Bitcoins: The Second Biggest Ponzi Scheme in History

Re:Bitcoins: The Second Biggest Ponzi Scheme in History by dgregd on Sunday December 01, 2013 @11:07AM (#6827790)

The total number of Bitcoins is capped at 21 million. So how it can handle GDP growth?

The amount of currency should reflect GDP size. Otherwise there will be deflation.

Gold worked well as currency. Its yearly production increased total amount of mined gold by about 3%. Which was on GDP increase level.

[ Parent | on HN ]

Re:Bitcoins: The Second Biggest Ponzi Scheme in History by mrosseel on Sunday December 01, 2013 @01:32PM (#6828493)

if GDP grows such that the smallest subdivision of one bitcoin (called 1 satoshi) becomes too expensive, extra decimals are added. So instead of making new coins, the existing coins will be subdivided in smaller pieces.

[ Parent | on HN ]

Re:Bitcoins: The Second Biggest Ponzi Scheme in History by dgregd on Sunday December 01, 2013 @02:06PM (#6828670)

I known that it is possible to lower prices denominated in Bitcoins. However this is the deflation problem I am taking about.

[ Parent | on HN ]