Currently syncing another #Bitcoin node and it has taken me days to get from 80% to my current 95%. It only took a little less than a day for the first 80%…
Does anybody know why this is or if someone is working on a solution?
The concept of a Bitcoin “stock split” is intriguing, and even Satoshi recognized it might become necessary at some point. Unit bias likely has a negative impact on Bitcoin’s price, but the idea of redefining 1 satoshi as 1 Bitcoin misses the mark—especially since 1 sat transactions are not economically feasible on-chain. If the decimal place were to move, it should remain high enough to ensure that 1 Bitcoin can still be spent easily, even with transaction fees. In my view, moving to 1 million sats (currently 0.01 Bitcoin) as the new Bitcoin would make sense. This would essentially be a 100-to-1 split, and at current prices, 1 Bitcoin would cost only $1,000 USD.
That said, if such a change were considered today, it would likely face pushback from within the community, as well as criticism from haters claiming, “See? The 21 million supply can be changed easily.” While this criticism would be disingenuous, it would still arise. My guess is that we won’t seriously consider moving the decimal place until Bitcoin reaches $1 million USD per coin.
Just subscribed to #Primal Premium. Question: who would pay for a full year with Bitcoin when you only get a 16% discount? It seems to me that, with the BTC CAGR being so high, it would make more sense to just pay for 3 months at a time.
Regardless, I love the service and look forward to continuing to use Primal/#Nostr.