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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?
by 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 agoIt's about transaction fees and computing power. The cost of powering the computers that verify transactions has to be covered.
- stcredzero 9y agoThat'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 agoI 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 agoI 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 agoSome 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 agobitcoin is subdividable but transactions end up costing 30 bucks and taking hours because of the overinflated price
- qsucvatz 9y agoBitcoin can change it's divisibility any time.