No rumblings about attrition that I know of. There is a central database that keeps track of where bitcoins are at. It's not strictly required for bitcoins to work at all. It is possible, because of that and the network, that if you lose your wallet, then you could recover it through that--assuming you know your password/credentials to unlock it. And, yes, a bit coin can be divided up to six decimal points (so one millionth of a bitcoin is the smallest tradable unit, called a satoshi, I think)
On Wed, May 29, 2013 at 6:27 PM, Daniel Callister < [email protected]> wrote: > Are there any rumblings about how bitcoins as a form of exchange will deal > with currency attrition? What I mean is - if bitcoins are hoarded by > individuals or wallets are lost, that will decrease the overall currency in > circulation. Are bitcoins able to be divided into smaller increments? Also, > thanks for the input on ASIC processors. I may have to look into bitcoin > mining again. > > Michael Torrie <[email protected]> wrote: > > >On 05/29/2013 11:26 AM, Levi Pearson wrote: > >> Inflation and deflation speak about *prices*, not directly about > >> currency value. If the value of your currency goes up, then as a > >> result prices in terms of that currency will drop, thus deflation. If > >> the value of your currency goes down, prices go up, and there you have > >> inflation. > > > >Speaking of economics, I know that a few pluggers are diehard > >libertarians. What do libertarian-mind people think of bitcoin? In > >some respects it's more like a gold standard in that there is a finite > >amount of bitcoins that can ever exist. On the other hand it is just as > >fictional as fiat currency. > > > >/* > >PLUG: http://plug.org, #utah on irc.freenode.net > >Unsubscribe: http://plug.org/mailman/options/plug > >Don't fear the penguin. > >*/ > > /* > PLUG: http://plug.org, #utah on irc.freenode.net > Unsubscribe: http://plug.org/mailman/options/plug > Don't fear the penguin. > */ > -- Todd Millecam /* PLUG: http://plug.org, #utah on irc.freenode.net Unsubscribe: http://plug.org/mailman/options/plug Don't fear the penguin. */
