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0 sats \ 2 replies \ @Solomonsatoshi 30 Sep \ parent \ on: What about Bitcoin are you too embarrassed to admit you still don't understand? bitcoin
Total issuance was set from day one at 21 million.
As was the programed decline in rate of issuance toward zero.
Thus strictly limited total issuance was set from day one.
Certainly it was easier to mine when just one or two people were mining but even Satoshi had to make some effort/expenditure of computing power even if small, to accumulate his sats.
As more people expended more effort to acquire value rose.
The self fulfilling cycle of FOMO.
From the start the inherent value was in holding the transfer/access keys to a token with a strictly limited total issuance...something that had never existed in the known universe before.
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There were initially equally few people with any incentive or motive to change the consensus.
As value grew and more clamoured to mine, security increased proportional to value of the network.
At first only cryptography geeks and freaks would value the largely abstract inherent value in possessing the cryptographic keys to a token on a blockchain that most people considered of no value...but those few understood the potential of a strictly limited total issuance...in a world of fiat debt slavery debasement and corruption.
'there will only ever be 21 million'
As time, understanding and FOMO built up, those keys and the abstract transfer value they provide access to have increased in value.
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