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Old 03-30-2013, 10:31 AM   #12
Arkie
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Join Date: Oct 2003
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This could really be the people's currency. I just don't trust cyberspace. Do the people really have control, or will the privileged find a way to control it? This is the soundest currency possible if its secure. It increases on a logarithmic scale (not exponential like USD) that reaches a limit in 2140. So in other words, there's no way to inflate it without a decrease in the human population.

Quote:
The network is programmed to increase the money supply as a geometric series until the total number of bitcoins reaches 21 million BTC, by issuing them to nodes that verify transaction records through intense bruteforce hashing with computing power.[3]
Currently, 25 bitcoins are generated every 10 minutes. This will be halved to 12.5 BTC within the year 2017 and halved continuously every 4 years after until a hard-limit of 21 million bitcoins is reached within the year 2140.[1][11] As of March 2013 over 10.5 million of the total 21 million BTC had been created; the current total number created is available online.[46] In November 2012, half of the total supply was generated, and by end of 2016, three-quarters will have been generated. By 2140, all bitcoins will have been generated with the last one consisting of fractional parts. To ensure this granularity of the money supply, clients can divide each BTC unit down to eight decimal places (a total of 2.1 1015 or 2.1 quadrillion units).
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