Bitcoin's 21million total coin supply hinders it immensely

[pandher]

Look ^ bagholders with riches struck eyes, too bad they will be paupers soon with btc tanking

I see. What coin does the Indian cryptocurrency scene use then?

Machine Coin - https://bitcointalk.org/index.php?topic=552633.0

This seems to be limited to 84 million coins, so if there is a problem with 21, won't there be a problem with 84 as well?

Every MAC consists of 100.000.000 pieces.  Therefore we have maximum 84.000.000 * 100.000.000 = 8.400.000.000.000.000 units.  

Accordingly to studies we'll have 10.000.000.000 people on earth in 2050.  To be able to substitute a classical currency we must have enough units for everybody so lets calculate 8.400.000.000.000.000 / 10.000.000.000 = 840.000 units or 0.0084 MAC. Bitcoin will be worse

[grifferz]

I completely agree on above. If it "just need a soft fork" then the Great Dalmutians out there, rumored to have 6 dots on this forum ;-) , should start implementing it.

Amazing how many people are keen to apportion work to others.

If you think it is that necessary, start drafting the BIP, or switch to a coin that has your desired 11 decimal places (wtf?) to begin with.

Myself I'd rather developers worked on things that are more immediately useful.

[Klestin]

To be able to substitute a classical currency completely replace all currencies

FTFY

This is not a change that's needed now, or any time in the next 10 years.

[pandher]

To be able to substitute a classical currency completely replace all currencies

FTFY

This is not a change that's needed now, or any time in the next 10 years.

A classical currency here means Euro/Dollar etc

[tvbcof]

There should be exactly as many BTC as there are humans on earth.

In this way 99.999% of the global population would be reminded of how fuck they are every time they look at their account balance and it may result in them doing something about it.  (The symbol I'd use for 'peoplecoin' would closely resemble a pitch-fork.)

[Klestin]

To be able to substitute a classical currency completely replace all currencies

FTFY

This is not a change that's needed now, or any time in the next 10 years.

A classical currency here means Euro/Dollar etc

Yes, but you don't really mean "A classical currency", you mean "All classical currencies".  You're expecting Bitcoin to have enough to go around for 10 billion people.  Neither the USD nor the Euro currently have enough units for that. Not by a long shot.

[grifferz]

Machine Coin - https://bitcointalk.org/index.php?topic=552633.0

This seems to be limited to 84 million coins, so if there is a problem with 21, won't there be a problem with 84 as well?

Every MAC consists of 100.000.000 pieces.  Therefore we have maximum 84.000.000 * 100.000.000 = 8.400.000.000.000.000 units.  

Every BTC consists of 100,000,000 satoshis. So as I say, your Machine Coin supply is only 4 times as much.

Really not getting why this is a killer feature of Machine Coin.

Accordingly to studies we'll have 10.000.000.000 people on earth in 2050.  To be able to substitute a classical currency we must have enough units for everybody so lets calculate 8.400.000.000.000.000 / 10.000.000.000 = 840.000 units or 0.0084 MAC. Bitcoin will be worse

Only by a factor of 4 which doesn't seem significant.

Given that it isn't that hard to increase the number of decimal places in Bitcoin if that is ever needed, an altcoin that merely provides 4 times as much supply to begin with does not seem like it will compete with bitcoin's existing momentum.

Honestly I'd have given more weight to your arguments if you'd said Dogecoin was better because it has constant coin creation. I still wouldn't have agreed with your position! But at least it would have been logically consistent. Right now you just look like someone desperate to pump an altcoin regardless, sorry.

[precrime3]

I think 21 million is indeed a small amount, but it just makes wealth more concentrated. NUmber of coins not too important. Perhaps 84 million ( 4x supply) would be better, but hey, too late to change. Good thing BTC are divisible!

[Velkro]

there are bigger problems than this, this is not problem at all in reality
adoption is key, simplicity is key
too complicated for general aundience for now

[pandher]

Honestly I'd have given more weight to your arguments if you'd said Dogecoin was better because it has constant coin creation. I still wouldn't have agreed with your position! But at least it would have been logically consistent. Right now you just look like someone desperate to pump an altcoin regardless, sorry.

