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Author Topic: Bitcoin depletion?  (Read 8181 times)
Quantumplation
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July 19, 2010, 05:08:05 PM
 #21

No, not infinitely divisible but to destroy every single BitCoin would be like trying to count every atom in this planet, the number is so high that you would have to destroy every BitCoin simultaneously because a single Bit Coin can still be divided another 1 million times if need be.
That still is a pretty hard limit.  I would even go so far as to say "famous last words" as the folks who came up with IPv4 had to deal with the exhaustion of the address space (about 4 billion IP addresses).  Unfortunately the current demand world-wide is about 15-20 billion at the moment, and no end in sight about how many more may eventually be needed, hence IPv6.

Minor note:  Demand isn't 15-20 billion.  There's never been a request to IANA that met it's predefined guidelines that got denied, and there's still a couple subnets left.  We've got a bit to grow to still hit the hard limit of IPv4.  Still, your point is valid, just felt like throwing that out there. Wink

Against my better judgement... 1ADjszXMSRuAUjyy3ShFRy54SyRVrNDgDc
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Bitcoiner
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July 19, 2010, 05:41:06 PM
 #22

If Bitcoins become wildly popular, and the money supply in the aggregate becomes worth 1 billion USD, then every 10 nanobits (10 nanobits being the smallest resolution possible with the current scheme) will be worth only 0.0000004761 $USD. 1 USD = 0.021 Bitcoins, or 1 Bitcoin = $47.62

If Bitcoins become worth 100 billion USD, then every 10 nanobits will be worth 0.0000476 USD. This is still only 1/210th of a cent. There is still plenty of resolution here, even without extending the precision. 1 USD = 0.00021 Bitcoins, or 1 Bitcoin = $4762

In short, we are a looooooong way away from this becoming anywhere near a problem. It will be a good problem to have Smiley

Want to thank me for this post? Donate here! Flip your coins over to: 13Cq8AmdrqewatRxEyU2xNuMvegbaLCvEe  Smiley
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