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Thread: Total number of Bitcoins hits 10.5 million, production halves to stop inflation

  1. #1

    Default Total number of Bitcoins hits 10.5 million, production halves to stop inflation

    Today the Bitcoin community celebrates the first halving day! It is the day where half of all bitcoins to ever exist have been created and the reward for keeping the network secure and for validating new transactions is being halved from 50 to 25BTC/10min on average.

    As expected and predicted the halving went without a hitch as can be witnessed here: http://blockchain.info/block-index/3...228e9ba171342e

    The Verge wrote an article about it that you can read here: http://www.theverge.com/2012/11/28/3...halves-to-stop

    Total number of Bitcoins hits 10.5 million, production halves to stop inflation

    Can technology replace the Federal Reserve?

    By Adrianne Jeffries on November 28, 2012 10:44 am Larry

    The total number of Bitcoins in circulation just hit 10.5 million, triggering a safeguard against inflation that was hardcoded into the digital currency. This means a drastic change in the number of new Bitcoins being created, which is expected to have a huge impact on the economy that has been developing around the ecurrency.

    The safeguard has to do with the "block reward," the number of Bitcoins that can be created at a time, which has dropped from 50 to 25. Bitcoin miners, geeks who configure their own computers to mint the cultish digital currency, have been waiting for this moment for a long time about four years, which is how long Bitcoins have been in circulation.
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    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )



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  3. #2

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    we are that much closer to the future

  4. #3

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    Quote Originally Posted by Aratus View Post
    we are that much closer to the future
    Someone on reddit said this about the halving: "One small integer division for a CPU, one huge leap for mankind."
    and I couldn't agree more!
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  5. #4

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    Is anyone here mining bitcoins?

    http://www.theverge.com/2012/11/16/3...-reward-change

    -t
    Public education is not education ... it is schooling.
    Our military is not defense ... it is warmongering and empire building.
    Government police do not protect ... they control.
    Regulations do not regulate ... they protect the status quo.
    Government banks do not distribute money based on effort ... it is gifted to close friends ... and some of it trickles down.

    The result is war, poverty, fear, chaos, and hopelessness for most people with abundance for a few elite.
    -Travlyr

  6. #5

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    On the hobbyist level I do mine. I had a dozen GPUs running at the peak but now have less. It wasn't feasible for me to do anything larger scale.

    This drop in production is also timed with new faster technology meaning the old method of mining will be going away shortly. Some coins were cashed out to cover expenses and now have a small nestegg of coins. I've used them for purchases and it's a very simple solution.





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