Re: Significant Decimal Precision

Quote from: bitmover on July 16, 2019, 07:32:39 PM

I don't think saying that Bitcoin price will not reach 1 billion is pessimistic lol

21 quadrillion dollars market cap is a lot.

According to this, CIA says there is only 80 trillion dollars in the world.

Quote

https://www.businessinsider.com/heres-how-much-money-there-is-in-the-world-2017-10
Here's how much money there is in the world and why you've never heard the exact number
According to the CIA, the total amount is $80 trillion if you include "broad money."

So there isn't enough USD for bitcoin to reach this value. Usd would need to devaluate through inflation for that to happen (I guess)

Should've done the math, i guess. But my point isn't changed, Bitcoin price could rise high enough to the point where fees will be expensive (in fiat) & make micro-transaction more difficult.
LN users who use mili-satoshi will experience bigger losses due to floor output value.

Quote from: LoyceV on July 17, 2019, 02:12:48 PM

Quote from: spartacusrex on July 16, 2019, 11:24:16 AM

(have mentioned this before - can't find the post)

Here it is: Is it time to think about decimal precision ?

Quote from: o_e_l_e_o on July 16, 2019, 02:34:08 PM

At present, that means losing out on fractions of a cent, but in the hypothetical situation above, you could lose up to $10 on closing a channel.

I'd say the Bitcoin transaction fees are much more worrying: As long as the minimum on-chain fee is 1 sat/byte, and users often pay much more than that, I don't worry about fractions of a satoshi. I expect high fees to become a problem long before 1 satoshi becomes too large to be the smallest unit.

For that problem, it could be solved temporarily if most full node client have default low minrelayfee (currently it's 0.00001BTC or 1 sat/byte)