Bitcoin Forum
December 10, 2016, 08:53:45 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Future of Bitcoin. Some questions.  (Read 1090 times)
Yaraife
Newbie
*
Offline Offline

Activity: 2


View Profile
May 31, 2011, 06:05:35 PM
 #1

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? Smiley

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.
1481403225
Hero Member
*
Offline Offline

Posts: 1481403225

View Profile Personal Message (Offline)

Ignore
1481403225
Reply with quote  #2

1481403225
Report to moderator
1481403225
Hero Member
*
Offline Offline

Posts: 1481403225

View Profile Personal Message (Offline)

Ignore
1481403225
Reply with quote  #2

1481403225
Report to moderator
1481403225
Hero Member
*
Offline Offline

Posts: 1481403225

View Profile Personal Message (Offline)

Ignore
1481403225
Reply with quote  #2

1481403225
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
May 31, 2011, 06:19:08 PM
 #2

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.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
Meni Rosenfeld
Donator
Legendary
*
Offline Offline

Activity: 1890



View Profile WWW
May 31, 2011, 06:21:05 PM
 #3

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.
(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? Smiley

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.
1. Yes, with a fairly simple modification of the protocol we can allow bitcoins to be divided to smaller parts.
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.

1EofoZNBhWQ3kxfKnvWkhtMns4AivZArhr   |   Who am I?   |   bitcoin-otc WoT
Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
Analysis of Bitcoin Pooled Mining Reward Systems (thread, summary)  |   PureMining - Infinite-term, deterministic mining bond
Yaraife
Newbie
*
Offline Offline

Activity: 2


View Profile
May 31, 2011, 07:53:24 PM
 #4

<...> 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.
barbarousrelic
Hero Member
*****
Offline Offline

Activity: 675


View Profile
May 31, 2011, 08:18:23 PM
 #5

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.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
May 31, 2011, 08:27:43 PM
 #6

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.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!