isn't the real problem with bitcoin becoming a global currency an issue of how to best manage the potential exponential growth in size of the blockchain? i know this is cypherpunks but please explain like i'm five... regards, javier On Mon, Nov 25, 2013 at 6:32 PM, Andy Isaacson <adi@hexapodia.org> wrote:
Your problem is if bitcoin becomes a world economy. That means bitcoins usage grows by something like 2 orders of magnitude. Except that bitcoins are already halfway mined, which means that the circulation will not keep up. That is what drives the price up.
If you want a currency that will scale with it's global usage (IE when
On Mon, Nov 25, 2013 at 07:04:51PM -0500, David Vorick wrote: the
market cap hits $21 trillion, there are 21 trillion in circulation), you need some mechanism that knows how to equate 1 bitcoin to 1 dollar, that way more bitcoins can be printed as the market cap goes up.
Fractional bitcoins work just fine (down to 1/100,000,000, per https://en.bitcoin.it/wiki/Satoshi ). If BTC goes to 100,000 USD we'll just start pricing things in "thous" or "mils" or something similar.
In other words, there are already 12 quadrillion Satoshis in circulation, plenty to absorb any further deflation.
-andy