Topic: A flaw in bitcoin, if it became widely adopted 21m bitcoins, 7b people on planet - page 3. (Read 3252 times)

but there approximately 6B(35285 in one ton, x170k) of ounce, which about the same as the numbers of people in the world minus 1B

you need to compare gram to satoshi and you are on the same boat, but with a much lower number for gold

Bitcoin will never have exactly 21 million Bitcoins, it would have 20999999.9769BTC in total. That is still more than a century away. By that time, the population would grow even higher. Also, many users lost their private keys in the past and some burnt it voluntarily and hence the actual number would be much much lesser.

Bitcoin itself can be divided into more than satoshi so it isn't a problem at all. The minimum relay fee can be changed easily if the nodes adopt it.

In the Bitcoin Core, satoshi's will always be able to be split into as many little divisions as necessary to fill a need for more bitcoins.

As long as the encryption isn't cracked, division will not be a problem.

For practical purposes, i'm guessing mBTC will be used, then uBTC, etc. I dont think Sat or Mikey is going to be used as the principal denominator.

I wonder what people will call a Satoshi, if the comma needs to be shifted? I am not saying, it will be a immediate need, but we should be debating this, in the event that this needs to be done. Any suggestions ? If Gavin & Mike succeeded in taking control over development, it might have been 1 x Gavi or 1 x Mikey.

Just fooling around, do not get your panties in a bundle. ^hmf^

If it later feels like its too less.. its no problem at all to split satoshis into 0.1 and 0.01 more..

It's indeed psychological, that's all. Other than that is a no-argument. People will use BTC for it's features, not because they can call what they are holding Bitcoins or satoshis. Most people use the dollar, even tho they will never see a million dollars on their bank accounts, this is the same, even if most people will never see 1 full BTC, they will still use it, because the features are exactly the same.

This is a "problem" with a readily available solution indeed.

There is not a limit of 21 000 000, there is a limit of;

2 100 000 000 000 000. Divided by even 10 billions human, thats 210k sat per capita. So plenty. And if we EVER need more, we can easily add as many 0's as we need.

So right now the limit per capita for 10b humans would be 210 000, if you somehow can't wrap your head around decimals.

my brother was the same.  when i first explained bitcoin to him he had to have a whole one.  which was strange to me because i had been buying in what ever 0.0.....'s i could afford. 

The other point is if you check out some other wallets for example Breadwallet on the iphone you use micro bits so instead of 0.00430000.  its shown as 4300mbtc which means it looks like whole numbers.

It's funny that you have mentioned this, but Bitcoin was designed to mimic the scarcity of the gold!

As for hehe number of bitcoins, people pay too much attention to this so called problem. 1 btc is divisible up to 8 places and this can be even higher with a simple change of code in the future, so no worries!

There are only 170,000 tonnes of gold in the world. Is that a fatal flaw in gold since it is not possible to own 1 tonne per person?

Scarcity exists. It will always exist. Picking any unit and saying "There aren't enough of these for everyone to have one" is arbitrary.

Bitcoin is fungible to eight places and even after that can be patched to support more.

What is the difference between everyone having 1 bitcoin and everyone having .003 bitcoin? Nothing.

Not everyone needs one Bitcoin. You just need a small amount. And how do you know that everyone wants a whole Bitcoin, you can't make a decision for everyone else.

adoption will fix it itself, by evaluating more the minimal divisor of bitcoin, 1 satoshi will have a greater value

and you have a whole 2.1Q(quadrillion, short scale) of satoshi, plenty for everybody

Try to calculate with mbtc

But we all know that bitcoin will not be so widespread. If it became widely accepted, our governments would come together and take a shot at their own altcoin - one supported by them - that has the capacity of, say 21 billion, to help.

nope.


this is an insane number : http://www.usdebtclock.org/

ok in most western world countries. the average life time savings is $45k
(yes some are billionaires yes some only have $100 in the bank account. and yes some are children who dont have banks..but averages as $45k so dont knitpick)

now imagine all 7billion people had $45k each so that everyone on the planet would total $315 trillion

$315,000,000,000,000

bitcoin lets say there are 20mill (1m deductions due to private key losses/deletion), there would be 2 quadrillion satoshi's

2,000,000,000,000,000

making $1 convert to ~6 satoshi with the lowest tx fee of 1sat=$0.16c

so that is maths of the utopian dream some fanatics wanting a one world currency.. however, the whole world WILL NOT adopt bitcoin. sorry but that is the reality.
there will be MANY millions.. MANY... but not all 7 billion will use bitcoin for their entire life savings..(sorry to burst your bubble)

so lets say 10% of the world(700m) put life savings into bitcoin, each $1 would be ~60satoshi with a minimal tx fee of <2c(1sat)
so lets say 1% of the world(70m) put life savings into bitcoin, each $1 would be ~600satoshi with a minimal tx fee of <0.2c(1sat)

so even at 700million people putting their life savings into bitcoin, the maths works with a reasonable and workable holding and reasonable tx fee.

so based on units of measure bitcoin is capable of holding funds of upto 1 billion people with a sub 3c tx fee

With Dollar inflation, im pretty sure in next one or two generations everyone will have at least 1 million dollars... Dollar flaw will be fixed...  Sorry, culdnt resist.

Transaction fees have been adjusted several times in the past as the exchange rate has increased. I'm sure they will continue to be adjusted.

The smallest unit of U.S. currency is the "penny".  The smallest unit of Bitcoin currency is the "satoshi".

There are 100,000,000 satoshi in 1 "bitcoin".
There are 100,000,000 pennies in 1 million dollars.

Saying that you have 0.002000 00 BTC is like saying that you have 0.002 million dollars.

You can say that if you like, but it's easier to just move the decimal over 3 places and give it a new name (2 thousand dollars).
You can do the same with bitcoin.  Move the decimal over 3 places and call it 2 millibitcoin.

Or you could move the decimal over 6 places and give it another name:
2000 dollars
2000 microbitcoin

Saying its a "flaw" that there isn't enough bitcoin for everyone to have at least 1 bitcoin is like saying its a "flaw" that there isn't enough dollars for everyone to have at least 1 million dollars.

The OP didn't have a math teacher that explored the concept of 'infinitely divisible".  While not infinite, bitcoin is pretty damn close.  This is a major non-issue.  


It's almost as if your mind doesn't actually work.  Maybe: 'sort-of lays around' is more like it.