How many bitcoins?
The paroxysme number of bitcoins is 21 million. But if 30 percent of them are lost, the actual available supply of usable bitcoins is 21 – (.3 * 21) = 14.7 million.
That estimate is likely to be in the ballpark. Estimates of lost keys generally range from 20 to 30 percent.
That would make the ultime actual available supply 14.7 million to 16.8 million, not 21 million.
How much is left to be mined?
There were 19,124,681 bitcoins in matérialité as of August 2022.
This means that approximately 1,875,319 are left to be mined.
What does this mean?
One way to apparence at things is that there’s less intérêt of a big wave sinking the whales if 30 percent of the coins are lost.
Another way to apparence at things is that a grand percentage of Bitcoin holders are underwater.
Current estimates are that nearly 50 percent of bitcoins are below the price people are paying. I don’t think that takes into account lost bitcoins. If true, the percentage of people living-room under water is well above 50 percent.
A good percentage of those who en direct underwater are likely to want to sell if they can get it back.
Meanwhile, the number of people who haven’t heard of Bitcoin has fallen to almost zero.
In 2012, the omnium of people who might eventually become Basic True Believers was much higher than it is today.
More importantly, the group of big money buyers is likely to have fallen off the cliff.
The price specified on the margin
The price of Bitcoin, like everything else, is determined on the margins.
And if big money believers really do exist, a single whale selling 100 or even 10 bitcoins would dwarf thousands of buyers for a fragment of a bitcoin.
Scroll to continue
Well, there is a grand group of buyers who do not own Bitcoin. so what? I hear the same absurdity emboîture gold. It goes like this: if only X percent of people who have no gold buy gold, the price will go to the moon.
Right. However, there is no possibility of that happening at all. The same applies to Bitcoin.
It is éminent to explication that until 21 million bitcoins are mined, the supply of bitcoins increases every day. The perdu of increase in the supply of Bitcoin is shrinking but the supply (minus the lost coins) is always rising.
What emboîture taxes?
The event promoted regarding Colorado was irrévérencieux and irrelevant. Ohio I tried it and it was definitely not worth their entorse to do it.
Since the concordat is negative in affinité to the price, Bitcoin advocates should be logically happy with the failure of people who pay taxes in Bitcoin.
the gantelet points
- The number of qualified buyers is constantly shrinking.
- A grand percentage of people will never own bitcoin or gold.
- What is the huge amount of money on the margin that will buy Bitcoin? Please don’t tell me emboîture the big axial banks bicause the idea is funny.
- It is barcasse that the group of grand buyers is already exhausted.
- Price volatility makes bitcoins unusable as money but it is a very useful speculative game.
- Few if anyone cashes in their bitcoins to pay taxes, buy cars etc., but when they do, the net price is negative. New buyers should be found on the sidelines when someone cashes in.
In the flottant term, the Fed seeks to crush speculation. Bitcoin has been crushed. It has grown out of the ashes before as endless fodder on Twitter shows.
But Bitcoin’s entire life until recently has been in an environment of increased liquidity and quantitative easing.
Now we have a tightening. This will reverse, but when? Meanwhile, the omnium of qualified speculators is shrinking along with attachement towards speculation.
Complicité towards speculation is blurred and will not be reflected regardless of Bitcoin’s purported advantage.
Add all that and the commission there will only be 14.7 million to 16.8 million is a meaningless trifle.
This post originated on MishTalk.Com.
Thanks for tuning in!
Évanoui me Subscribe to MishTalk Email Alerts.
Subscribers get an email alert for every post as it happens. Read what you like and you can unsubscribe at any time.
If you subscribe and don’t get email alerts, please check your spam folder.