Bitcoin's 'limted' supply lie

[ElectricMucus]

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

[TomHartburg]

If I have 4 apples, I have 4 apples.

If I have 4 apples, each in halves, I have 4 apples.

If I have 4 apples, each in thirds, I have 4 apples.

If I have 4 apples....

You have taken a logical fallacy and based your entire criticism on it.

1/2=0.5
1/2≠2

Go learn maths, and logic, and manners.

[piramida]

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?

Yeah, if US treasury would gurantee that if you get one of 21 million megadollars you will hold it for as long as you wish, and you will be able to prove that no new megadollars would ever be created - then yes, the dollar would suddenly become a sound money. And no, it is not going to happen, because printing new money equals creating new megadollars.

[ElectricMucus]

Yeah, if US treasury would gurantee that if you get one of 21 million megadollars you will hold it for as long as you wish, and you will be able to prove that no new megadollars would ever be created - then yes, the dollar would suddenly become a sound money. And no, it is not going to happen, because printing new money equals creating new megadollars.

So is XRP sound money too?

[revans]

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?

Yeah, if US treasury would gurantee that if you get one of 21 million megadollars you will hold it for as long as you wish, and you will be able to prove that no new megadollars would ever be created - then yes, the dollar would suddenly become a sound money. And no, it is not going to happen, because printing new money equals creating new megadollars.

Not it wouldn't be creating new megadollars, it would be creating subordinate denominational units.

[Wilhelm]

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?

Yeah, if US treasury would gurantee that if you get one of 21 million megadollars you will hold it for as long as you wish, and you will be able to prove that no new megadollars would ever be created - then yes, the dollar would suddenly become a sound money. And no, it is not going to happen, because printing new money equals creating new megadollars.

Not it wouldn't be creating new megadollars, it would be creating subordinate denominational units.

*facepalm*

[Tirapon]

[operrajunk74]

Not it wouldn't be creating new megadollars, it would be creating subordinate denominational units.

So instead of 1 cent (0.01 USD), I will have 10 mili dollars (0.010 USD)    

[revans]

If I have 4 apples, I have 4 apples.

If I have 4 apples, each in halves, I have 4 apples.

If I have 4 apples, each in thirds, I have 4 apples.

If I have 4 apples....

You have taken a logical fallacy and based your entire criticism on it.

1/2=0.5
1/2≠2

Go learn maths, and logic, and manners.

The analogy is specious.


Saying that there can only ever be 21 million Bitcoins is an empty scarcity argument, because the actual value of a Bitcoin is not yet settled by the market.

[PenAndPaper]

Remarkable, not a single reply addressing the argument as put  

Your argument is not even an argument thats why you don't get any answers.

The amount of gold in earth is limited. You get that right?
Lets say that amount is 1kg.
You can express that amount as :
1kg
1000 gr
1000000 mgr etc.
No matter how you express it, it is the same finite amount.

The same with bitcoins.
1 bitcoin can be expressed as
1000 mbtc
100000000 satoshis
100000000000000000000000000000 of the smallest denomination that may be introduced in the future.
Still it will be 1 bitcoin and only 21000000 bitcoins will ever be mined.

[revans]

Remarkable, not a single reply addressing the argument as put  

Your argument is not even an argument thats why you don't get any answers.

The amount of gold in earth is limited. You get that right?
Lets say that amount is 1kg.
You can express that amount as :
1kg
1000 gr
1000000 mgr etc.
No matter how you express it, it is the same finite amount.

The same with bitcoins.
1 bitcoin can be expressed as
1000 mbtc
100000000 satoshis
100000000000000000000000000000 of the smallest denomination that may be introduced in the future.
Still it will be 1 bitcoin and only 21000000 bitcoins will ever be mined.

Is there a meaningful difference between 1kg of gold and 1 gram of gold?

Is there a meaningful difference between 1 Bitcoin or 1 satoshi?

[BurtW]

One of its greatest virtues of Bitcoin is that the supply of Bitcoins is limited to 21 million

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 - just like Bitcion, does it suddenly become sound money?

