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Main => General Discussion => Topic started by: zerosum on November 21, 2014, 04:36:36 am

Title: BTS is deflationary
Post by: zerosum on November 21, 2014, 04:36:36 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?
Title: Re: BTS is deflationary
Post by: Stan on November 21, 2014, 04:46:24 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?

A profound insight.  :)
Title: Re: BTS is deflationary
Post by: Ander on November 21, 2014, 05:11:25 am
Correct.  There are about 3.7 billion BTS, and every 10 seconds when a block is created by a delegate at only 3% pay, 48.5 BTS is burned forever.
Every time someone pays a transaction fee or registers a delegate, BTS is burned forever.
Title: Re: BTS is deflationary
Post by: abit on November 21, 2014, 05:20:35 am


I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?

A profound insight.  :)
Agreed
Title: Re: BTS is deflationary
Post by: abit on November 21, 2014, 05:21:58 am

Correct.  There are about 3.7 billion BTS, and every 10 seconds when a block is created by a delegate at only 3% pay, 48.5 BTS is burned forever.
Every time someone pays a transaction fee or registers a delegate, BTS is burned forever.
+5%
Title: Re: BTS is deflationary
Post by: arhag on November 21, 2014, 05:28:35 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.

Makes sense to me (https://bitsharestalk.org/index.php?topic=11325.msg149445#msg149445).  Unfortunately some people in the community like Empirical1.1 (https://bitsharestalk.org/index.php?topic=11325.msg149455#msg149455) don't seem to agree.
Title: Re: BTS is deflationary
Post by: Ander on November 21, 2014, 05:36:19 am
Also:

During the past 24 hours, what has happened to the supply of BTS.  Its inflating right?

Nope, it has decreased by 50,700.   (And I mean actual supply.  Fees burned has exceeded inflation by 50,700 BTS today).
Title: Re: BTS is deflationary
Post by: zerosum on November 21, 2014, 05:50:11 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.

Makes sense to me (https://bitsharestalk.org/index.php?topic=11325.msg149445#msg149445).  Unfortunately some people in the community like Empirical1.1 (https://bitsharestalk.org/index.php?topic=11325.msg149455#msg149455) don't seem to agree.

I will quote *clout* (even though he might  not realize it).
Because v1.1 knows shit!


Sorry, Empirical 888 brother...but the ability to change one's views is as valuable for a human, as the ability to keep its value is for gold.
Title: Re: BTS is deflationary
Post by: liondani on November 21, 2014, 06:01:25 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?
explain that in plain Chinese also please... 

Sent from my ALCATEL ONE TOUCH 997D

Title: Re: BTS is deflationary
Post by: zerosum on November 21, 2014, 06:11:22 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?
explain that in plain Chinese also please... 

Sent from my ALCATEL ONE TOUCH 997D

*wildpig* or *cn-members* will do it for me us... I sure hope so.

The best from me is:
"我有一个4+岁的灵感。

BTS有〜3.6亿股的供给(或任何实际的最大值是)。并不是所有的这种供应是当前可用的人。还有一部分是留在50块BTS未来街区。

在每个块,我们没有101名代表以最大允许工资100%的块,我们有效地降低基站的供应。"


aka:

"我有一個4+歲的靈感。

BTS有〜3.6億股的供給(或任何實際的最大值是)。並不是所有的這種供應是當前可用的人。還有一部分是留在50塊BTS未來街區。

在每個塊,我們沒有101名代表以最大允許工資100%的塊,我們有效地降低基站的供應。"

Title: Re: BTS is deflationary
Post by: abit on November 21, 2014, 06:50:31 am
It's correct unless we change the rules again. Will we?
Title: Re: BTS is deflationary
Post by: cn-members on November 21, 2014, 07:11:53 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?
explain that in plain Chinese also please... 

Sent from my ALCATEL ONE TOUCH 997D

*wildpig* or *cn-members* will do it for me us... I sure hope so.

The best from me is:
"我有一个4+岁的灵感。

BTS有〜3.6亿股的供给(或任何实际的最大值是)。并不是所有的这种供应是当前可用的人。还有一部分是留在50块BTS未来街区。

在每个块,我们没有101名代表以最大允许工资100%的块,我们有效地降低基站的供应。"


aka:

"我有一個4+歲的靈感。

BTS有〜3.6億股的供給(或任何實際的最大值是)。並不是所有的這種供應是當前可用的人。還有一部分是留在50塊BTS未來街區。

在每個塊,我們沒有101名代表以最大允許工資100%的塊,我們有效地降低基站的供應。"

Explained multiple times in the Chinese community before .
Title: Re: BTS is deflationary
Post by: zerosum on November 21, 2014, 07:42:03 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.


?
explain that in plain Chinese also please... 

Sent from my ALCATEL ONE TOUCH 997D

*wildpig* or *cn-members* will do it for me us... I sure hope so.

