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Author Topic: Bitcoin's 'limted' supply lie  (Read 4834 times)
revans
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November 29, 2013, 03:14:10 PM
 #1

This has been debated to death, but perhaps re-framing the argument might show how hollow Bitcoin's scarcity argument is.


Bitcoin cultist's claim one of its greatest virtues is that the supply of Bitcoins is limited to 21 million, but of course if Bitcoin was ever to become the global default currency its promulgators dream about, each Bitcoin would denominationally represent a huge USD equivalent. To this end, if the US treasury said that it was restructuring the USD such that there would be 21 million MegaDollars maximum, but that each of those MegaDollars could be dived up to infinity, does it suddenly become sound money?
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November 29, 2013, 03:17:51 PM
 #2

This has been debated to death, but perhaps re-framing the argument might show how hollow Bitcoin's scarcity argument is.


Bitcoin cultist's claim one of its greatest virtues is that the supply of Bitcoins is limited to 21 million, but of course if Bitcoin was ever to become the global default currency its promulgators dream about, each Bitcoin would denominationally represent a huge USD equivalent. To this end, if the US treasury said that it was restructuring the USD such that there would be 21 million MegaDollars maximum, but that each of those MegaDollars could be dived up to infinity, does it suddenly become sound money?

When you start your argument with an insult, it is hard to treat it as anything but a troll.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
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November 29, 2013, 03:18:32 PM
 #3

What are you taking ?

Seems good stuff.
KFR
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November 29, 2013, 03:18:52 PM
 #4

Infinity <> 8 decimal places.   Roll Eyes

They're trying to buy all the coins. 
We must not let them.
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November 29, 2013, 03:19:15 PM
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Please every kid knows that only people who are entitled to seven magnitudes of capital gains have it in their rational self interest to guarantee the soundness of money.
Ibian
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November 29, 2013, 03:19:20 PM
 #6

This has been debated to death,
Then stop bringing it up. You are wrong.

Look inside yourself, and you will see that you are the bubble.
7queue
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November 29, 2013, 03:26:23 PM
 #7

Infinity <> 8 decimal places.   Roll Eyes

^^-- This!!

1.00000000 Bitcoin = 100,000,000 Satoshi's

21,000,000 x 100,000,000 = 2,100,000,000,000,000 Satoshi's

Need more, add decimal places...

Besides, the USD can do this, look at any US gasoline pump, it is denominated down to 1/10 of a cent.


The words chosen in the white paper were chosen very carefully?? Unless one thinks about it.


Just 'Priming the pump now, can't wait to see what happens down the road with bitcoin!

8 )

8 )
revans
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November 29, 2013, 03:27:54 PM
 #8

Remarkable, not a single reply addressing the argument as put  Roll Eyes
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November 29, 2013, 03:29:07 PM
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Remarkable, not a single reply addressing the argument as put  Roll Eyes
That's because it was a shit argument. You get what you deserve around here.

Look inside yourself, and you will see that you are the bubble.
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November 29, 2013, 03:31:59 PM
 #10

http://bitcoin.org/en/faq#wont-the-finite-amount-of-bitcoins-be-a-limitation

So, down to 8 decimal places, and perhaps more as the protocol is modular.  1 bit is all you really need to indicate 'interpret the following units as decimal places 9-16.'  Put it on the backlog for the Bitcoin developers of the 25th century.
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November 29, 2013, 03:32:16 PM
 #11

If the treasury issues 21 million MegaDollars maximum, and someone owns 1 million Megadollar, that still means he has 5% of all money. If the plebs then decide to pay for bread with 0.000000001 Dollar because it's dividable to infinity, well then just imagine how many breads the dude with 1 million MegaDollar can buy.

>> His megadollars will only become relatively worth more by adding more decimal places. Not less.


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revans
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November 29, 2013, 03:33:54 PM
 #12

Remarkable, not a single reply addressing the argument as put  Roll Eyes
That's because it was a shit argument. You get what you deserve around here.


If that's the case then debunking it should be trivial.
Boxman90
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November 29, 2013, 03:34:37 PM
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Just read the post above you.

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gongomanny
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November 29, 2013, 03:35:43 PM
 #14

Remarkable, not a single reply addressing the argument as put  Roll Eyes

What kind of argument ? 1 BTC = 1 / 21,000,000 of supply no mater how many zeros you add to your 1.00000000 BTC  Wink
revans
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November 29, 2013, 03:38:07 PM
 #15

If the treasury issues 21 million MegaDollars maximum, and someone owns 1 million Megadollar, that still means he has 5% of all money. If the plebs then decide to pay for bread with 0.000000001 Dollar because it's dividable to infinity, well then just imagine how many breads the dude with 1 million MegaDollar can buy.

>> His megadollars will only become relatively worth more by adding more decimal places. Not less.




Quite so.

The trick Bitcoin has used is to limit a unit representing a large chunk of the monetary base, but to make the chunk infinitely divisible. By contrast the US treasury inflates supply, but does so in small units.
revans
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November 29, 2013, 03:38:46 PM
 #16

Remarkable, not a single reply addressing the argument as put  Roll Eyes

What kind of argument ? 1 BTC = 1 / 21,000,000 of supply no mater how many zeros you add to your 1.00000000 BTC  Wink


Did I argue otherwise? Read what I said again and answer the question.
Boxman90
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November 29, 2013, 03:41:11 PM
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If the treasury issues 21 million MegaDollars maximum, and someone owns 1 million Megadollar, that still means he has 5% of all money. If the plebs then decide to pay for bread with 0.000000001 Dollar because it's dividable to infinity, well then just imagine how many breads the dude with 1 million MegaDollar can buy.

>> His megadollars will only become relatively worth more by adding more decimal places. Not less.




Quite so.

The trick Bitcoin has used is to limit a unit representing a large chunk of the monetary base, but to make the chunk infinitely divisible. By contrast the US treasury inflates supply, but does so in small units.

So what is your argument then? Yes you can divide bitcoins up as much as you want. You could divide gold to its bare atoms - that doesn't make the value of a whole bitcoin or a chunk of gold any less.

Or are you just pointing out that the divisibility is a great feature that ensures bitcoin can be used in the long run, when 1 BTC is valued at too much for the normal daily business, and thus we need to switch to milli or micro BTC?

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ElectricMucus
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November 29, 2013, 03:45:06 PM
 #18

Or are you just pointing out that the divisibility is a great feature that ensures bitcoin can be used in the long run, when 1 BTC is valued at too much for the normal daily business, and thus we need to switch to milli or micro BTC?

Ugh perhaps: http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
gongomanny
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November 29, 2013, 03:45:35 PM
 #19

Remarkable, not a single reply addressing the argument as put  Roll Eyes

What kind of argument ? 1 BTC = 1 / 21,000,000 of supply no mater how many zeros you add to your 1.00000000 BTC  Wink


Did I argue otherwise? Read what I said again and answer the question.

Quote
Bitcoin's 'limted' supply lie
 Huh
Bitcoin is limited supply, period.

And 1 USD need to be inflated over time, otherwise the debt interest could not be paid very quickly
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November 29, 2013, 03:46:00 PM
 #20

OP is so stupid I have no words for it. Good luck with your paper fiat is all I can say.

Bitcoin = Gold on steroids
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