Posted by gilrain at 2:49 PM on September 1, 2011
it's amazing to see how the Bitcoin faithful are still defending this guy. The idea is neat, but I don't expect it to get farther than an underground, niche currency.Īnyway, the thread following the "even worse rumors" link is full of delicious drama. There are plenty of good FAQs about Bitcoins. As the value goes up, people will simply start dealing in smaller fractions of Bitcoins. Bitcoins can be divided to something like eight decimal places (and that can be increased indefinitely).
Say 30 million people are in on it - that makes about one Bitcoin per person, say? The extreme deflation that would be involved makes it difficult to understand how it could possibly be viable. If I recall, there are only a few tens-of-millions of Bitcoins able to be produced. Jimbob: There's a hard upper limit of the amount of Bitcoin possible.Īnd this is what always confused me - say Bitcoin takes off, and gets extremely popular.
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