What if hard limit on bitcoin had been 21 Billion instead of 21 Million? - page 2.

Hell-raiser

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Quote from: pksingh on December 06, 2017, 02:49:21 AM

Hello Peeps,

Here is a game theory question to question the rush and rash in bitcoin world.

The number of bitcoins is limited to 21 millions with 18 zeros in fractions. What if the fractional places would have been 15 instead of 18 and total coins in circulation would have been 21 billion coins with same generation span, do you believe that price would be same as now? By same generation span, I mean that generation per block would be 1000 times more than the actual so that the world get 21 billion bitcoins in same span as actual.

What if the fractional places would be still 18 with 21 billion coins in circulation in same generation span? Would the price be still the same as now?

Is number a problem?
Hypothetically, To correct the market behavior of mad rush towards sustainability, shall we create a new taxonomy say "TheCoin" which is 1000th of Bitcoin and convert all exchanges and conversations in new taxonomy?

I think number is a problem

Honestly, I don't quite understand your question.

As far as I know, Bitcoin currently has 8 decimal or fractional places, not 18. Even so, there can be a few issues if we just chose to increase the amount of coins to 21 billions. If my memory serves me right, the total number of bitcoins to be mined wasn't taken out of the blue. It has something to do with technical limitations of modern processors. Besides that, so many bitcoins would likely scare away quite a lot of people, so in your hypothetical situation the price for 1000 bitcoins might in fact be lower than it is now for 1 bitcoin if that is your question.

Lancusters

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I don't understand such issues. Why his hands to kill bitcoin? This will provoke inflation. Additionally, you cannot change the rules during the game. It was announced initially that the number of coins will be only 21 million. People invest in bitcoin because they know that this asset is limited and the demand for coins will continue to grow.

alexsandria

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Quote from: pksingh on December 06, 2017, 02:49:21 AM

Hello Peeps,

Here is a game theory question to question the rush and rash in bitcoin world.

The number of bitcoins is limited to 21 millions with 18 zeros in fractions. What if the fractional places would have been 15 instead of 18 and total coins in circulation would have been 21 billion coins with same generation span, do you believe that price would be same as now? By same generation span, I mean that generation per block would be 1000 times more than the actual so that the world get 21 billion bitcoins in same span as actual.

What if the fractional places would be still 18 with 21 billion coins in circulation in same generation span? Would the price be still the same as now?

Is number a problem?
Hypothetically, To correct the market behavior of mad rush towards sustainability, shall we create a new taxonomy say "TheCoin" which is 1000th of Bitcoin and convert all exchanges and conversations in new taxonomy?

I think number is a problem.

What do you think?

---------------------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: I hold bitcoins. And working on new coins. I hate ICOs. I think privacy is overrated. I believe privacy is necessary but not always.

Ofcourse it is good and for many people it is a very positive but what if you didn't or we didn't control the rising of the value, yes we are so very excited and happy. But at the same time we also cannot control if it dumps. Yes, if the hard limit of bitcoin is about 12 bilion it is good yet it is risky for many people.

amrulshare

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Have you ever read about inflation? it is a situation where an item more difficult to find food will be more expensive the price of the item. like Bitcoin, if Max supply has reached 21 billion then it will be more expensive Bitcoin. You should think Right Now, to make the decision to save some of your Assets in bitcoin for your own future

HasHe

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One of the main reasons for bitcoin to get such a high value and demand is that its total supply is limited to only 21 million coins.Out of it,already 16.5 million coins are available in circulation and only 4.5 million coins to be mined more.That's why,people trust it that its value would grow more as demand would be more and no more supply in the future.But if there is 21 billion coins available,then the huge demand would make no difference in bitcoin price and also,demand would get reduced as people know that 21 billion coins would be available.So,bitcoin's demand as well as price would get reduced too much.

faithupgrade

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It would lead to low priced bitcoin. Dont expect we are 15000usd today.

Hydrogen

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The question is the same as asking what would happen if an asteroid composed 100% of gold, weighing 100 times the total weight of all the gold on earth, crashed into the planet (without causing a natural disaster or being burned up in atmospheric re entry) and affected current gold prices.

Litecoin having a max supply of 84 million coins may be a decent example of higher supply translating to lower overall price in comparison to alts like dash being nearer to a 20 million supply with higher value per coin. Fundamentally it may be safe to say that higher supply translates to reduced value and the opposite is also true.

