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Please correct me if I’m wrong but, if (*when*) dollar sat parity occurs, would it not be a necessity to add decimal places? So if (*when*) parity occurs before 2140, there’s no need to worry about needing to add decimal places just to maintain a security budget. The increase in value will necessitate adding decimal places which guarantees a continued security budget beyond 2140.

This is also why I like to say there will never be 21M bitcoin. There will only ever be 20.9999999999999999999999♾️ Million Bitcoin

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Discussion

ElectricSamuray 2y ago

If I understood correctly, on the lightning network 1/1000th of a sat is already the smallest denomination. And by the time the party occures I don't think the main chain is used other than for lightning.

Also, it is technically not that difficult to break sats up into a thousand or more parts.

Now... let's debate on the name of a 1/1000th sat. I say a Nakamoto. Makes sense huh? 😄

charisma_ni_zandro 2y ago

What are bits to sats?

やトナ 2y ago

Bits aren’t a real thing rn

charisma_ni_zandro 2y ago

Sats are?

やトナ 2y ago

Yes, they are the smallest unit of bitcoin. 1 bitcoin = 100,000,000 sats

やトナ 2y ago

Yeah mSats exist, at least I think that’s what they’re called rn. I’m moreso speaking to the fudster “security budget” argument and saying it’s a nothing burger because the increase in value necessitates the added decimals on chain which means there is no real reason to be concerned about a security budget/miner subsidy because technically there is no “last block”.

ElectricSamuray 2y ago

What do you mean with the last statement?

やトナ 2y ago

Which statement? That there will never be a “last bitcoin” mined?

B.O.P 2y ago

If the security budget in the year 2140 is really that much of an issue they can move the decimal over lol it’s really such an easy fix that causes no real change to how many Bitcoin there are

やトナ 2y ago

Yeah exactly. I’m basically saying the decimal will have to be moved well before that though because bitcoin’s value will be so high before 2140 that we’ll need smaller units

ElectricSamuray 2y ago

There won't be a last block.

やトナ 2y ago

I misspoke there, there will never be a last block as long as transactions need to be processed. I meant to say there will not be a last bitcoin mined. A lot of people say that “the last bitcoin will be mined in 2140” which isn’t true. More decimal places will be added and units lower than Satoshis will be the reward for mining a block.

ElectricSamuray 2y ago

Never looked at it from that perspectieven. Not sure if I agree, but certainly a tantalizing thought experiment. Will think about it! Thanks for the perspective!

やトナ 2y ago

Yeah so the point of my OP was to say that it won’t even be a choice of whether to add more decimal places. Once bitcoin is valued high enough, we will need more divisibility to pay for some things. Example: if 1 sat = $1 and the price of gum in dollar terms is $2.50, we need smaller units than satoshis to cover the $0.50 portion. I think this is already possible on lightning though since there’s mSats.