Topic: There are 3 quadrillion times more atoms of gold than "satoshis" - page 2. (Read 376 times)
August 29, 2020, 10:26:42 PM
And why does it matter? I can easily send one satoshi to somebody with Bitcoin wallet. Gold atom can't be sent or received
August 29, 2020, 07:51:33 PM
If you were to be bothered to even make a comparison, might as well compute satoshi's in atoms. Idk if it's possible, though I did find an article calculating a microsoft word file, which I didn't really understand how it worked. Pretty old article though.
https://www.discovermagazine.com/technology/how-much-does-the-internet-weigh
Besides, if you were to compare a real-world entity to a virtual entity, wouldn't it most of the time result in the real world entity being the heavier one? Since the purpose of making a virtual entity was to lessen the burden, whether it be in terms of weight or size. It can be almost compared to the imagination, where it doesn't cost anything nor weigh anything.
https://www.discovermagazine.com/technology/how-much-does-the-internet-weigh
Besides, if you were to compare a real-world entity to a virtual entity, wouldn't it most of the time result in the real world entity being the heavier one? Since the purpose of making a virtual entity was to lessen the burden, whether it be in terms of weight or size. It can be almost compared to the imagination, where it doesn't cost anything nor weigh anything.
August 29, 2020, 04:08:54 PM
Umm... 1 satoshi isn't equal with 1 atom of gold...
August 29, 2020, 03:40:19 PM
Yes, a comparison between gold's smallest amount and BTC's smallest amount.
Except you can just add more digits after the decimal point. Currently satoshi is considered "smallest" amount, yet there have already been exchanges with btc pairs working with 9 digits after the decimal point so i can't see any point in this comparison.
August 29, 2020, 03:15:36 PM
Yes, a comparison between gold's smallest amount and BTC's smallest amount.
legendary
Activity: 1680
Merit: 6524
Fully-fledged Merit Cycler|Spambuster'23|Pie Baker
August 29, 2020, 02:59:32 PM
What's the connection between gold atoms and satoshis? I don't understand. You want to make a fair comparison between gold's smallest unit and BTC's smallest unit? You should add then other variables. Such as the difficulty if obtaining the gold, its price for transport and so on. Why don't you also add the price for tranporting 1 satoshi through the Internet?! Did you know that Internet has also a mass? Do you have any idea of the Internet mass? The Internet weighs as much as a strawberry. For this calculus were counted the masses of all electrons of all the Internet servers. If you want a more precise amount, accounting all the electrons emitted by all PCs connected to Internet, then the Internet mass is equal to the mass of 3 strawberries.
This doesn't interest you at all, does it? The same is true when you compare gold atoms to satoshis. There is no connection between them
This doesn't interest you at all, does it? The same is true when you compare gold atoms to satoshis. There is no connection between them
August 29, 2020, 02:53:20 PM
And so? does it MATTER? lol
futile comparison given between gold and bitcoin, I wished you could gave us some relevance and uniqueness coz we already discussing these two for a while. For the count, bitcoin doesn't have an ATOM, the space that it got is its size, a data size which is not an atom. What you discussed is gold's number of atom vs bitcoin's total denomination.
futile comparison given between gold and bitcoin, I wished you could gave us some relevance and uniqueness coz we already discussing these two for a while. For the count, bitcoin doesn't have an ATOM, the space that it got is its size, a data size which is not an atom. What you discussed is gold's number of atom vs bitcoin's total denomination.
August 29, 2020, 02:24:07 PM
To send 1 satoshi how much would you have to pay in fees, the same? At least 1 satoshi right?
The minimum number of sats you can send in a standard transaction is 546, and the minimum fee you can set is 1 sat/vbyte, which would be somewhere around 140 sats for the smallest "standard" transaction (although the smallest ever transaction broadcast was 62 vbytes). You could pay less of a relative fee if you batched payments together in to one larger transaction, though.This doesn't apply to using Lightning, where you can send amounts and pay fees denominated in millisatoshis (0.001 of a satsoshi).
doesn't this give bitcoin a hard cap on maximum possible price?