OK.  I see what you are saying.  I modified your OP so as others can see what you are saying.

So the real question you are asking is:  Does the fact that Bitcoin have a limit of 21 million make it sound money?

Now, everyone, debate away the very same economic debate that we have had from the start.  Go!

[piramida]

Not it wouldn't be creating new megadollars, it would be creating subordinate denominational units.

Right, but you do understand, that if government would be dividing cents in halfs, it won't suddenly get more wealth, they will just have much smaller units of money. Wealth, or buying potential of other existing dollars and megadollars, does not change if you split your cent in halves. You do understand that, right? ..

[PenAndPaper]

Remarkable, not a single reply addressing the argument as put  

Your argument is not even an argument thats why you don't get any answers.

The amount of gold in earth is limited. You get that right?
Lets say that amount is 1kg.
You can express that amount as :
1kg
1000 gr
1000000 mgr etc.
No matter how you express it, it is the same finite amount.

The same with bitcoins.
1 bitcoin can be expressed as
1000 mbtc
100000000 satoshis
100000000000000000000000000000 of the smallest denomination that may be introduced in the future.
Still it will be 1 bitcoin and only 21000000 bitcoins will ever be mined.

Is there a meaningful difference between 1kg of gold and 1 gram of gold?

Is there a meaningful difference between 1 Bitcoin or 1 satoshi?

I don't know exactly what you ask but if you still don't get it then i doubt that you 'll ever do  

[BurtW]

His OP was so inflamitory (lie!, etc.) that no one has actually read it

[revans]

Remarkable, not a single reply addressing the argument as put  

Your argument is not even an argument thats why you don't get any answers.

The amount of gold in earth is limited. You get that right?
Lets say that amount is 1kg.
You can express that amount as :
1kg
1000 gr
1000000 mgr etc.
No matter how you express it, it is the same finite amount.

The same with bitcoins.
1 bitcoin can be expressed as
1000 mbtc
100000000 satoshis
100000000000000000000000000000 of the smallest denomination that may be introduced in the future.
Still it will be 1 bitcoin and only 21000000 bitcoins will ever be mined.

Is there a meaningful difference between 1kg of gold and 1 gram of gold?

Is there a meaningful difference between 1 Bitcoin or 1 satoshi?

I don't know exactly what you ask but if you still don't get it then i doubt that you 'll ever do  

I think it's a pretty straightforward question.

[Tirapon]

Is there a meaningful difference between 1kg of gold and 1 gram of gold?

My god you're right. I totally see it now. 1kg of gold is exactly the same as 1g of gold - If you asked me which was worth more, I would have to agree that they are both worth the same amount!

How could we all be so stupid for the last 5 years, and bid the price of 1 Bitcoin all the way up to $1000?

Sorry guys, the party is over - sell all your Bitcoins now for whatever you can get, the system is flawed.

[Ibian]

Some of you are giving him way too much credit. Calling a fundamental component of bitcoin a lie right in the title, using words like cultists. The guy's a troll, let's just move on.

[BurtW]

You guys are still not reading his post.  Stripped down here is what he said:

One of its greatest virtues of Bitcoin is that the supply of Bitcoins is limited to 21 million

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 - just like Bitcion, does it suddenly become sound money?

He did post the question as a troll so I am out of here...

[piramida]

Is there a meaningful difference between 1kg of gold and 1 gram of gold?

My god you're right. I totally see it now. 1kg of gold is exactly the same as 1g of gold - If you asked me which was worth more, I would have to agree that they are both worth the same amount!

How could we all be so stupid for the last 5 years, and bid the price of 1 Bitcoin all the way up to $1000?

Sorry guys, the party is over - sell all your Bitcoins now for whatever you can get, the system is flawed.

Is that some kind of zen buddhism? One bitcoin is one satoshi and you can substitute them freely if you just call them different things, just forget that there is actual value behind them, nothing has value in this world, we are all a superposition of energy and information brightly burning for a shortest moment in the infinity of the endless emptiness.

The guy's a troll, let's just move on.

you are right, of course, just trying to make fun at the expense of the especially silly troll which is stuck in the swamps