Re:It's time for us in the tech world to speak out about cry...
by Graffur on Sunday May 30, 2021 @05:34PM
(#27337059)
1 = x
1/100,000,000 = x/100,000,000
"stacking sats" is a common phrase so it's not really a secret that a bitcoin can be subdivided. In fact, a lot of bitcoin supports would support people learning this fact.
Re:It's time for us in the tech world to speak out about cry...
by texaswhizzle on Sunday May 30, 2021 @06:19PM
(#27337444)
There is nothing special or important about a single entire Bitcoin. It’s completely arbitrary. The question is whether Bitcoin is scarce. If there are millions of trillions of tradeable assets, it’s not scarce.
Re:It's time for us in the tech world to speak out about cry...
by baby on Sunday May 30, 2021 @10:27PM
(#27339367)
If most of it is locked in someone else’s account and they won’t sell it to you: it is scarce. If nobody wants to buy it: it’s not scarce. Scarcity is based on supply and demand, not on a single number.
Re:It's time for us in the tech world to speak out about cry...
by ajkdhcb2 on Sunday May 30, 2021 @06:26PM
(#27337500)
That's like saying pizza isnt scarce because you can cut one into 1000 tiny slices. Or gold isnt scarce because you can cut 1 bar into 1 tiny million pieces. Pretty hilarious misconception
Re:It's time for us in the tech world to speak out about cry...
by shkkmo on Sunday May 30, 2021 @07:10PM
(#27337879)
Except pizza and gold both have fundemental value as you decrease the size. Bitcoin has exactly the same techinical functionality regardless of the size.
The total supply of Bitcoin is 21,000,000 coins. However, every single coin is 100,000,000 individual assets.
21,000,000 sounds pretty finite. But 21,000,000,000,000,000 sounds a tad less finite. The price of Bitcoin relies on the fundamental false premise that it’s scarce.