Quote from: revans on November 29, 2013, 04:34:53 PM

Quote from: piramida on November 29, 2013, 04:31:37 PM

Quote from: revans on November 29, 2013, 03:14:10 PM

This has been debated to death, but perhaps re-framing the argument might show how hollow Bitcoin's scarcity argument is.

Bitcoin cultist's claim one of its greatest virtues is that the supply of Bitcoins is limited to 21 million, but of course if Bitcoin was ever to become the global default currency its promulgators dream about, each Bitcoin would denominationally represent a huge USD equivalent. To this end, if the US treasury said that it was restructuring the USD such that there would be 21 million MegaDollars maximum, but that each of those MegaDollars could be dived up to infinity, does it suddenly become sound money?

Yeah, if US treasury would gurantee that if you get one of 21 million megadollars you will hold it for as long as you wish, and you will be able to prove that no new megadollars would ever be created - then yes, the dollar would suddenly become a sound money. And no, it is not going to happen, because printing new money equals creating new megadollars.

Not it wouldn't be creating new megadollars, it would be creating subordinate denominational units.

*facepalm*