Every estimate of an upper price for #bitcoin must be time bound or it makes no sense. The supply isn't 21 million, many coins are already lost. People will continue to lose coins forever. The supply had a theoretical max of 21 million. The supply will never stop changing, it will just stop growing and start shrinking.
That means fractional sats will one day have to be a thing. If bitcoin lasts long enough a fraction of a sat may one day be more valuable than a whole coin today.
The first generational mortality transfer will likely lose SO MANY of the 21M coins - I wonder if adoption is great enough by that time before anyone cares about an mSat.
I think many people will have their coins on Lightning and custodial higher layers and will survive the purge - I’m not convinced we’ll need a fork to elevate the mSat but we’ll need to figure out the dust limit for sure.
Get your kids to study math so they can solve the technical problems of the future!
There is no reason lightning can't do it now without forking. You just need to settle the channel to a full sat before closing to the main chain.
Lightning using mSats doesn’t solve the problem of the main chain needing a solution of dust transaction being personal fortunes - in the problem you stated of having so many lost coins
Nope, but it might make life easier today for people in third world countries trying to do circular economies in bitcoin.
Was thinking more about this.
If the transactions that fund Lightning can’t end up being accepted by miners on the main chain then the whole thing falls apart.
In the future you describe - I think we both agree that mSats will be valuable - likely enough to pay for blockspace - such that the dust limits will need to be rewritten across every transaction that’s still enforceable.
Some group of great Bitcoiners will figure it out and will it through.
There is something else from this I think most bitcoin security guides miss. Basic security is taught as the CIA triad.
Confidentiality, only the people I want to know my seed know it. - well covered, use an airgapped hardware wallet.
Integrity, my recording of my seed won't change our easily be damaged. - well covered, metal seed backups.
Availability, the people I want to have access will not lose access. Poorly explained in most bitcoin security guides. M of N multi-sig with partially custodial inheritance services like nunchuk or unchained is the best solution I know of.
I love the CIA acronym for security. Gotta train myself to remember this.
"If there's massive deflation in the future, the software could show more decimal places."
Fiat price for #bitcoin (or anything really) is such an absurd concept.
Try to stop giving it any attention.
Just be glad you can still trade it for #bitcoin.
The days of people accepting Fiat for Bitcoin are very numbered.
I already refuse to accept it.
I don't sell either. As long as some chump is willing, I'll keep buying.
