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 <[email protected]> wrote: > On Mon, Nov 25, 2013 at 07:04:51PM -0500, David Vorick 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 > 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 >
