Bitcoin Forum
December 06, 2016, 08:04:28 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Doomed to vanish?  (Read 574 times)
szuetam
Sr. Member
****
Offline Offline

Activity: 363



View Profile
June 23, 2012, 07:24:14 PM
 #1

http://www.youtube.com/watch?v=hlWyTqL1hFA

There is problem described there what if coins will get out of circuit (lost or saved for long by people), and bitcoin will adopt global for everyone like dollars today?

To deal with this I have get some example data:

Current dollars in circuit now: 1 to couple of T (trillions) (1

Maximum smallest units of bitcoin: 2,100,000,000,000,000( I believe that I don't have to give source here
(21MBTC plus 8 digits after 0)

So if even we will count all currency possible it is worth sth in maximum scale in hundreds of T$ lets say approximately there is 1P$ (10^15 of all currencies)

So even if bitcoin will replace all currencies with only 21MBTC it will give ~2BTC for 1$ look like sth that was calculated well by Satoshi but what about with:
1) cents (if 1$ would be 0.00000001 it would be not small enough to buy can of cola, for both)
2) global birthrate (we will need more and more coins)
3) most dangerous effect of BTC lost if 3% (do you think it is to much?) of bitcoin will be lost we will run out of bitcoin sth between 2030 and 2035

Am I right?


For me printing more bitcoins is stupid idea, but can't we simply change protocol to have values with moving dot, is it technically possible and at all good idea? Maybe someone have started somewhere thread about moving point but as long as I'm locked in  newbies I wanted to write it here.

In the and sorry for my bad spelling or sth, just rough data and calculations for estimation.



 


Source:
(1
http://www.ronpaulforums.com/showthread.php?304555-How-many-dollars-are-there-in-existence
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
szuetam
Sr. Member
****
Offline Offline

Activity: 363



View Profile
June 23, 2012, 07:52:21 PM
 #2

I think people will voluntarily start adopting mBtc milli-btc values or .00X once the value of whole bitcoins becomes unobtainable.  There is a thread somewhere stating that bitcoin is not designed for micro transactions which will be a bigger long term problem for the developers to solve but does not appear to me to be an unsolvable issue and will only likely become an issue 10+ years from now.

The coins that get lost or hoarded indefinitely merely reduce the supply of coins and cause a raise in value of the commodity.

And remember a quadrillion number is a huge number, even that US national debt is in the trillians and the government operating budget is a couple trillian the last I remember.

I just try to be sceptical, but I agree.

There is thread
https://bitcointalk.org/index.php?topic=89184.0
and some other about these.

I will leave this topic for next decade. Smiley
And simple to solve:
"It's important to understand that it's actually possible to run the entire world economy with just 1 single bitcoin, although we would need to add a few more decimals."
form
https://bitcointalk.org/index.php?topic=89184.0
lonelyminer (Peter Šurda)
Donator
Hero Member
*
Offline Offline

Activity: 544


View Profile
June 23, 2012, 07:56:54 PM
 #3

The researchers for some inexplicable reason use a linear vanishing progression, which makes no sense. A logarithmic might be more reasonable. Then Bitcoin just needs to increase the number of decimal places if this becomes a problem. That would not be a backwards compatible change, but it's not a fundamental showstopper.
szuetam
Sr. Member
****
Offline Offline

Activity: 363



View Profile
June 23, 2012, 08:09:33 PM
 #4

I think it could be done with couple years time to give people time to get used to new standard, and it would have to be moving decimal point to solve it once forever.
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
June 23, 2012, 08:41:14 PM
 #5

Quote
There is problem described there what if coins will get out of circuit (lost or saved for long by people), and bitcoin will adopt global for everyone like dollars today?
There is NO problem.
szuetam
Sr. Member
****
Offline Offline

Activity: 363



View Profile
June 23, 2012, 09:15:59 PM
 #6

Quote
There is problem described there what if coins will get out of circuit (lost or saved for long by people), and bitcoin will adopt global for everyone like dollars today?
There is NO problem.

OK, I have exaggerated.
And after all it would be wonderful, I'm jyst like a gay who says "If I will win 1 M $ it will cause problems i.e. where to store so much paper, where to buy bags for that and so on..."

It's too late here so I'll better go asleep than posting.
AmazonStuff
Hero Member
*****
Offline Offline

Activity: 604



View Profile
June 23, 2012, 09:19:19 PM
 #7

I guess more and more people will use BTC and it will pump power in it's veins...
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!