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RE: Cryptocurrency report "Bitcoin price speculation" by Craig Grant - August 14, 2016

the problem with bitcoin is it is unlimited, so it's not worth anything, only to those who believe in it like a religion, this is why we have separation of church and state

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Hey Craig. The total number of bitcoins is indeed limited. True, bitcoin is highly divisible. But so is gold. Actually, gold is more divisible than bitcoin (technically it's infinitely divisible). But divisibility doesn't make gold (or bitcoin) less valuable. In fact, that property makes it more useful as money. Gold never would have caught on as money if it wasn't highly divisible. And neither would bitcoin.

Also, from a purely math standpoint, you can't say bitcoins are unlimited just because they are highly divisible. As an example, if you divide 1 bitcoin into 1000 parts, you don't have 1000 bitcoins. You have 1000 1/1000ths of a bitcoin, which is still 1 bitcoin.

Likewise, the total number of bitcoins that will ever exist is ~21 million. Each bitcoin can be divided into 100M satoshis. That doesn't mean there will be 2.1 quadrillion (i.e. 21M x 100M) bitcoins in existence. It means there will be 2.1 quadrillion satoshis in existence...which is exactly equivalent to 21M bitcoins.

Na mean? :)

Well I am not one of those. I own a whopping 0.3 BTC and that is the most I've ever owned, yet I don't see a decimal place position as being something to concern me. Fiat money isn't worth anything either. In fact since we stopped using gold to back currency worth is pretty much defined by those people that believe in any currency including steem. :(

How is it unlimited? There is a set cap, once it's been mined, no more can be minted.

You say it's not worth anything but I manage to pay ALL my bills in real life using Bitcoin, I get paid my salary in Bitcoin and make purchases with it as and when I need to. How is this worthless?