25 sats \ 0 replies \ @JustSomePleb 9 Nov 2022 \ on: CZ: "We signed a non-binding LOI, intending to fully acquire FTX" ๐งต bitcoin
From following the tweets of the last few days it feels like Binance caused a run on the bank at FTX and then took advantage of the opportunity which opened. Amirite?
Here's some math:
Calculate the supply of bitcoin:
ฮฃ[(100/(2^n)) x 210,000] = (50 x 210,000) + (25 x 210,000) + (12.5 x 210,000) + ... + (0.00000001 x 210,000) = 20999999.99755528 limit (epochs) = 33 n0 = 1
Calculate the max possible supply at a block height:
Number of epochs = current block height / 210,000
e.g. block height = 750,000, therefore 750,000/210000 = 3.57
750000 - (3 x 210,000) = 120,000 blocks into 4th epoch
(50 x 210,000) + (25 x 210,000) + (12.5 x 210,000) + (6.25 x 120,000) = 19,125,000 bitcoin could have been minted.
Verify the actual number of minted bitcoin:
Using a full node (e.g. Bitcoin Core), run the RPC command 'gettxoutsetinfo'. On a RasPi this may take a few minutes to compute.
The 'Total Amount' value is the actual number of minted bitcoin.
Check out this podcast we made discussing the total amount of bitcoin. Your are right, there will never be 21M but close to it:
This is not only happening in the US. I have seen it first hand in the UK as well. They know a storm is brewing and are trying to prepare.
It has become clear to me that hardly anyone has taken the time to understand what they call money or how it works. Even in businesses who really should know! People take it for granted and are in shock at the inflation they are seeing now. They do not understand what is happening and are quick to blame it on reasons they are fed like the war in Ukraine.
I agree. I can't see any benefit in an app for users. The website works perfectly well. I prefer browser based sites as I feel more in control of privacy compared with apps.
I noticed the profile pictures earlier and added one! For the LN-URL code what's the limit someone could send? For instance can I use the address on other sites to accept donations? I guess it'll be limited by your/the sites channel liquidity.
Yes, I think this concept is lost on many. Some know about compounded interested on savings or investments but don't consider the reverses effect on purchasing power with inflation.
Yep, I actually know people blaming Putin for it as well. This has been building for many years and I am amazed that the central banks are pretending to be surprised. I think it's an act to try and cover their major contribution to the situation.