Should we consider Satoshi’s BTC as dead BTC making the total supply more like 20M minus the other lost BTC?
Discussion
Makes sense
The issue is we have no idea how much satoshi actually mined. So there isn’t a clear defined amount that we can say are “dead”
Ever since Hal made valuation estimates based on 20 million coins I do the same.
It's easier to apply in base10 thinking.
But beyond that, I assume upwards of 3-5 million coins could be lost.
Even ignoring Satoshi’s coins, think about all the lost hard drives, people giving up way too early, deaths of hodlers, etc.
There is farrrrr less that 21M. And it will continue to dwindle at an exponentially decreasing rate. Meaning, it will slow down and ultimately likely never reach 0.
Once the final sat is mined, I would argue that there will only be 16M in circulation at that time.
My question is more focused on Satoshi’s coins and ignoring those that are lost. Should we consider a those lost? Or will they come to play in the future. Very aware that there will be much less than 21M ❤️
Ah ah ah. Sorry for the man-splaining in that case, my mistake in interpretation.
To that point… I haven’t given it much thought and now I’m scared for some reason lmao.
Would be absolutely LIT though if the whole of all Bitcoiners’ worlds stopped because those coins moved one day.
This place would explode.
All good! I guess my biggest worry is also that those coins come to play someday which would cause a huge loss for most bitcoiners. Like a “what if” this is all a scam. Just trying to prepare a solid explanation for noncoiners. Other than faith, not sure of a solid answer.
It’s kinda a weird spot for Bitcoiners because… I guess it’s the one part of the whole thing that we do have to put trust into…
I agree. The only other thing I can relate to trust in BTC is much like faith with religion!
I think at some point in adoption, movement of those coins won’t matter as much as they would now. If hyperbitcoinization ever happens, how many of the billions of users would even know that they exist?
That seems to be the best rebuttal for the argument of “what if”. 🤟
Why would it be a scam if satoshi's coins moved?
For sake of argument (not my opinion), because BTC was created so he could get rich much like a ponzi. Jamie Dimon eluded to this scenario. Looking for good rebuttals.
For me I dont think it would matter. The system is still secure and functioning as we know it, whether those coins move or not.