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Jul 12, 2016

Why is Bitcoin Capped at 21M units?

Posted by in categories: bitcoin, cryptocurrencies, economics, government, transparency

I was asked this at Quora.com, where I answer questions under the pen name, ‘Ellery’. But the query deserves a companion question, and so I approached the reply by answering two questions.


You might have asked “Why was Bitcoin designed to have a cap?” But, instead, you asked “Why is the cap set at 21 million bitcoins”. Let’s explore both questions starting with the choice of a circulation cap…

Why set the cap at 21 million BTC?

The choice of a cap number is arbitrary and in fact, it could be 1 or it could be 1 hundred trillion. It makes no difference at all and it has no effect on the economy—even if Bitcoin were to be adopted as a currency all over the world. If it were set to 1 BTC, we would simply discuss nano-BTC instead of 1 BTC for amounts of about $650.

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Dec 19, 2011

Facebook Timeline and a Culture of Transparency

Posted by in category: transparency

https://www.youtube.com/watch?v=oMDSzYZxh6I&feature=player_embedded

Last week I switched to the Facebook Timeline feature and the first thing that I did was stop and gasp about what my life was like in 2005. I was in the second batch of facebook-ers after it initially left the Harvard-Yale scene. I was a recent graduate working in the real world to design vehicle interiors, but my life style was still very undergrad-centric…LOL…it was actually undergrad on steroids because my income changed drastically.

I think that the generations that were far past their undergraduate experience were received the social networking revolution differently than those of us who are 30 and under. Friends that I went to undergrad with who are in the 30–40 year old range continue (6 years later) to say that they are “too old” for Facebook, reluctant to use it as a tool.

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