it safe.
Bitcoin not being a sensible diversifier away from stocks and shares doesn't mean that it can't be a store of value, or valuated. It has value because we say it has value. The only properties that gold has that trumps bitcoin is the fact it's shiny and has physical properties that can be useful (computer parts, jewellery)
Not only that if there was ever an apocalyptic event, and our civilisation regressed a few thousand years. What is likely to have more intrinsic value, gold or bitcoin?
Now you're just being silly. If there is an apocalpytic event and our civilisation regresses a thousand years then I could care less about a fucking bitcoin. I would imagine gold would be something I would want if this were to happen but I would probably want some roasted lamb a lot more, or a gun. If there is world war 3 and the internet is still up and running around the world then that would be interesting to see which way bitcoin will go.
Bitcoin doesn't behave like a currency and let's face facts it's not a currency in the true sense of the word, there is no price stability.
Actually yes it can behave like a currency, just the price volatility through trading and it's lack of integration makes it unusable for day to day use. This is definitely not an argument against just because it doesn't work yet. When Satoshi Nakomoto created the bitcoin network he showed us that we can have a trustless network where we transfer data to one another through cryptography. It was quickly realised that when you have a network like this we can build a currency on the network. A completely trustless network that follows rules that cannot be broken. This absolutely has utility despite that less than a decade down the line since the network was created, it is encountering countless problems and outrageous volatility. In it's current state it's obviously not going to be a world currency, but to extract the fact that it doesn't act currently like a modern day currency, does not that mean it cannot be a future world currency.
Bitcoin isn't a company that has quarterly profit reports or such, it's a digital asset that people believe have value in the same way that people believe non-digital assets like gold have value.
Why would anyone invest in gold or store their value in gold?
I wouldn’t be surprised to see it fall 95%+ from top to bottom, and even at those levels the price still can’t be justified.
I would be very surprised with a drop of that much, but we value btc and crypto differently.
The prices are definitely justified, it's just from one person to another there will be agreements and disagreements. That is what markets are for, they decide the price. I will however agree that the reflection of the price to actual market sentiment can often be puzzling and confusing and far from what a lot of people think it should be, but overall you can't disagree with the overall market price too much. In any case, people who have a better understanding of how close the market price is to what it ought to be, make a lot of money.
I've avoided any Polk videos until now because I couldn't bring myself to listen to someone advocating crypto who is so new to the scene. However, this video nails some absolutely great points and he covers more about how crypto is being debated. He's also quite funny imo.
this line legit made me snort out loud.
v v good
I have to take everything back I said regarding this. I just had the feeling that Doug was hopping on the hype train since he had a new crypto channel. I was very wrong and have since watched half his videos. I recommend watching them too for people who are new in the crypto scene.
The difference is if I give my wallet with £10000 in it to a friend or family member then I have to completely trust them. They can steal my money and I would be pretty screwed if they did. If I give them my bitcoin wallet to look after then they cannot do anything with it since it is encrypted. They could of course just throw it away, at which point you would need your recovery pass phrases. I made a post a month or so ago how to keep yourself as safe as possible.
A couple of pages ago there was a discussion between gooner and Jez.
Jez mentions the best way to keep coins is on a hardware wallet, gooner replies that leaving money on an exchange is stupid. I agree with both of these statements btw.
The discussion then gets sidetracked with gooner saying he would much prefer to have money tied up with a firm like HL than keeping it on coinbase. I think it's important to clear something up for people who read this thread but don't understand the dangers of crypto:
It is a risk leaving your private keys with anyone else. It is a risk putting it on an exchange since you lose some of your privacy and that if the exchange goes tits up, you lose your coins. You also don't control your private keys so you are at the mercy of them. In regards to paying a company to look after your assets, that is perhaps something that is preferable for someone who wants to have a part of his portfolio in crypto but wants nothing to do with it. Firstly, you have to pay them to look after your funds when a hardware wallet is free. Secondly, I really hope they store the private keys themselves. If bitcoin were to fork and the new chain were to become the main bitcoin, you can kiss goodbye to your funds. It is possible that bitcoin goes to 0 and the new fork (call it bitcoin blonde) replaces the old bitcoin.
Hardware wallet > exchange or finance service company because it's safer and free.
Exchange or finance service company > Hardware wallet because having a hardware wallet requires a little diligence to keep your funds 100% safe.
Not sure where you get the name Lambo from, but thanks for letting me know a SIPP cannot be vested before age 55. I must remember to tell my corporate/individual clients that I have advised over my many years, working in the pensions industry .
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