that's why you should buy some bytecoins... and when your done, I have some great desert land to sell you
Do you take bytecoins?
Topic: There are only 21 THOUSAND bitcoins (Read 6462 times)
that's why you should buy some bytecoins... and when your done, I have some great desert land to sell you
Do you take bytecoins?
As an uninformed public I'd much rather have 200 microbitcoins (or whatever) worth $200 total than 2 bitcoins worth $200 total. I bet it would lead to a lot more adoption purely on the psychological implications alone.
Has merit, but if using bitcoins is profitable, there will be adoption. There might be a speedbump here, but not a wall.Whatever happened with that idea of bitcoins, bits, and satoshi's as the delimiters? I thought that was brilliant. It went like this;
Bitcoins stay the same.
10,000 bits make a bitcoin.
10,000 satoshi's make a bit.
21,000,000. 0 000 0 000
bitcoins bits satoshi's
So if you buy, .01 bitcoins, you have 100 bits.
As an uninformed public I'd much rather have 200 microbitcoins (or whatever) worth $200 total than 2 bitcoins worth $200 total. I bet it would lead to a lot more adoption purely on the psychological implications alone.
Has merit, but if using bitcoins is profitable, there will be adoption. There might be a speedbump here, but not a wall.Whatever happened with that idea of bitcoins, bits, and satoshi's as the delimiters? I thought that was brilliant. It went like this;
Bitcoins stay the same.
10,000 bits make a bitcoin.
10,000 satoshi's make a bit.
21,000,000. 0 000 0 000
bitcoins bits satoshi's
So if you buy, .01 bitcoins, you have 100 bits.
Maybe the most accurate definition of Bitcoin would be a ledger that grows to 1 0, base 21 million , because strictly speaking you could multiply or divide the total number of bitcoins in existence by any number you like, not just "10". The observation the OP was really making, though I'm not sure he realized it, is that you can change the base of Bitcoin to whatever you like and it's the same.
Of course it causes psychological problems, and other business, but whatever.
Of course it causes psychological problems, and other business, but whatever.
Yes this is my point. It's true, moving the decimal point around doesn't change anything because it affects everyone the same.
The base can be changed and it's the same <-- that was a good way of saying it, DumbFruit
Right now, I bet it would be beneficial to move the decimal place a few points to the right so that people feel like they're getting more bitcoin. That psychological effect is a big one.
As an uninformed public I'd much rather have 200 microbitcoins (or whatever) worth $200 total than 2 bitcoins worth $200 total. I bet it would lead to a lot more adoption purely on the psychological implications alone.
Wouldn't adding more decimal places be effectively be printing money though? As it's creating more money potential out of thin air.
No.
I don't understand why people have so much difficulty with decimal points.
1 -> 10 is inflation.
1 -> .1 is deflation.
1.0 -> 1.00 is increased precision.
1.0 -> 1 is decreased precision.
21 million total bitcoins =/= 21 thousand total bitcoins. Strictly speaking it is deflation. (edit: Not that it matters, mind you.)
Finite number is finite.
Maybe the most accurate definition of Bitcoin would be a ledger that grows to 1 0, base 21 million , because strictly speaking you could multiply or divide the total number of bitcoins in existence by any number you like, not just "10". The observation the OP was really making, though I'm not sure he realized it, is that you can change the base of Bitcoin to whatever you like and it's the same.
Of course it causes psychological problems, and other business, but whatever.
Edit: Lots of stuff lots of the time. Bases are confusing.
In a worst case situation in which a satoshi becomes very valuable, all that would be need without the need to inflate the Bitcoin is to add more decimal places, and have units such as milisatoshi, microsatoshi, etc, but we are very far away from that.
Wouldn't adding more decimal places be effectively be printing money though? As it's creating more money potential out of thin air.
omg
it is nonsense to add inflation to Bitcoins even in a 100 years, Satoshi did not believe inflation was needed and most of us do not believe inflation will be needed.
It is Kanes vs Friderick H.
In a worst case situation in which a satoshi becomes very valuable, all that would be need without the need to inflate the Bitcoin is to add more decimal places, and have units such as milisatoshi, microsatoshi, etc, but we are very far away from that.
