10 sats \ 2 replies \ @thecommoner 16 May \ parent \ on: Bitcoin - We can't let this get fucked up to! bitcoin_beginners
I am in the boat of thinking about it often as well... The scaling thing is difficult for sure, I certainly don't know enough about the network but I kind of think that this idea out how many sats ones needs to have a spendable UTXO maybe goes away once everything is priced in sats? I mean - (and this is likely a long time away yet) if everything is priced in sats, then operating the network could almost be automated to an AI or something? Again as the pricing of everything falls to its "actual cost of production" the cost of generating electricity, running nodes large enough to hold the entire timechain, etc...is all really maintenance? The most expensive part will be maintaining the code and upgrading it to ensure it is operable on whatever our current tech is at the time? I would think this falls to literally sats or an even smaller unit of bitcoin....???
I don't know - it seems to me nature works in these cycles of inflation and deflation, or give and take and like Bitcoin will inflate in price (as compared to FIAT) and at some point when we basically end the FIAT system everything can then fall in Bitcoin or Satoshi price?
Does that make any sense?
Sorry kind of got off on a tangent...
I think I get what you're trying to say if we;re on a bitcoin standard and deflation continues to compound those smaller transactions will be valuable in real terms and sure that could be a possibility
But even if everything is priced in sats the network itself will price out certain transactions based on the fees, no sense in making transactions where the fees eats away your entire transaction and leaves you with dust as change,
In that world we would be competing with the entire world for block space so it likely won't come cheap even if you are willing to wait
reply
I guess we have to get to that future first :) I think we will find the market dictating value a whole lot more accurately... things that are important and basic needs will be the least valuable (this might include electricity, shelter, water, basic foods, health care....) and things that are more "wants" will be more valuable (appliances, specialized robots, art, certain tools...) who knows really...but my guess would be the electricity, compute, information/data will be among the least expensive at that point....
reply