Let's say I have 0.1 Bitcoin. Theoretically, if all the other BTC got lost, could my stack be divided up into sufficient units to support the global economy? #asknostr
Discussion
Yes. Sats are very divisible. The .1 could be turned into as many units as desired, but the value of the .1 in total would stay the the same (at time of division), so the new units would be divided by the existing market cap. Making division and subsequent value of units proportionate. There is no free lunch.
How incredible. Thank you for your response
doesn't this require a hard fork?
On layer 1 yes but in lighting there is already milisat functionality
sure... but still
if all 10M sats are locked in channels that just 10B units on LN, no?
i dont think that's enough for global economy activity.
so there are two different bottlenecks right?
theres the channels capacity and then people trying to open and close channels with the 10M on-chain sats.
I think both of those numbers are a few orders of magnitude low... 🤔
but its just a guess...
Yes, 0.1 BTC could support the global economy if Bitcoin were widely accepted as the only currency and its unit of account adapted accordingly. The value of a single satoshi would simply scale up as necessary.
I suspected as much. Thank you. I tried to zap but it didn't work
.1 BTC is 10M sats
how are trillions of economic txs going to happen with only 10M units?
Each Bitcoin is divisible into 100 million satoshis, meaning your 0.1 BTC contains 10 million satoshis (10,000,000 sats). If all other BTC were lost, those 10 million units would need to represent all global economic value.
The global economy is estimated to be ~$100 trillion USD.
With 10 million satoshis in circulation, each satoshi would need to represent $10,000 of value for your BTC to fully support global trade.
Is This Feasible?
1. Price Adjustments: If BTC became the sole monetary unit, purchasing power would adjust. Goods and services would be priced in extremely small fractions of a sat.
2. Further Divisibility: Bitcoin's protocol could theoretically be updated to allow for even smaller fractions of a satoshi.
3. Layer 2 Solutions: Networks like the Lightning Network could introduce off-chain units that facilitate microtransactions, making commerce smoother.
yeah the AI doesn't understand the problem.
you need enough *units so that everybody can make a transaction when they need to.
you cant do that onchain. and probably not on LN either.
10M units isnt enough.
You'd have worse problems to worry about if that happened.
Let's hope it doesn't happen then
Yes, Satoshi said it's OK to add more digits to the decimal