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  • !1!

     

    How does the halving work when the number gets really small?


    The reward will go from 0.00000001 XBT to 0. Then no more coins will likely be created.


    The calculation is done as a right bitwise shift of a 64-bit signed integer, which means it is divided by 2 and rounded down. The integer is equal to the value in XBT * 100,000,000. This is how all Bitcoin balances/values are stored internally. Keep in mind that using current rules this will take nearly 100 years before it becomes an issue and bitcoins may change considerably before that happens. How long will it take to generate all the coins?

    Satoshi Nakamoto is the founder of Bitcoin and initial creator of the Original Bitcoin client.  His identity and nationality are unknown. He is entirely unknown outside of Bitcoin as far as anyone can tell, and his (never used) PGP key was created just months prior to the date of the genesis block. He seems to be very familiar with the cryptography mailing list, but there are no non-Bitcoin posts from him on it. He has used an email address from an anonymous mail hosting service (vistomail) as well as one from a free webmail account (gmx.com) and sends mail when connected via Tor. Some have speculated that his entire identity was created in advance in order to protect himself or the network. Perhaps he chose the name Satoshi because it can mean "wisdom" or "reason" and Nakamoto can mean "Central source". Ultimately the design of Bitcoin and its use of cryptographic proof and fully open implementation is one that makes its creator, in a sense, irrelevant and only of interest for historical reasons.

    There's a consistent theme that I see popping up on here that I find rather fascinating, and that is the way that many posters perceive BTC. 

    What do I mean? People doing things with BTC that they'd never, ever dream of doing with their dollars - gambling as an 'investment', or gambling at all, pouring coins into bullshit investment schemes run by totally anonymous showers of shit, lending on here to shambolic morons, asking the question 'where do I get free coins?'

    Considering how much of a pain up the arse it can be to obtain coins and keep them safe and their future potential, I find it bizarre that there's such an extreme disconnect. I would've thought it should be at the opposite end of the scale but that's clearly not the case for many. 

    Why do you think this attitude has developed and where do you stand yourself?

    When I started reading on Bitcoin, I thought this was just an Internet token, and back then it high quite a high value. But slowly I started using it, getting to know it more and I now consider it as real money... For me the question now is: is fiat real money?

    Bitcoin is of course real money. Me, personally, I use it as a long term investment strategy, sort of like a stock/share/store of value in the sense I hope it's worth a lot more some day in the future than when I've bought/been buying it.


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