Comment by Weigh13 on 30/11/2017 at 04:16 UTC

121 upvotes, 4 direct replies (showing 4)

View submission: Don't invest recklessly

There already will never be 21 million bitcoin because many have already been lost. You are correct that bitcoin is extremely deflationary because there can only ever be less and less over time as people die and bitcoin is lost to the great ledger in the sky.

Replies

Comment by Xx_Squall_xX at 30/11/2017 at 05:18 UTC

72 upvotes, 10 direct replies

Damn, what is Bitcoin's strategy for when people die anyway?

Comment by ATXRounder at 01/12/2017 at 20:42 UTC*

2 upvotes, 0 direct replies

Bitcoin breaks down into millionths right? Which means there will be, aside from the lost coins, 2.1e+13 total bits after all coins are mined. This might take a while.

Comment by supra05 at 30/11/2017 at 13:35 UTC

5 upvotes, 2 direct replies

Satoshi also owns $1M of bitcoins. Anyone who owns 5% of a currency makes me a bit worried. If those coins ever flood the market, we’re in for a huge correction.

Comment by borrabnu at 30/11/2017 at 17:26 UTC

1 upvotes, 2 direct replies

Oh, so there can only ever be 21 million individual bitcoins in the world?

And the ones that people lost access to (the user died, the password and wallet information was permanently lost, etc.) are permanently lost to the world?

So I'm assuming that since people are still mining for bitcoins, the 21 million number has yet to be reached? But once it is reached, no more mining and bitcoin will never be "printed" again, unlike how they do fiat currency?

Thanks for answering, if you can! I'm just trying to see if I can understand.