🔥 Vitalik doesn't know the current supply of Ethereum!
Hello!
Like every day, I was reading twitter and I have come across some interesting tweets from Vitalik Buterin (Founder of Ethereum), the 2nd cryptocurrency by market cap.
People on twitter have long been pressuring Vitalik to comment on what the maximum Ethereum supply is. Since there is no maximum supply, people tend to say that Ethereum's supply is infinite and therefore its value will tend to 0 over time.
People tend to compare Bitcoin, with a total supply of 21,000,000 to Ethereum, without a given total supply. I have been able to read many comments with a sarcastic tone on the subject, and some of Vitalik's answers are not very convincing.
For example, this one:
But... If it is that hard to calculate the current supply of Ethereum, we have to trust that the tracking websites are showing correct data? I will assume so.
What is the TOTAL supply of Ethereum?
Nobody can say it precisely enough. However there is a tweet published by Vitalik today that showed some useful information.
He basically wrote:
I love how people have been so awkwardly trying to press ethereum on its lack of a preset "21 million"-like hard cap, when transaction fees the past 2 months have been high enough to more than fully cancel out PoS rewards post-EIP 1559.
So... with the current transaction fees of Ethereum we will be able to cancel more than the PoS rewards that are going to be distributed after the Ethereum 2.0 launch.
From one part I am happy, because I was wondering how were going to be paid that rewards to the people staking... but from the other part, should we be happy to have such a really "high-fees-blockchain"?
I don't think so. By the way, here you have the chart:
Enjoy! 😊
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Shared on twitter #posh:
https://twitter.com/ResilienciaHODL/status/1292189029593690113?s=20
Disappointed to see you jump of this complete non-event, are we really expecting Vitalik to know the exact number of ETH down to the last unit?
I've been in crypto for 4 years and I couldn't tell you exactly how many Bitcoins there are in circulation, I doubt many Bitcoiners can, including master troll like Pierre Rochard, this story is complete cringe imo
I am not saying that is good or bad. I just say it is hard to calculate that number that even Vitalik has struggles to have it.
I like Ethereum and I am hodling some.
It's not hard, here's the code
You can do better than this clickbait garbage mate, come on
Actually, for Bitcoin it's pretty easy, you can just query your bitcoin full node with "gettxoutsetinfo"and it will count all the UTXO . In Bitcoin it's easier than on Ethereum, because on Ethereum you don't have UTXO to count, it's a system of account balances and you got uncle blocks, still, there should be a command on the client that counts everything without assuming certain values like the issuance.
From what I got, now that the bitcoin maximalist started asking for this they are going to put it in the next client and count from block one everything in order to have a more certain value.
Funny thing is that this doesn't really need to exist because the ethereum nodes alrdy force consensus on supply so you don't really need to count the supply to force certain issuance, it's good to have the option, but not needed.
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Agreed with you here, Bitcoin makes it super easy to query supply, I run a node and I've done it a couple times.
Also in a weird way, one good outcome of this debate is to draw attention on being able to independently query supply which is very important, also great that they're pushing the code into the next client update.
I just take objection with how this event was lazily covered here
There's a huge number of Eth holders that don't care about these things and are buying the hype all the way.
Ever since the announcement of Chinese govt wanting to incoporate Ethereum into their facial recognition system, Eth has been on upward trend, some will claim that
the price is only responding to Bitcoins recent spike,...who knows.
I like Ethereum too!
But this just surprised me...
Holders are looking forward to levels above 500$ like in 2017
I would also like that!
A lot of coins on the market have unlimited printing!
Yes! And growth can overtake the new supply! 😊
To know the Bitcoin supply it's pretty easy, you can just query your bitcoin full node with "gettxoutsetinfo"and it will count all the UTXO . In Bitcoin it's easier than on Ethereum because on Ethereum you don't have UTXO to count, it's a system of account balances and you got uncle blocks which are very complex and hard to count, still, there should be a command on the client that counts everything without assuming certain values like the issuance like some scripts I've seen out there do which assume the issuance rates.
From what I got, now that the bitcoin maximalist started asking for this they are going to put it in the next client and count from block one everything in order to have a more certain value.
Funny thing is that this doesn't really need to exist because the ethereum nodes alrdy force consensus on supply so you don't really need to count the supply to force certain issuance, it's good to have the option, but not rly needed.
To know more about this read the Andreas post which explain very well the situation with the uncle blocks, etc... https://twitter.com/aantonop/status/1292877311570857990?s=20
I'll try to write about this tomorrow :)
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Yes! Yesterday I read t'he tweet and It is really good!
And moreover has been validated by Vitalik!
Thanks for writing it here!