Satoshi was very smart.
He knew most new technologies usually take a minimum of 10 years to gain any real traction.
He wanted to issue as many coins as possible within the first 10 years to keep the price suppressed so as many average people as possible could obtain cheap coins during the bootstrapping phase.
What happens next is mainstream adoption and institutional demand run smack into severely reduced supply and the price explodes very quickly to a much higher "normal".
This was the most egalitarian way to introduce a new form of money. He honestly was also very aware of the fact that libertarians and programmers would be the first involved and would therefore become the new wealthy elite while banks and politicians tried everything to stop it, becoming less powerful in the process.
Bitcoin was ingeniously designed to transfer wealth towards libertarians, nerds and average citizens and away from corrupt incumbent politicians and financial institutions.
submitted by /u/slvbtc
Bitcoin – The Currency of the Internet
I've been getting a lot worried and pessimistic comments on my posts lately but I have to believe that those are from very misinformed people or intentional trolls.
To see miner support go to the bottom of https://coin.dance/blocks and note that over 99% of blocks are either signalling for segwit already or have indicated they are on board with SegWit2X, meaning they will shortly begin to signal for segwit and reject blocks that don't signal for segwit. So it doesn't look like there will be any chain split that lasts more than one block given that overwhelming support, and those are totally normal splits that get reorganized away all the time.
At https://uasf.saltylemon.org you will see that UASF nodes are steadily on the increase. These nodes will not diverge from SegWit2X miners if those miners simply follow through on their statements.
At https://bitnodes.21.co/dashboard/ you can see that well over 80% of nodes are running Bitcoin 0.13 or higher which means that they will also activate SegWit natively when the rest of the network activates it.
And of course 100% of nodes are going to continue to function fine because SegWit does not break legacy clients.
Oh, and also transactions are all clearing quickly at very reasonable fees.
Network uptime remains at 100% with no interruptions.
It's almost as if sensationalist reports and alarmism get a disproportionately high share of voice.
submitted by /u/logical
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Google Alert – bitcoin
This question already has an answer here:
I am new to Bitcoin and have gone through a couple of video introductions and articles. I have few questions on Bitcoin transactions:
1) I read that the sender needs to encode the numbers of remaining Bitcoins with him in the transaction. This is to say if Alice has 50 Bitcoins and she wants to transfer 40 to Bob, her transaction data would have two destinations: 40 BTC to Bob’s address and 10 BTC to Alice. But I looked at the below link with transaction data:
This does not have any case where the sender is same a recipient. Is it that this info is excluded for web reporting or am I missing something.
2) How are the number of transactions in a block decided? I know that block size has a limit but how is it determined which transactions would a block pick from pool of unconfirmed transactions?
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