Excellent post, Central.
I have a few questions, if you don't mind answering them.
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The price of litecoin has historically been low in comparison to Dash or Ethereum.
Could litecoin's lower price be attributed to its lack of scarcity? Litecoin's 84 million coin cap versus Dash 15 mill.
There's a youtube clip where Roger Ver of bitcoin unlimited says he wants to make bitcoin *more* available to everyone worldwide, to a point where its normal for people to use btc to buy coffee: https://www.youtube.com/watch?v=TIA8w5tfr70
There are also some who support transforming btc into a global currency.
This might be interpreted to imply, their goal is to eventually uncap the btc hard limit on coins and increase supply, which would reduce scarcity.
Am I right in thinking, if reducing scarcity didn't work well for litecoin, it could be catastrophic for btc?
Am I incorrect in thinking a higher btc cap would be necessary for bitcoin to be a truly globalized currency?
The concept of btc globalization seems opposed to some of the points you made.
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Hydrogen! Welcome, and thank you for your participation here.
Here goes:
-ding ding ding! YES! You found one of the special ways to destroy bitcoin, uncap coin-limit; you do this once, then current holders and would-of-been buyers would ask themselves what if there is another more substantial limit increase again in future, and they will all dump in time (not necessarily instantaneously). Bitcoin will be lost in the sea of altcoins and no longer be so unique and different.
Other points:
-Bitcoin has been globalized for years, and this 'globalization' is increasing (during this time BTC coin-limit cap didn't change)
-Bitcoin is divisible to very very small minute fractions. If one Bitcoin were $1 million, me and you can still trade goods in exchange for $10-worth (tiny fraction) of that "expensive" bitcoin
-A currency: have we all been misled to believe that the money we hold and save is meant to buy less in the future? That is if we have money, we must buy stuff now because that stuff will be more expensive in the future?
-Bitcoin is a currency, it is a 'deflationary currency', limitied in supply so bitcoin goes up in value if there's monetary (fiat) inflation
-Can a sound, store-of-value, unmanipulated deflationary currency go down in value? Yes if the central banks dry up and contract the money supply (this is what they do, they create booms and busts, bubbles and pops), then money would be very scarce where prices would crash for stocks, real estate, commodities, and also deflationary currency (maybe) these things would go down in value and you will see the fiat, like the US Dollar be worth more instead of less. These events don't happen often. It is possible for these to be quick, or be very long, maybe surpass a decade.