4 ms·
You are misunderstanding the nature of the system and infinite divisibility. Wealth created essentially gets stored in a “bank”. Buying allows others to withdra
by hndamien 9y ago
You are misunderstanding the nature of the system and infinite divisibility. Wealth created essentially gets stored in a “bank”. Buying allows others to withdraw. The more holding the higher the price, the more everybody can withdraw. This is equity based money. And a bank, with no staff or “money”.
- tcbawo 9y agoIs it really infinitely divisible when the transaction costs are fixed and high relative to the values being transferred?
- tazard 9y agoI don't know about that, but it's not infinitely divisible. The smallest unit is 1 satoshi
- Mtinie 9y agoToday that is true. Keep in mind though, there are already factions within the Bitcoin community already discussing how to seek consensus and affect a protocol change once the value of a single satoshi “grows large enough.” Only time will tell if the proponents of such action are forward-thinking or delusional.
- antonvs 9y agoThe idea that they might be delusional is misguided. It's simply a fact that if Bitcoin achieves much wider adoption, the value of a satoshi will necessarily become "large enough." The current exchange rate is already about 66 satoshi to a US cent, and mass-market adoption is currently, to a first approximation, nonexistent. You don't have to be certain that Bitcoin will achieve the necessary adoption in order to plan for the eventuality. As such, "forward-thinking" is the correct characterization.