Deflation reasons in ETN network


#1

I need to write something intresting. Right now we have over 1 000 000 mobile apps and about 10% from them are active and use daily mobile miner.
IDK if after the 10 October (deadline for KYC) need everybody to have done verification or they have blocked funds… maybe someone from the team can specify…
But just imagine that a lot of people (thousands) used miner in history and now are not active (unistalled the app) and have on their acc some coins - we can say about 100 etn - number of these people can be really HIGH
Just take that is only 10% from the total number so its 100 000 people with 100 coins = 10 000 000 of ETN (not really high number) but we have another group and in time will be 2 groups growing.
Normal users need to have in online wallets at least 5 ETN to cover the fee so this coins is necessary to let in the smartphone or you get ERROR if you send the whole amount to an exchange.
So we have for now 900 000 active people who cant dispond with 5 etn deposit.
or we can calculate the whole number of mobile wallets (because where these not active want to send something to an exchange they have the same rules)
So its 1 000 000 *5 = 5 000 000
So now its total 15 000 000 not big number and it takes about 3 days to mine (to ASIC) that amount but just imagine if we have like Richard say in interview:
100 000 000 people in (maybe in 2 years, maybe in shorter time) and make a math its 0,5 billion of coins from the whole total number of 21 bilion - its 2,38 deflation ratio


#2

I was wondering about that. I don’t fully understand but I was wondering about the deflation. I know its off topic, do you really mine 15,000,000 etn in 3 days? Or is that a pool. I really need to get into proper mining lol :smile:


#3

That’s the total amount mined by all miners in a 24hr period.


#4

There will absolutely be Coins lost forever! Unfortunately there is no real way of Calculating how much this has been or will be going forward. It is estimated that out of Bitcoin’s 21m Max supply there has already been a “lost forever” amount of 2-4m Coins, it is pure spectulation of course! But it is an eye watering amount.

Lost Coins or as you call it a depreciation, just adds to digital scarcity… Which is a good thing for a coins with a 21B max supply.

I am tired of reading articles where people are now trying to track old computers/hard drives that they had their BTC stored on when it was worth pennies, but now worth millions lol. I read in one of the National Newspapers not morer than 12 Months ago about some guy from Wales who wants to dig for his £100,000,000 of Bitcoin.

I cant wait for the media coverage of people looking to dig up/search for their old phones that contained ETN. Whilst i will feel a little sorry for the Individual, the Media coverage from this will peak even more Interest in ETN. It may be a little bit selfish of me… but just being honest :blush:

edit: Wales, not London.