I am not here to pump anything, i dont have the hash power, nor the btc to buy lots of MAC right now. Its the thought and elegancy the dev puts into the project is why i chose it over btc, btc looks way too overrated

[Arksun]

When I buy goods in the uk that cost less than a pound, I don't think to myself how irritating, that's like 0.18 pounds, I think to myself oh, that's 18 pence, because there's one hundred pence in a pound.

And this is someone that everyone in every country has become accustomed too. The OP is arguing that most people can't distinguish something that they already do distinguish with existing fiat currencies!

[Ron~Popeil]

Do we really need to manufacture stuff to worry about? Eventually there will be standard denominations of BTC much like other currency. How will a million dollars ever be real if we don't have million dollar bills circulating?

[googlemaster1]

Its for psychological reasons like this that we really should consider changing the default unit to a millibit.  I have all my wallets switched to show in millibits.  Perhaps then people will be like "oh shit son, I have like 3,500 bitcoins", and bitcoin will be 50 cents like the old days!

I think more people would jump into the game in the order of millibits at this point, as well.  From an outside view, people don't see that perspective of being able to split one coin seamlessly almost a million times over.  Even Jr. Members with 50 some-odd posts don't get it either, so I don't expect joe-consumer to ever get it.

But of course, I can see the headlines now "BITCOIN CRASHES TO FIFTY CENTS!"

*facepalm

[zolace]

Yes humans are capable of evolving and adapting. if you go look at the amazing  things sceinces and doing, we willl be a have to be adapting to the new technology. 

[erik777]

the obvious solution is bytecoin.  worth 8 times as much  

ROFL! 

[curt.rowland]

It would of been much better if there were different types of bitcoin, like bitcoin=1bitcoin, macrobitcoin=.5bitcoin, microbitcoin= .25 bitcoin etc etc.

Logic fail. The prefix 'micro' means one millionth. Period. Always has, always will.

There are already 1,000,000 microBTC (uBTC) in a bitcoin. There are 100 satoshis in a uBTC. There are 1,000 uBTC in a millibitcoin (mBTC). There are 1,000 mBTC in a BTC.

I fail to see a problem.

Problem is exactly what you said..mainstream society, which is Most of Society is turned off by all these "microbits" and "satoshi", it's too irregular. I have friends who don't care about Bitcoin but know the basics about it, wanna know why they dont care? Because bitcoin is offputting with all it's math, and the 21million total limit makes it seem as if the currency itself wasn't designed to be thought of seriously.

Why do you insist on speaking for "most of mainstream society"?

[BADecker]

Bitcoin has a 21 total of 21million coins that could ever be produced.

That's 2,100,000,000,000,000 Satoshis (BTC0.00000001).

If that ever becomes an issue then a soft fork can add more digits.

This is a non-issue.

+1

[rix5]

what a stupid post.
buy some tix or doge or flappy then if bitcoin is too expensive or complicated for you ... gosh!

[snarlpill]

The math isn't that complicated.  Sounds like the problem is with the public education system, not Bitcoin.  Instead of dumbing down Bitcoin, perhaps the sheeple need to wisen up.

Seriously though, thank you. In my opinion BTC will hopefully bring about changes in the way people think about their government issued fiat currencies, and realize that they don't have to be dependent of that. But it is not for everybody. Seriously people, decimal places are Not that hard to understand...  Why should we dumb down our system just to accommodate the ignorant masses?

[paulsonnumismatics]

Amazing how many people are keen to apportion work to others.

You seem to amaze to almost anything, as this was a mere comment in a small thread on an internet forum. Im not running for President and this is not my religion, so just relax.

If you think it is that necessary, start drafting the BIP, or switch to a coin that has your desired 11 decimal places (wtf?) to begin with.

Your apparently perma-state of amazingness prevents you from reading correctly. I proposed 10K million UNITS. Not decimal places. If you want to Wow-Such-Amaze yourself even more, realize that im proposing here :

10,000,000,000.00000000

Omg. Very numbers. much headache.