BTC has too few coins to function as a global currency. - page 5.

BitcoinNational

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Quote from: BiTZeD on October 08, 2016, 04:24:21 AM

I don't understand what's that principal of side chains. So basically we're sending bitcoins without using Bitcoin ?

durrh!

they can send value from A to Z less the fee of 10K satoshi.
even if your .. HOLY HOLY ... I only have faith in BTC ... yet ALTz still offer a cheaper route ...
the only need is to suspend your faith for a few seconds.

Oh you cheaters ,,, ATONE!

TraderETH

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Quote from: BitcoinNational on October 08, 2016, 12:24:50 AM

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ? Wink

)

This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

Well i we can not send bitcoins for 1 Satoshi only, maybe you are right about your statement bitcoin has too few coins to function as global currency. But only bitcoins that has big amount of volume transaction and can be survive until right now. There are valuable into bitcoins than another coins.

BiTZeD

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I don't understand what's that principal of side chains. So basically we're sending bitcoins without using Bitcoin ?

BitcoinNational

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Quote from: Herbert2020 on October 08, 2016, 03:50:58 AM

two things i got to say to this:
1) fees will change with price. and it has already changed a lot of times
2) it has been said before and i say it again if 1 satoshi has a value in fiat then bitcoin can be divided into a smaller amount (0.1, 0.01 satoshi)

RU that thick? Do you ever see BTC hardforking:? Please take a moment to stabs your self in the eyes.

OKAY
you buffoon!

2,100,000,000,000,000 coins available

yet...
I can not send 10 coins because the fee is 10,000 coins.

Get it .. yet?

so side chains fill the gap ... discus

Herbert2020

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ok lets take this one step at a time.
you say bitcoin becomes a global currency, so in that case the price should rise up a lot first because of the adoption (simply more demand > higher price)

first of all it will never be "global" nothing is ever global. so lets say the price goes up to $10,000 since so many users like this number then 1 cent is 0.000001BTC (0.000002BTC if it goes to $5000)

so it is safe to assume 1 satoshi is worth something eventually.

with that in mind there is not 21 million coins but there are 21e14 (2,100,000,000,000,000) coins available so there is enough coins to go around. (keep in mind there is nothing called decimal point in bitcoin code, for example right now what you see as 0.1BTC is what your GUI shows you in reality you should see 10000000 instead)

Quote from: BitcoinNational on October 08, 2016, 12:24:50 AM

(but what is the fee to send 1 satoshi ? Wink

)

two things i got to say to this:
1) fees will change with price. and it has already changed a lot of times
2) it has been said before and i say it again if 1 satoshi has a value in fiat then bitcoin can be divided into a smaller amount (0.1, 0.01 satoshi)

dinofelis

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Quote from: BitcoinNational on October 08, 2016, 12:24:50 AM

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ? Wink

)

This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

I think that the world's GDP is of the order of $ 100 trillion or so. We have 20 million bitcoin at 100 million satoshi each, which brings us to 2000 trillion satoshi. So if bitcoin were to handle the full world's GDP, a satoshi would be of the order of 5 cents.

Now, having bank transfer costs of 5 cents when you want to transfer 5 cents wouldn't sound like ridiculous, wouldn't it ?

The discretisation of bitcoin units (in Satoshi) is not what is going to limit bitcoin's adoption. The block chain and block size is, long before this becomes an issue.

Spoetnik

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Good point !

And i have had many times where i wanted to send small amounts but couldn't afford it..

Not everyone is rich spoiled greedy shitheads. Roll Eyes

How about telling people that if they want to spend a quarter at a store it will cost them $5 ?
Like duh.. you NEED to be able to spend small amounts.. it's life.

And divisible is a poor excuse.
The dollar in Canada is divisible.. but then it's NOT a dollar anymore but "change"
Hell we even dropped the 1 cent penny way back.. we don't use them, shit is rounded off at store registers.
We were told it was starting to cost 1.6 cents to make a penny so Canada dropped it.

Bitcoin needs to be usable across the board and not just advantageous to guys looking for a cheap way to move a small fortune.

To me viewing Bitcoin as a Currency and seeing it at $600 that alone tells me there is not enough BTC coins.

This all makes me wonder if an Altcoin could fix these glaring issues.. with out centralization.

Patatas

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Quote from: BitcoinNational on October 08, 2016, 12:24:50 AM

I know first argument will it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ? Wink

)

More like why would you even consider doing a garbage transaction ?You will end up paying more fees than the actual transaction if you want your transaction to get confirmed,ever.

Quote from: BitcoinNational on October 08, 2016, 12:24:50 AM

This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

Not currently...I remember reading a similar discussion here https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

BitcoinNational

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I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ? Wink

)

This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

Topic: BTC has too few coins to function as a global currency. - page 5. (Read 3173 times)