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Isn't their an unlimited supply of coins? I'm strongly anti Bitcoin but at least that has an artificial scarcity mechanism built in. But hey, do what you want with your money I guess.
https://john-tromp.medium.com/a-case-for-using-soft-total-su...
Isn't the source code for Dogecoin essentially abandoned for the last 2 years? I'm surprised a vulnerability hasn't come up like some mining denial of service etc.
Isn't the source code for Dogecoin essentially abandoned for the last 2 years? I'm surprised a vulnerability hasn't come up like some mining denial of service etc.
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Each Bitcoin is 100,000,000 satoshi. So the actual max supply is 2,100,000,000,000,000. It’s effectively infinite supply.
I’m talking about the whole as In 1 Bitcoin not the fractions Bitcoin can be broken up into.
The scarcity argument is just factually wrong. Bitcoin is not scarce.
Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
No, Dogecoin has a lot of people thinking one day it will be worth 50k like bitcoin and they're getting in "early". This is flawed thinking due to not understanding outstanding circulation, market cap, and daily new supply. I went to a conference with about 20 co-workers and I literally spent 30 mins breaking down these fundamentals to them. Lets just say they were all disappointed.
The latter would make it bigger than Bitcoin is now, but hey, who knows what will happen. It could go to $10 in a few years or 10 cents. I don’t think anyone can really say.
All I know is it is part of the zeitgeist now in a way only Bitcoin is currently. That is powerful.
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I’m talking about the whole as In 1 Bitcoin not the fractions Bitcoin can be broken up into.
That’s an arbitrary, and pointless, distinction. 100,000,000 different people can own a single satoshi. What does it matter that each individual does not own the entire thing? The question is whether Bitcoin has enough supply, and there actually is no question because the supply is effectively infinite. The scarcity argument is just factually wrong. Bitcoin is not scarce.
Doing a unit conversion doesn't change anything. The limited supply argument is not implying that you won't be able to own fractional bitcoins, it's arguing that the amount of bitcoin you do own with always be a fixed proportion of the total possible supply (in reality it's proportion will grow as people lose access to their keys) so it won't get devalued by the total possible supply increasing. Remember, value is relative to the supply. Looking at your bitcoin in terms of satoshis doesn't change it's value.
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That’s an arbitrary, and pointless, distinction. 100,000,000 different people can own a single satoshi. What does it matter that each individual does not own the entire thing? The question is whether Bitcoin has enough supply, and there actually is no question because the supply is effectively infinite. The scarcity argument is just factually wrong. Bitcoin is not scarce.
You are incorrect. The supply of bitcoin is limited. Whether you express that limited supply as units of bitcoin or units of satoshi does not change that the supply will never exceed that amount. Doing a unit conversion doesn't change anything. The limited supply argument is not implying that you won't be able to own fractional bitcoins, it's arguing that the amount of bitcoin you do own with always be a fixed propor…
No, I’m not.
The supply of Bitcoin is 21 quadrillion satoshi. You are making an arbitrary distinction that an entire Bitcoin is some meaningful thing. I’m not doing a conversation. A Bitcoin is 100,000,000 satoshi. That is just a literal fact.
People want the supply of Bitcoin to be limited because their economic models depend on that false reality. If there is 21 quadrillion of something, it is not scarce. Wanting something to be scarce doesn’t make it scarce.
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I really doubt anyone thinks dogecoin will ever be 50k though I’ve seen some wishful thinking that it will reach a few k. However, $1 is almost certain in the near future.
A few K would mean doggie would be worth more than the world economy.
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You are incorrect. The supply of bitcoin is limited. Whether you express that limited supply as units of bitcoin or units of satoshi does not change that the supply will never exceed that amount. Doing a unit conversion doesn't change anything. The limited supply argument is not implying that you won't be able to own fractional bitcoins, it's arguing that the amount of bitcoin you do own with always be a fixed propor…
> You are incorrect. No, I’m not. The supply of Bitcoin is 21 quadrillion satoshi. You are making an arbitrary distinction that an entire Bitcoin is some meaningful thing. I’m not doing a conversation. A Bitcoin is 100,000,000 satoshi. That is just a literal fact. People want the supply of Bitcoin to be limited because their economic models depend on that false reality. If there is 21 quadrillion of something, it is…