There could be other implications. If bitcoin's supply was 21 billion that could make it easier for holders to be more decentralized. On the flipside it could simply mean that 1,000 people would still own 40% of the coins (if the recent bloomberg story is true) and that everyone would simply own large numbers of coins with ownership remaining proportional.

Nhebu

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Quote from: pksingh on December 06, 2017, 02:49:21 AM

Hello Peeps,

Here is a game theory question to question the rush and rash in bitcoin world.

The number of bitcoins is limited to 21 millions with 18 zeros in fractions. What if the fractional places would have been 15 instead of 18 and total coins in circulation would have been 21 billion coins with same generation span, do you believe that price would be same as now? By same generation span, I mean that generation per block would be 1000 times more than the actual so that the world get 21 billion bitcoins in same span as actual.

What if the fractional places would be still 18 with 21 billion coins in circulation in same generation span? Would the price be still the same as now?

Is number a problem?
Hypothetically, To correct the market behavior of mad rush towards sustainability, shall we create a new taxonomy say "TheCoin" which is 1000th of Bitcoin and convert all exchanges and conversations in new taxonomy?

I think number is a problem.

What do you think?

---------------------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: I hold bitcoins. And working on new coins. I hate ICOs. I think privacy is overrated. I believe privacy is necessary but not always.

If we have 21 billion of bitcoins? Bitcoin will not come up with this price. The more it has supply the more the quantity is low. Even there is a great number of demand, if the bitcoin has lots of supply it will never be increased. As a matter of fact, bitcoin can divided up to 8 decimal places. Meaning to say, it needs to be multiply exponentially before the price will move up.

farwellbit

full member

Activity: 287

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Quote from: pksingh on December 06, 2017, 02:49:21 AM

Hello Peeps,

Here is a game theory question to question the rush and rash in bitcoin world.

The number of bitcoins is limited to 21 millions with 18 zeros in fractions. What if the fractional places would have been 15 instead of 18 and total coins in circulation would have been 21 billion coins with same generation span, do you believe that price would be same as now? By same generation span, I mean that generation per block would be 1000 times more than the actual so that the world get 21 billion bitcoins in same span as actual.

What if the fractional places would be still 18 with 21 billion coins in circulation in same generation span? Would the price be still the same as now?

Is number a problem?
Hypothetically, To correct the market behavior of mad rush towards sustainability, shall we create a new taxonomy say "TheCoin" which is 1000th of Bitcoin and convert all exchanges and conversations in new taxonomy?

I think number is a problem.

What do you think?

---------------------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: I hold bitcoins. And working on new coins. I hate ICOs. I think privacy is overrated. I believe privacy is necessary but not always.

Look at your question and easy to answer, if the BTC had 21 billion units for sure it would not have the market value that it has today, far from that being optimistic it would be worth only a few exchanges. This is the law of the market, if you have too much product and the price is low, as the product is scarce and the price is high.

And no, I can not see this as a problem, so much so that to be able to mine 1 coin just today and a last line equipment is necessary 24 hours a day for this, and the more it gets shorter the bigger its going to be its mining difficulty, thus joining all these factors the number of 21 million and reasonable to good in amounts of currencies.

pksingh

member

Activity: 218

Merit: 10

BCT Manager

Hello Peeps,

Here is a game theory question to question the rush and rash in bitcoin world.

The number of bitcoins is limited to 21 millions with 8 zeros in fractions. What if the fractional places would have been 5 instead of 8 and total coins in circulation would have been 21 billion coins with same generation span, do you believe that price would be same as now? By same generation span, I mean that generation per block would be 1000 times more than the actual so that the world get 21 billion bitcoins in same span as actual.

What if the fractional places would be still 8 with 21 billion coins in circulation in same generation span? Would the price be still the same as now?

Is number a problem?
Hypothetically, To correct the market behavior of mad rush towards sustainability, shall we create a new taxonomy say "TheCoin" which is 1000th of Bitcoin and convert all exchanges and conversations in new taxonomy?

I think number is a problem.

What do you think?

---------------------------------------------------------------------------------------------------------------------------------------------------------
Disclaimer: I hold bitcoins. And working on new coins. I hate ICOs. I think privacy is overrated. I believe privacy is necessary but not always.

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