The best from me is:
"我有一个4+岁的灵感。

BTS有〜3.6亿股的供给(或任何实际的最大值是)。并不是所有的这种供应是当前可用的人。还有一部分是留在50块BTS未来街区。

在每个块,我们没有101名代表以最大允许工资100%的块,我们有效地降低基站的供应。"


aka:

"我有一個4+歲的靈感。

BTS有〜3.6億股的供給(或任何實際的最大值是)。並不是所有的這種供應是當前可用的人。還有一部分是留在50塊BTS未來街區。

在每個塊,我們沒有101名代表以最大允許工資100%的塊,我們有效地降低基站的供應。"

Explained multiple times in the Chinese community before .
Maybe we should ask coinmarketcap.com to start using the 3.7 Bil number...and go down from there, with each passing day.
Just a semi-serious thought.
Title: Re: BTS is deflationary
Post by: abit on November 21, 2014, 07:42:31 am
I posted a translation here: https://bitsharestalk.org/index.php?topic=11581.msg152615#msg152615
Title: Re: BTS is deflationary
Post by: Ander on November 21, 2014, 07:43:51 am
Maybe we should ask coinmarketcap.com to start using the 3.7 Bil number...and go down from there, with each passing day.
Just a thought.

I think that would be less accurate.

The coinamrketcap supply says "total available supply".  If bitcoin is 13.5 million supply, not 21 million, then we are at 2.5B right now, not 3.7.

We will have to settle for it saying 2.5B and then just not increasing very much. :)
Title: Re: BTS is deflationary
Post by: zerosum on November 21, 2014, 07:48:42 am
I posted a translation here: https://bitsharestalk.org/index.php?topic=11581.msg152615#msg152615

Thanks! I really appreciate it.
Because if 'Google Translate' is as bad translating English to Chinese as it is in translating Chinese to English, we are totally and I mean more than totally lost in translation.
Title: Re: BTS is deflationary
Post by: zerosum on November 21, 2014, 07:53:05 am
Maybe we should ask coinmarketcap.com to start using the 3.7 Bil number...and go down from there, with each passing day.
Just a thought.

I think that would be less accurate.

The coinamrketcap supply says "total available supply".  If bitcoin is 13.5 million supply, not 21 million, then we are at 2.5B right now, not 3.7.

We will have to settle for it saying 2.5B and then just not increasing very much. :)
I know man...but for once maybe we should be the  'less accurate' guys and rip the benefits of not being extremely precise / honest /sharing every idea we got etc. ...see what the openness and precision got us so far.
Title: Re: BTS is deflationary
Post by: Empirical1.1 on November 21, 2014, 10:15:20 am

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.

Makes sense to me (https://bitsharestalk.org/index.php?topic=11325.msg149445#msg149445).  Unfortunately some people in the community like Empirical1.1 (https://bitsharestalk.org/index.php?topic=11325.msg149455#msg149455) don't seem to agree.

I will quote *clout* (even though he might  not realize it).
Because v1.1 knows shit!


Sorry, Empirical 888 brother...but the ability to change one's views is as valuable for a human, as the ability to keep its value is for gold.

Your contention would hold true if BTS said we want to follow a supply curve of a precious metal/lock ourselves into some long term rules like Bitcoin or other but that is not the BTS POV.

BTS is not a DAC that has decided to follow the limited rules of money. It is a competitive DAC that wants to be adaptable so it can respond to it's environment. If a wonderful merger opportunity comes to add value to BTS, BTS is still open to it. If BTS finds a good sharedrop scheme that is fantastic at driving network effect then more dilution will likely be added.

At some point though the downtrend will stop. New features will drive up the price. Having the ability to hire marketers and developers does add value, especially ones that the community agrees on. If you can create a large network effect before you see a serious competitor, then BTS may even wipe the floor with Bitcoin within a year/2 imo.



Title: Re: BTS is deflationary
Post by: Gentso1 on November 21, 2014, 08:17:39 pm

I had a 4+ year old inspiration.

BTS has a supply of ~3.6 Billion shares.(or whatever the actual max is). Not all this supply is current available for anyone. Some of it is left in  50 BTS chunks in future blocks.

In each block that we do not have 101 delegates taking 100% of the max allowed pay for that block, we are effectively decreasing the supply of BTS.

Makes sense to me (https://bitsharestalk.org/index.php?topic=11325.msg149445#msg149445).  Unfortunately some people in the community like Empirical1.1 (https://bitsharestalk.org/index.php?topic=11325.msg149455#msg149455) don't seem to agree.

I will quote *clout* (even though he might  not realize it).
Because v1.1 knows shit!


Sorry, Empirical 888 brother...but the ability to change one's views is as valuable for a human, as the ability to keep its value is for gold.

Your contention would hold true if BTS said we want to follow a supply curve of a precious metal/lock ourselves into some long term rules like Bitcoin or other but that is not the BTS POV.

BTS is not a DAC that has decided to follow the limited rules of money. It is a competitive DAC that wants to be adaptable so it can respond to it's environment. If a wonderful merger opportunity comes to add value to BTS, BTS is still open to it. If BTS finds a good sharedrop scheme that is fantastic at driving network effect then more dilution will likely be added.

At some point though the downtrend will stop. New features will drive up the price. Having the ability to hire marketers and developers does add value, especially ones that the community agrees on. If you can create a large network effect before you see a serious competitor, then BTS may even wipe the floor with Bitcoin within a year/2 imo.

I may be out of line but bitcoin rules can change as quickly as ours with a hardfork, so I would suggests we are in the same boat.

In fact when bitcoin was in its younger days wasn't it forked quite a few times?

http://bitcoinmagazine.com/3668/bitcoin-network-shaken-by-blockchain-fork/ (http://bitcoinmagazine.com/3668/bitcoin-network-shaken-by-blockchain-fork/)-by VITALIK BUTERIN