aoeu on Nostr: Don’t disagree at all! Number going up is probably the reason we all got into it. ...
Don’t disagree at all! Number going up is probably the reason we all got into it. The increased purchasing power of bitcoiners is a good thing and will continue for as long as fiat exists.
As jack mallers (npub1cn4…3vle) explains, Bitcoin needs to have a higher price in order for its structure (or matrix or lattice) to be sufficient to support the global economy. Right now it has not reached the point where it could do that. It cannot support flows of trillions of dollars yet like the Treasury market can.
Number go up is what will allow more and more use cases.
Jack described it this way: If someone put $20 billion into Bitcoin to buy the Genesis block (assuming that was possible), then 10 minutes later, when the next 50 BTC was mined, the value of their 50 BTC would now drop to $10 billion. Bitcoin didn’t have the structure needed to support large transactions like that at that time.
One of the genius things that Satoshi did was to make sure there was a quick distribution of Bitcoin early.
As only 3.125 BTC is mined per 10 minutes and there is already so much BTC out there, the dilution is significantly less.
Price going up, block rewards dropping, and Bitcoin asymptotically approaching the just under 21 million cap is what will allow Bitcoin to support the entire global market.
As jack mallers (npub1cn4…3vle) explains, Bitcoin needs to have a higher price in order for its structure (or matrix or lattice) to be sufficient to support the global economy. Right now it has not reached the point where it could do that. It cannot support flows of trillions of dollars yet like the Treasury market can.
Number go up is what will allow more and more use cases.
Jack described it this way: If someone put $20 billion into Bitcoin to buy the Genesis block (assuming that was possible), then 10 minutes later, when the next 50 BTC was mined, the value of their 50 BTC would now drop to $10 billion. Bitcoin didn’t have the structure needed to support large transactions like that at that time.
One of the genius things that Satoshi did was to make sure there was a quick distribution of Bitcoin early.
As only 3.125 BTC is mined per 10 minutes and there is already so much BTC out there, the dilution is significantly less.
Price going up, block rewards dropping, and Bitcoin asymptotically approaching the just under 21 million cap is what will allow Bitcoin to support the entire global market.