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Author Topic: Attrition: is there a solution? Does anyone care?  (Read 2353 times)
Steve
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June 10, 2011, 05:22:04 PM
 #21

A single bitcoin will be worth something like a million dollars before the final digit is worth as much as a penny.

Actually, a single bitcoin would be worth *exactly* $1,000,000 when a satoshi is worth 1 penny.

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kjj
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June 10, 2011, 05:25:28 PM
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You don't start generating v.2 blocks until the majority of the nodes will accept them.

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June 10, 2011, 06:47:23 PM
 #23

OP... What is the smallest Certificate of Deposit available? Do people still use them? You bet they do.

Not getting your point.  Can you use a few more words?

The point is, even if there is a large amount of granularity to the value of Bitcoin it would not be fair to consider it useless. At that point it may not be as convenient for daily transactions (like carrying singles and twenties in your pocket), but would be useful for larger transactions and saving (as CD's are but with a much better rate of return).

And as far as 'attrition' goes. Lost Bitcoin is economically identical to saved Bitcoin.


I understand your point now thanks...and agree...would still be useful.

But I can't agree with a saved Bitcoin being identical (to the economic system) as a saved Bitcoin...in so far as the saved Bitcoin always carries with it the possibility of becoming not saved...and in certain situations (like the recent run-up in price of a BTC) it might compel some of those BTC to become 'unsaved'...whereas the lost are simply gone....put another way, the saved bitcoin carries with it the ability to modulate the markets by coming back into circulation....which presumably is what is happening right now with the price coming down a bit.

Two peanuts walked down the road and one was a salted...boom goes the dynamite!  Here's my hat on the ground..

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Steve
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June 10, 2011, 07:07:55 PM
 #24

And as far as 'attrition' goes. Lost Bitcoin is economically identical to saved Bitcoin.

Tell that to the person that lost the bitcoin  Grin

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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