No, for two reasons. Firstly, Lightning already uses sub-satoshi values, and secondly if we did reach a point where a single satoshi was worth $20 as you suggest, then I expect the community would back a hard fork to add more zeroes after the decimal point. August 29, 2020, 01:36:08 PM
An interesting comparison, although not practical. However, even if we compare a kilogram of gold and bitcoin, we get an interesting situation. According to these figures, there are 210 million kilograms of gold in the world. That is, for each of the 21 million bitcoins, there are ten kilograms of gold. If we compare these measures with each other, taking into account the fact that even an ounce of gold has a price of about $ 2,000, it turns out that gold is much more expensive than bitcoin.
August 29, 2020, 12:29:54 PM
Carrying around Sats is way less heavy than carrying around atoms. 
August 29, 2020, 11:55:44 AM
And...?
Atoms aren't spendable units last time I checked. What's the relevance of this comparison? Surely it would make more sense to compare troy ounces instead of atoms.
Atoms aren't spendable units last time I checked. What's the relevance of this comparison? Surely it would make more sense to compare troy ounces instead of atoms.
Yeah, satoshis also kinda aren't spendable units if you think about it. To send 1 satoshi how much would you have to pay in fees, the same? At least 1 satoshi right? If that's the case then it's not practical to have 1 satoshi be worth more than 4 or 20 USD, doesn't this give bitcoin a hard cap on maximum possible price?
August 29, 2020, 11:14:04 AM
Gold should be measured reasonably like DooMAD points out. Moreover, I read an article by Winklevoss just yesterday where he pointed out that the amount of gold in the world remains unknown especially if we take into consideration nearby asteroids rather than just Earth. And it's better to know that something is definitely scarce than to rely on approximate information. There was a gold crisis leading to devaluation when a big amount of it suddenly appeared in one place before, so it could well happen again, only on global scale. The good thing about Bitcoin is that nobody can ever find any more Bitcoins anywhere in the universe, so it's more predictable.
August 29, 2020, 10:51:02 AM
And...?
Atoms aren't spendable units last time I checked. What's the relevance of this comparison? Surely it would make more sense to compare troy ounces instead of atoms.
Atoms aren't spendable units last time I checked. What's the relevance of this comparison? Surely it would make more sense to compare troy ounces instead of atoms.
August 29, 2020, 09:57:12 AM
There are about 210,000,000 kg of gold in the world.
Each kilogram of gold has 30,573,183,730,000,000,000,000 atoms.
So, there are 6,420,368,583,300,000,000,000,000,000,000 atoms of gold on Earth.
https://www.wolframalpha.com/input/?i=30573183730000000000000+*+210000000
That is about six "nonillion" atoms (6 thousand billion billion billion).
On the other hand, there are 2,100,000,000,000,000 satoshis.
So there are much more atoms of gold in the world than satoshis.
Actually, there are 3,057,318,373,000,000 more atoms of gold on Earth than satoshis.
(about, 3 quadrillion times more).
https://www.wolframalpha.com/input/?i=6420368583300000000000000000000+%2F+2100000000000000
That is: 152,865,918,650,000,000% (percent) more atoms of gold than satoshis... Way more!!!
-remotemass
Each kilogram of gold has 30,573,183,730,000,000,000,000 atoms.
So, there are 6,420,368,583,300,000,000,000,000,000,000 atoms of gold on Earth.
https://www.wolframalpha.com/input/?i=30573183730000000000000+*+210000000
That is about six "nonillion" atoms (6 thousand billion billion billion).
On the other hand, there are 2,100,000,000,000,000 satoshis.
So there are much more atoms of gold in the world than satoshis.
Actually, there are 3,057,318,373,000,000 more atoms of gold on Earth than satoshis.
(about, 3 quadrillion times more).
https://www.wolframalpha.com/input/?i=6420368583300000000000000000000+%2F+2100000000000000
That is: 152,865,918,650,000,000% (percent) more atoms of gold than satoshis... Way more!!!
-remotemass
Jump to: