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theBashShell 14 days ago | hide | past | favorite

"...Bitcoin was designed to have a fixed number of coins — it will have 21.5 million coins as of 2040, and then no more"

Maybe just a typo, but really it's 21 million by 2140. Estimates say that over 3 million have been lost forever, so more like 18 million, but Bitcoin will be mined for another 120 years. After that, miners will simply be paid in transaction fees.

Every Bitcoin critic seems to get tied up on how "it's not a currency" equates to failure. While this is true today, I don't see why that matters when it has other useful properties. Saying it's not a currency, even when the founders intended it to be that way, misses a couple points:

1. This is Satoshi's vision, but ultimately Bitcoin will be used however holders see fit, and today it's more Store Of Value and hedge against inflation than currency, which is still incredibly useful.

2. It's software that can be updated, and there are second-layer solutions in the works that will allow it to behave more like a currency (Lightning Network).

Glad you corrected OP's numbers so I don't have to.

It is truly amazing how every half-arsed opinion piece on crypto reaches the front page of HN as long as it is critical. I realize this community is inherently sceptical, but the quality of counterpoints leaves to be desired often.

A little more scepticism of scepticism is much needed here.

The car initially was invented to be some kind of better horse carriage I think, just look at the design of the first one.

That does not mean we have to call cars "dead" just because people don't use them like horse carriages anymore.

Technology is repurposed all the time, what's the big deal?

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