It is Kanes vs Friderick H.
In a worst case situation in which a satoshi becomes very valuable, all that would be need without the need to inflate the Bitcoin is to add more decimal places, and have units such as milisatoshi, microsatoshi, etc, but we are very far away from that.
its real great theory behind this so please think about this 21
The significance of the 21 is what I wonder about.
Yes! Why 21???
Why not 35? or 20 even?
Knowing Satoshi's genius, it must have been picked with some sort of formula or insight or REASON. But this reason is never revealed.
We could say there are ONLY 21 THOUSAND bitcoins, and have them subdividable like 11 decimal points. Just to put a perspective on the arbitrariness of how we define the limit.
Actual BTC limit = 21000000.00000001
Could just as easily be: 21000.00000000001
Or even: 21.00000000000001 (only 21 bitcoins in existance! lol)
So, we could say "21 thousand bitcoins ONLY!" But does that mean there are only 21 thousand bitcoins? No.
They're all the SAME QUANTITY of UNITS allowable. Pretty arbitrary really.
Just food for thought.
Actual BTC limit = 21000000.00000001
Could just as easily be: 21000.00000000001
Or even: 21.00000000000001 (only 21 bitcoins in existance! lol)
So, we could say "21 thousand bitcoins ONLY!" But does that mean there are only 21 thousand bitcoins? No.
They're all the SAME QUANTITY of UNITS allowable. Pretty arbitrary really.
Just food for thought.
+1 The number is pointless. I use mBTC so for me there are 21,000,000,000 units (or 2,100,000,000,000 if you count mBTC-cents as I do).
The significance of the 21 is what I wonder about.
Simple. Satoshi, like all humans before they ascend to demigodhood, liked round numbers. That's why he chose 10 minutes as the average block time (instead of, say, 9 and a half minutes). Starting from there, we get 6 blocks per hour, 144 blocks per day, 52,560 blocks per year, and 210,384 blocks every four years. Satoshi wanted the block reward to halve every four years, but being a stickler for round numbers, he chose to round it off to 210,000 blocks. And that's where the number 21 comes from.
The significance of the 21 is what I wonder about.
Simple. Satoshi, like all humans before they ascend to demigodhood, liked round numbers. That's why he chose 10 minutes as the average block time (instead of, say, 9 and a half minutes). Starting from there, we get 6 blocks per hour, 144 blocks per day, 52,560 blocks per year, and 210,384 blocks every four years. Satoshi wanted the block reward to halve every four years, but being a stickler for round numbers, he chose to round it off to 210,000 blocks. And that's where the number 21 comes from. The significance of the 21 is what I wonder about.
Yes! Why 21???
Why not 35? or 20 even?
Knowing Satoshi's genius, it must have been picked with some sort of formula or insight or REASON. But this reason is never revealed.
I dont get it......
The significance of the 21 is what I wonder about.
Quote
there are ONLY 21 THOUSAND bitcoins
Nope
lol
Quote
there are ONLY 21 THOUSAND bitcoins
Nope
Quote
there are ONLY 21 THOUSAND bitcoins
Nope
We could say there are ONLY 21 THOUSAND bitcoins, and have them subdividable like 11 decimal points. Just to put a perspective on the arbitrariness of how we define the limit.
Actual BTC limit = 21000000.00000001
Could just as easily be: 21000.00000000001
Or even: 21.00000000000001 (only 21 bitcoins in existance! lol)
So, we could say "21 thousand bitcoins ONLY!" But does that mean there are only 21 thousand bitcoins? No.
They're all the SAME QUANTITY of UNITS allowable. Pretty arbitrary really.
Just food for thought.
Actual BTC limit = 21000000.00000001
Could just as easily be: 21000.00000000001
Or even: 21.00000000000001 (only 21 bitcoins in existance! lol)
So, we could say "21 thousand bitcoins ONLY!" But does that mean there are only 21 thousand bitcoins? No.
They're all the SAME QUANTITY of UNITS allowable. Pretty arbitrary really.
Just food for thought.
http://www.youtube.com/watch?v=xkbQDEXJy2k
hahaha
Very fitting
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