Let's say it does happen 5000 years from now where a single iota cost $10, can decimals be added?
(In this hypothetical, $10 has the same purchasing power for argument sale)
Edit: a more realistic possibility in 1000 years time is most iotas are lost via people dying.
Posted Jun 19, 2017, 2:41 PM UTC · edited
So I think IOTA has huge potential and definitely want to invest, but I'd have to agree that the way it's being traded (MIOTA) makes it a little harder to understand.
If i'm doing the math correctly, in order for us to have the same ratio of IOTA to (whatever)IOTA as satoshis to BTC, the max supply of MIOTA needs to be divided by 100 to make it 27.7M (whatever)IOTA to BTCs 16.4M max supply. So then the price needs to be multiplied by 100x to account for the shift, meaning (whatever)IOTA is worth around $41 right now in comparison to BTC.
Assuming all that, does it make sense that it could grow between 50-100x over the next few years?
If the price ever hit $20/MIOTA, then the market cap would be around $55.5B, which is a lot but not infeasible as more money pours into the market, right?
I obviously could be completely wrong on all of this, I'm just trying to better understand all of this myself and thought it might be useful to try and put the MIOTA price on the same level as BTC!
ITT: What if we're all jizzillionaires and have jizzillionaire problems?
I don't think we would be around in 5000 years time.
Been wondering the same thing. Could be a problem even if an IOTA is 1 cent.
That would equate to $10,000/MIOTA....even if you do a tenth of that, could be too much for many microtransactions.
I think it is a BIG MISTAKE that there are no decimals. I love IOTA, the whole system is great, no fees, great wallets, easy seed, etc.... BUT.... the way they divided the currency, is WAY TOO COMPLEX and hard for someone to understand for everyday use. Bitcoin's way of dividing its currency in infinite decimals and naming those subunits is way better and smarter for people to UNDERSTAND.
it's the opposite of complex if you don't have any decimals to care about. Is it better to have a total amount of 1000 or 10,00?
Decimals is easier for businesses, for people to understand, etc. Answer me this question... IOTA is now used worldwide in most businesses If I am Starbucks my price for coffee is 4.00 and I want to raise my price 10% to 4.40... how do I do it?... I can't!... Bitcoin can... IOTA can't...
Could this be a UI issue rather than an actual cryptocurrency issue? Could the Starbucks-IOTA-UI look something like:
4.00 Mi
Vs
4.40 Mi
To the customer but the iota network would see it as "4Mi + 400Ki"
Would this work?
Initial price would be 400. By 10% raised price: 440.
A key point you are ignoring is that a coffee will never cost 4 iota. If we give iota a market cap of $2.7 trillion, 1 iota is then worth $0.001. Everything you are saying also applies to bitcoin. Neither are infinitely divisible. Perhaps this is more obvious if we also give bitcoin a market cap of $2.7 trillion in our calculations?
Can smaller fractions be accommodated via the branching features mentioned (ie creating sub-tangles)? It seems that sub-tangles can be isolated from the main tangle and operate according to their own protocols. Could this be the answer? In any case I think this is a great question for devs!
I wouldn't say big mistake.
Bitcoin has 28,000,000 with 8 decimals. Iota has around the same number of satoshis.
Furthermore, iotas used standardised units to make it easier. Some people are saying how hard Bitcoin l's decimal is. You would've heard "Bitcoin at $xxxx is too expensive" before.
i couldn´t agree more. when you are used to metric system (or MMO), it´s very simples to understand the idea. If 1M (million) Iota get to expensive, just start talking 1k Iota , if it also get to expensive, you get to IOTA ... if one day , in the future far far away, inflation get there... well, just do as a stock. do a split , and now every one get 1 000 000 IOTB for every IOTA they had. It´s easy for mental math to...
Probably MIOTA will (if it works well) , get to U$ 100 , or maximum U$ 10 000 ... still far from been a problem.
1 Japanese yen is close to 0.009024 U.S. dollars , so a sub unit (rin) , is like 0.000009024 usd or 9.024x10"6 ... close to 9 iota XD
By that time IOTA will have been surpassed by a currency that is maintained by a blockchain generated and maintained through human thought, and we will have been untethered from computer networks for at least a thousand years.
What happens in 1$ per iota is that the whole iota market cap will be about a 100x the current amount of debts on earth. Won't ever happen.
Remember that there are 2.779 millions of millions of millions iotas.
I mean in my op the thought experiments happens in 5000 years time.
I wouldn't say it would never happen. 5000 years is a long time given things are moving exponentially. It could be possible iota is used on Mars in that time as well as Earth.
Could also be that in 1000 years time, most people who bought iotas have died and iotas are rare.
Your last sentence is a wrong assumption(I thought the same at the beginning). Most Iotas will be bought and held by companies. They will be taken care of by professional institutions not just gamblers and amateurs.
Wars, human error, solar flares, anything. 5000 years! Population growth.
The internet has been around for what? Let's say 50 years. This is 100x longer.
We remember 2-4 generation of ancestors?
5000 years is a long time
It wouldn't happen. The only case where that would happen (in 5000 years), is if Iota becomes the only currency with which to trade debt, and at that point "1$ per Iota" is a silly statement.
Absolutely. Couldn't ever happen and a single currency in the whole universe is very unlikely