/biz/ - Business & Finance

What will happen if you set 30 hundred dollar bills on fire?

>>2184632
It is gone but the value will be reprinted easily. Bitcoins are finite. So anything gone is gone? They can't decide to make extra?

You ever seen Ghost Ship?
It's like that, but with crypto wallets instead of ghosts.

>>2184655

It's almost like if you lose your real wallet it in the middle of the ocean and it sinks to the bottom. Is it recoverable? Anything is possible I guess.

the coins are gone forever

>>2184653
we can "decide" to change anything about bitcoin, but there has to be consensus so that enough miners incorporate the new code.

as for the lost coins it just means the value of remaining coins increases (deflation), the opposite of what happens when money is printed

>>2184615

what happens with gold when we launch a 12" diameter disc into the depths of space?

>>2184899
actually this was a bad example now that I think about it

What happens with gold when a pirate buries his treasure chest and dies before telling anyone the location?

Fun arithmetic exercise.

Total global wealth is roughly $241,000,000,000,000.

There will only ever be 21 million BTC.

Deduct 1 million coins for those out of circulation because stoners used them to buy pizza, hard drives got formatted, paper wallets run through the wash, etc etc.

241,000,000,000,000
20,000,000

In the future when there is no fiat currency and BTC is all there is, 1 coin will be worth 12 million dollars.*

*model relies on some assumptions

>>2184988
>*model relies on some assumptions
ya ill fuckin say

why dont we use the market value of all the gold in the world instead (~7 trillion)

7,000,000,000,000 / 20,000,000 = 350,000 per BTC

>>2184655

>>2185017
wow only 350k pff so low

>>2184913
Someone can still find it.

>>2185065

...


this is assuming bitcoin, a digital currency that has been around for less than a decade, would fully replace the entire gold market in the world which has been around since the prehistory era

fucks sake