The ‘Number Go Up’ has an interesting origin from the world of Bitcoin memes and Twitter discussion, where it is often referred to as NgU technology.
Number Go Up technology refers to Bitcoin’s difficulty setting feature and strictly limited supply of 21,000,000 (twenty-one million units). Given the extreme scarcity of Bitcoin and the inability to copy it, this causes the price of Bitcoin to go up.
When did the “Number Go Up” come about?
According to some opinions, the first time that “Number Go Up” was mentioned would have been in a comment on Twitter by the user Blade Runner in 2017, at a time when the crypto bubble was booming.
Others explain that it would have been mentioned in the Saifedean Ammous podcast who would have popularized the term from that moment on.
Why does the number go up?
Simply put, Bitcoin is extremely scarce. There are 100 million satellites for Bitcoin. At the time of writing, there are just under 238,000 satellites per person in the world.
Satoshis Per Person
| Sats Per Person (1 SATCAP) | 237,304,761 |
| SATCAPS Per Bitcoin | 421 |
| Price of 1 SATCAP | $ 95.62 |
| World population | 7,895,177,144 |
| Bitcoin in circulation | 18,735,631.3 |
| Total Bitcoin extractable | 2,264,368.75 |
| Percentage Bitcoin issued | 89.22% |
| Bitcoin mined per day | 900 |
| Bitcoin at $USD | $40,293.41 |
Source: https://satsperperson.com/
Forums:
Number Go Up on Reddit.
Bitcoin key is “Number Go Up”
It may seem like just a minor feature, but ultimately NgU is the base and the key to the strength and future of Bitcoin as a store of value.
In the case of other currencies or systems, they will always be under pressure or exposed to a political decision to create more units, diluting their value. But imagine if someone found a way to create unlimited quantities and flood the markets with gold, its value would plummet completely.
So the scarcity of Bitcoin is what allows it to retain its value.
Who benefits that those who managed to build a capital loss that value?
It can be argued that the main value of a currency existing is to preserve that value. Capital, which can also be considered as accumulated labor, can then be used for different purposes, surely some more praiseworthy than others. But the alternative of other inflationary currencies, which are losing their value over time, does not seem to provide any advantage.
A constructed value that is diluted with monetary inflation can no longer be invested, distributed, taxed, or used in any way. Sometimes it is a value built with great effort, or with a sum of efforts, or, as the citizens of countries where inflation is more acute know, perhaps the work of a lifetime.
Who benefits then that those who managed to build a capital loss that value?
Sources: Ministry of Nodes, David Gerard.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
