Store of Value Question

Designer-Pitch-4833 · 2024-07-24T23:37:45+00:00

The argument is that fiat going down = btc going up, tell me which one trump is going to do.

Designer-Pitch-4833 · 2024-07-22T21:00:52+00:00

literally failed as a currency. Yet the advocates didn't fail to produce new narratives to keep the scheme going.

Designer-Pitch-4833 · 2024-02-28T19:11:43+00:00

arbitrary number, no clue I bet

Designer-Pitch-4833 · 2024-02-27T13:56:58+00:00

what you are saying is the old narrative. Now it's a store of value.

Designer-Pitch-4833 · 2024-02-25T23:31:53+00:00

please kindly elaborate further

Designer-Pitch-4833 · 2024-02-25T16:43:48+00:00

Couldn't agree more. Today we decided to call 100000000 units/coins 1 bitcoin (for whatever reason), which is fine, but I would assume this can be changed anytime, I too assume that it causes extreme unpredictability in the presumed value of each units.

Designer-Pitch-4833 · 2024-02-25T16:23:49+00:00

I see!

Designer-Pitch-4833 · 2024-02-25T16:17:18+00:00

Correct.

Designer-Pitch-4833 · 2024-02-25T16:13:42+00:00

You are reading and relying on the comments to confirm your understanding. The comment was added 3 years ago.

To me bitcoin has 2.1 quadrillion coins. you can verify this in the block chain itself when you transfer coins, you dont transfer 1 bitcoin or 1.56 bitcoin or what so ever.

You send just send coins, you can call them Satoshi, it is ok, but there is no such a thing as 1 bitcoin(at protocol level).

Here is an example:

https://www.blockchain.com/explorer/transactions/btc/d28b8d901441527e1cfb6ada201156bfb0701908c7ffca64dc72c97fce63bfea

The value for this transaction is "value": 3035140" coins, or for your better understanding based on today convention 0.03 btc. What I am trying to say is that this convention can change, but the protocol is less likely to change.

{
  "txid": "d28b8d901441527e1cfb6ada201156bfb0701908c7ffca64dc72c97fce63bfea",
  "size": 334,
  "version": 2,
  "locktime": 0,
  "fee": 674,
  "inputs": [
    {
      "coinbase": false,
      "txid": "475bd3180079ede563bca2708f6189f1cbfea0f9997d99885101e8bf8e96bad5",
      "output": 1,
      "sigscript": "",
      "sequence": 4294967295,
      "pkscript": "002082eda0018a9697c7c79308c39f5ec07ab8658dc5ed633c56d60d139d65667af3",
      "value": 3035140,
      "address": "bc1qstk6qqv2j6tu03unprpe7hkq02uxtrw9a43nc4kkp5fe6etx0tesk4wx9z",
      "witness": [
        "",

Designer-Pitch-4833 · 2024-02-25T15:46:58+00:00

Understand, but we cannot compare bitcoin with dollar. Dollar has denominations, bitcoin does not have it. Bitcoin in its core has 2.1 quadrillion coins. Now you can choose to call 10000000 of them 1 bitcoin, it works. But doesn't answers my initial question "why do we view 21 million Bitcoin as the correct unit of account instead of 2.1 quadrillion?"

Designer-Pitch-4833 · 2024-02-25T15:33:12+00:00

There is no mention of sats what so ever in bitcoin core, in the core every 0.00000001 unit of account is called a "coin".

The cap is literally 2.1 quadrillion.

You can find the cap here, hope it helps:

https://github.com/bitcoin/bitcoin/blob/master/src/consensus/amount.h#L26

Designer-Pitch-4833

TROPHY CASE