Cryptocurrency
- Thread starter Playboi Carti
- Start date
Based on some of what I've read/heard from crypto enthusiasts and not knowing your thoughts, I wasn't sure.
Change the code....uh oh now there's 2 billion BTC.
You more or less can't make changes to BTC now. Hard to make changes on a software that isn't centrally-distributed. BTC runs entirely on a P2P system... Plus the guy that designed it originally and actually coded it has disappeared.
Plus, the way it's set up now, we won't reach that cap until the year 2140. We've got time.
There is a difference between bank transaction fees and the bitcoin network fee ( it would cost me $19 to move $77 worth of bitcoin), other coins doesn't have nearly as high transaction fee.
One of the questions I have is on the fractional nature of it. For dollars, you don't transact in anything less than a cent. For gold or oil, you have physical amounts below which you can't transact. But crypto can always add another decimal point. So while BTC might be capped at 20M total tokens, if you can buy any fraction of a coin you want (0.00001, or 0.0000001, or 0.00000000001, or... ad infinitum). When you can divide something forever into smaller and small increments, how is that different than not having a cap?
Set at one Sitoshi which I think has 8 zeros. There is a limit.
Plus, you could theoretically subdivide 100 oz of gold down to the atomic level. Still 100 oz total. There is just a limit to the practicality. Very easy to get very small fraction of a Bitcoin. Pretty difficult with gold.
I'm not a big believer in BTC, but this would make it more usable.
https://hackernoon.com/bitcoin-suck...te-bitcoin-2-0-lightning-network-580d07c1dbfe
Right, you could divide gold down to the atomic level - and no further. If you split an atom of gold it ceases to be gold. Not to mention the difficulties in actually holding or measuring very small amounts. This all places practical limits on how small a portion of gold you can use as a store of value.
But 1 Satoshi = 0.00000001 BTC is an arbitrary limit, not a physical limit. And maybe it's "hard coded" into BTC but what about Ethereum or Litecoin or... What's to prevent the majority of BTC holders to create another fork and add another decimal?
Over the last week or so, bitcoin people have been bent over and rode hard by the looks of it. Saw it was around 15-16k for bitcoin on the CME a week or so ago and today it was just over 10k.
This is getting beyond my range of knowledge. I imagine its hard coded because if you change that all of the math and complex hashing is going to different and therefore I think it would destroy the currency if you tried to change that value. I'm sure other coins have taken different options.
It touched 20k just last week. Sucks to be the people who bought in at that price.
Agreed, I don't mess with things I have absolutley no idea about, I just saw the quotes when I'd check the markets. That would mean its dropped in half in just a week to 10 days time.
Serious question, does anyone actually purchase anything with Bitcoin or is this just something people are buying and selling hoping to make quick money on? Seems the volatility right now would make it impossible to use as any kind of true currency.
I picked up a Russian bride with amount I had. Will let you know if she was worth it when she arrives. Paid an extra .0000001 bitcoin to cut airholes in her shipping container. Want to start out on a good note.
It's that option. Very, very, very few retailers/websites accept crypto as payment for stuff. Right now, it's basically people converting USD into BTC, waiting a while/mining more, and selling it back to others for USD.
