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Title: Future of Bitcoin. Some questions. Post by: Yaraife on May 31, 2011, 06:05:35 PM First - ammount of bitcoins, include less-than-one bitcoin parts (21 millions * 10^8 = 2,1 * 10^14) is not enought for all earth.
(at now its about $5*10^13, include cents its about 5*10^15 pieces). So for future, if bitcoin will become an earth-money, we will need more parts of those. It is possible to make smaller parts of bitcoins? Second - what if some goverments will try to stop this idea? I already read about crypto-streinght, but how regulating "difficulty" of bitcoin mining? It regulated by some algorythm, or by switcher in some office? And, if make question some wider - will bitcoin work, if developer's office will be succesfully bombed tommorow? :) If this questions will be solved, i think bitcoin is best idea for kept my money. P.S. Sorry for my english. If i make some mistakes, will glad to hear where i did it. Title: Re: Future of Bitcoin. Some questions. Post by: kjj on May 31, 2011, 06:19:08 PM Coins can be divided far beyond two decimals. Currently, they can go to .00000001, and we can change the protocol to go deeper if necessary in the future (unlikely to be necessary in my lifetime).
Difficulty is adjusted by agreement on the network. Every 2016 blocks, each node computes a new difficulty for the next 2016 blocks based on the timestamps from the previous blocks. There is no single place to bomb to stop bitcoin. You would have to stop essentially the whole internet. Title: Re: Future of Bitcoin. Some questions. Post by: Meni Rosenfeld on May 31, 2011, 06:21:05 PM First - amount of bitcoins, including less-than-one bitcoin parts (21 millions * 10^8 = 2,1 * 10^14) is not enough for all of the world. 1. Yes, with a fairly simple modification of the protocol we can allow bitcoins to be divided to smaller parts.(at now its about $5*10^13, including cents it's about 5*10^15 pieces). So for future, if bitcoin will become the world's primary money, we will need more parts of those. It is possible to make smaller parts of bitcoins? Second - what if some governments will try to stop this idea? I already read about crypto-strength, but how is regulating "difficulty" of bitcoin mining done? Is it regulated by some algorithm, or by a switcher in some office? And, to make the question somewhat wider - will bitcoin work, if the developer's office is successfully bombed tomorrow? :) If these questions will be solved, I think Bitcoin is best idea for keeping my money. P.S. Sorry for my English. If i made some mistakes, will be glad to hear where i did it. 2. Governments might, if they so choose, prevent people from openly using Bitcoin, but they can't prevent it from being used at all. Difficulty is regulated automatically by the network via an algorithm. Bitcoin is an open source project. It doesn't have a developer, it has several developers all over the world, and anyone can become a developer if they so wish. So Bitcoin will survive a manhunt against all current developers. Look at my quotation of your post, I've corrected most of the English mistakes. Title: Re: Future of Bitcoin. Some questions. Post by: Yaraife on May 31, 2011, 07:53:24 PM <...> and we can change the protocol to go deeper if necessary in the future. <...> 1. Yes, with a fairly simple modification of the protocol we can allow bitcoins to be divided to smaller parts. It is great! i worried much time about this. ----------------------------------------------------------------------------------------------------------- Difficulty is adjusted by agreement on the network. Thanks for answer.Difficulty is regulated automatically by the network via an algorithm. ----------------------------------------------------------------------------------------------------------- "I've corrected most of the English mistakes" Thank you for this. I will try to prevent repeating that mistakes. Title: Re: Future of Bitcoin. Some questions. Post by: barbarousrelic on May 31, 2011, 08:18:23 PM You don't need to worry. 2,100,000,000,000,000 Satoshis is incredibly optimistic. If one Satoshi (smallest Bitcoin unit) ever becomes worth more than one US cent, the Bitcoin economy will have become roughly 2.3 times larger than the entire economy of the United States.
Currently M2 of the US Dollar (all the cash printed plus dollars in savings, checking, money market, and CDs less than $100k) is roughly $9 trillion = 900 trillion cents 2.1 quadrillion Satoshis / 900 trillion cents = 2.33 Satoshis per cent. Title: Re: Future of Bitcoin. Some questions. Post by: FreeMoney on May 31, 2011, 08:27:43 PM If you think the base unit will be awkwardly too valuable then you should be buying, lol, even if it was strictly impossible to drive further.
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