21 million coins for a species which has 8 billion people? What the fuck was he thinking? A single coin is $90k. That's not a useful unit for anything. If you could buy a coffee with 5 bitcoin, or even 1 bitcoin, that would be a useful unit people could do mental math with. But now we're going to have to use "kilosatoshis". I don't want to transact in thousands of a Japanese first name. He should have made like a quadrillion or quintillion bitcoin. This also has to last until the far future of humanity when we multiply exponentially to trillions of people or more. I know we can just keep hard-forking to add zeroes (probably three per fork event) but ok so we're going to buy coffee in year 3000 with microsatoshis? It's still fractions of a Japanese first name and it's stupid. Other than that bitcoin is great, just vocalizing my annoyance.
>>61523892There are 2,100,000,000,000,000 Satoshis
*snap*
>>61523892And an Unlimited other shitcoins to be speculative bubbles
>>61523892so you are tingled by the situation, in the feely feels sense
>>61523897I know so we're basically not transacting in bitcoin but in a Japanese first name
>>61523897There's actually less some havent been mined yet, some have been burned, and a big chunk are lost forever on ded wallets
>>61523892>This also has to last until the far future of humanity when we multiply exponentially to trillions of people or more.Human population is already leveling off and is unlikely ever to exceed 10 billion. They keep revising the guesstimated peak downward, I think the last one was something like 9.2B around 2060. Even the places that used to breed like rats are slowing down -- India fucked themselves with their sex-selective abortion which has resulted in a massive oversupply of Behanchods and too few Bintis to breed more shitskins.
>>61524061Fucking retarded faggot India has more women than men currently.
>>61523892From Satoshi <-> Mike Hearn emails:>I wanted something that would be not too low if it was very popular and not too high if it wasn't.>It'd be interesting to see the working for this. In some sense the number of coins is arbitrary as the nanocoin representation means the issuance is so huge it's practically infinite.>It works out to an even 10 minutes per block: 21000000 / (50 BTC * 24hrs * 365days * 4years * 2) = 5.99 blocks/hour>I fudged it to 364.58333 days/year. The halving of 50 BTC to 25 BTC is after 210000 blocks or around 3.9954 years, which is approximate anyway based on the retargeting mechanism's best effort.>I thought about 100 BTC and 42 million, but 42 million seemed high.>I wanted typical amounts to be in a familiar range. If you're tossing around 100000 units, it doesn't feel scarce. The brain is better able to work with numbers from 0.01 to 1000.>If it gets really big, the decimal can move two places and cents become the new coins.
>>61524759Funny how Satoshi thought "really big" meant around $100 per coin
Bro lets use a trazillion gigawatts in order to send 7 transactions per hour
>>61524769He also thought it would be used, lol. well he was right during silkroad
>>61525055keep your boomer rocks I'll keep my exponentially increasing numbers>>61524759that's pretty dumb since people are tossing around 0.00008 coins for a coffee and then there's the stress of making sure you're not a zero off. but good reference>>61524769I don't get how he didn't know how big it would get
>>61527383That's why using sats is pretty much forced now that BTC is so expensive. $1 ~ 1,000 sat is so much easier for the brain than $1 ~ 0.00001 BTC. Even large natural numbers like 10,000 and 100,000 are easier to see and understand than any decimal below 0.01. For tiny decimals you have to use scientific notation because there's no easy way to separate multiple digits like there is with large natural numbers e.g. 10,000,000 vs 0.0000001 and for most people 10e-8 is even more confusing. >I thought about 100 BTC and 42 million, but 42 million seemed high.I doubt Satoshi was dumb enough to think linearly and not logarithmically... what difference does a small 2x make? Would've been a nice reference for the nerds too.>If you're tossing around 100000 units, it doesn't feel scarceI'd rather toss around 100,000 than 0.00001. People use Yen just fine. Stupid unit bias. >I wanted something that would be not too low if it was very popular and not too high if it wasn't.Should've planned it for global mass scale and ~1T marketcap. If it failed there would no one seething at the bad constants anyway but now millions of people are stuck with a bad compromise.
>>61523892There is no hard supply cap on BTC. BTC doesn't even have a whitepaper.
>>61527873right. I'd just rather use the sat symbol too instead of "satoshis". one day there will be a unicode character for it
>transacting in a Japanese first namefunny ass thread thanks OP
>>61523892The problem is that there are too many people.
mBTC when
>>61523892>If you could buy a coffee with 5 bitcoin, or even 1 bitcoin, that would be a useful unit people could do mental math withhear me out: we can define 1 bollar as 1/90000'th of 1 bitcointhen your coffee will cost around 2 bollars
Bollars, eh?
>>61528327₿ollars
who told you there is a finite amount? satoshi? darpa?
>>61523943A century ago it was very common to pay for things with cents instead of dollars.
>>61528364I remember when a Bic Mac used to be 65 cents in 2009. Ah those were the times.
