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At this point, Bitcoin is not much more than a phantom object. Too overpriced to use for any reasonable purchase, people are literally trading nothing but zeros

At this point, Bitcoin is not much more than a phantom object. Too overpriced to use for any reasonable purchase, people are literally trading nothing but zeros and ones, no more or less valuable than the bits making up this comment. All that can change, but only if the price drops back down to its 2016 to early 2017 values, and there are too many people invested at this price to let Bitcoin survive as an actual currency if that happens. We crossed the event horizon a couple months ago.

stcredzero 9y ago
Too overpriced to use for any reasonable purchase Could one have a cryptocurrency which is always subdividable? Are there any which already have this feature?
- fortythirteen 9y ago
  It's about transaction fees and computing power. The cost of powering the computers that verify transactions has to be covered.
  - stcredzero 9y ago
    That's a serious design flaw. "It can do it, but it's just too expensive for anyone to afford to do it," is a design failure condition.
    - fortythirteen 9y ago
      I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. That in turn raises the amount of computing power needed to successfully mine, meaning that transaction costs exponentially rise.
      - stcredzero 9y ago
        I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. Are you sure it's not a flaw in pricing/incentive? If people are using a cryptocurrency "in a real sense" then the public blockchain ledger of a properly maintained cryptocurrency could be maintained by parties who are motivated to get their transaction done. This is not a natural flaw in the general mining concept. This is a flaw in Bitcoin's implementation of mining, due to the circumstance that most miners of Bitcoin are motivated by speculation in Bitcoin.
- shawabawa3 9y ago
  Some are so sub-dividable they might as well be. One in particular has 128bits of divisibility (3.4e+38 raw units) (Disclaimer: I'm invested in it and don't want to shill)
- oculusthrift 9y ago
  bitcoin is subdividable but transactions end up costing 30 bucks and taking hours because of the overinflated price
- qsucvatz 9y ago
  Bitcoin can change it's divisibility any time.

stcredzero 9y ago

Too overpriced to use for any reasonable purchase Could one have a cryptocurrency which is always subdividable? Are there any which already have this feature?

fortythirteen 9y ago
It's about transaction fees and computing power. The cost of powering the computers that verify transactions has to be covered.
- stcredzero 9y ago
  That's a serious design flaw. "It can do it, but it's just too expensive for anyone to afford to do it," is a design failure condition.
  - fortythirteen 9y ago
    I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. That in turn raises the amount of computing power needed to successfully mine, meaning that transaction costs exponentially rise.
    - stcredzero 9y ago
      I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. Are you sure it's not a flaw in pricing/incentive? If people are using a cryptocurrency "in a real sense" then the public blockchain ledger of a properly maintained cryptocurrency could be maintained by parties who are motivated to get their transaction done. This is not a natural flaw in the general mining concept. This is a flaw in Bitcoin's implementation of mining, due to the circumstance that most miners of Bitcoin are motivated by speculation in Bitcoin.
shawabawa3 9y ago
Some are so sub-dividable they might as well be. One in particular has 128bits of divisibility (3.4e+38 raw units) (Disclaimer: I'm invested in it and don't want to shill)
oculusthrift 9y ago
bitcoin is subdividable but transactions end up costing 30 bucks and taking hours because of the overinflated price
qsucvatz 9y ago
Bitcoin can change it's divisibility any time.