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Bitcoin => Bitcoin Discussion => Topic started by: thirdprize on July 11, 2019, 04:41:51 PM



Title: Creating more bitcoin
Post by: thirdprize on July 11, 2019, 04:41:51 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)


Title: Re: Creating more bitcoin
Post by: arbiter5 on July 11, 2019, 05:02:23 PM
For that to happen, consensus is going to be needed. The developers can't simply just change the number then boom we have a billion bitcoins. If they could simply do that just by changing values in the code, then bitcoin is fucked.

Not to mention that a hardfork is going to be needed to achieve this, so it's extremely unlikely.


Title: Re: Creating more bitcoin
Post by: Duzter on July 11, 2019, 06:09:42 PM
Creating more bitcoin will disturb the demand to supply availability. When there is something unlimited surely the demand will diminish with time. As of now the market having limited supply, and the same is the key factor for bitcoin to have such an increased market price. Some has been continuously suggesting on bitcoin unlimited which isn't gonna get into reality.


Title: Re: Creating more bitcoin
Post by: dothebeats on July 11, 2019, 06:32:45 PM
For that to happen, consensus is going to be needed. The developers can't simply just change the number then boom we have a billion bitcoins. If they could simply do that just by changing values in the code, then bitcoin is fucked.

Not to mention that a hardfork is going to be needed to achieve this, so it's extremely unlikely.

This, else it will be a fork and I don't think a lot of people would really want to knowing 21 million bitcoins preserve the value of bitcoin in some way. It will also take a lot of convincing and endless debates before the community is convinced for increasing the hard cap on the limit of bitcoins, and even then we're not sure whether a lot of people would support the move/motive or not.

But on a side note though, no one is stopping anyone to create their own version of bitcoin. It's just that be ready to accept rejections in any way possible.


Title: Re: Creating more bitcoin
Post by: gentlemand on July 11, 2019, 06:38:04 PM
The core developers can propose it. It won't make the slightest difference if not enough people choose to run that version.

If you did get a majority there would still be a vehement minority who would refuse and continue with the original chain and so there would be different Bitcoins by that point. The extra BTC chain would have to be the one to fork so it would not be the original one any more.

If EVERYONE agrees and they all switch to the new chain and the original dies then absolutely it's possible. The odds of everyone being on board are somewhere around zero but it will always be a theoretical possibility.

It'll be interesting to see what future attempts there are to change Bitcoin's cornerstones.


Title: Re: Creating more bitcoin
Post by: aplistir on July 11, 2019, 06:43:50 PM
I mean, 21 million isn't much.  :)

That there are just 21 million units is a common misconception, which we should get rid of.

We can start saying that there are 21000 million mBTC (or mBTC), which is true.

Actually mBTC would be a much more useful unit. As mBTC is currently only about 11$. It would be much easier for new investors to start investing by buying a "WHOLE" mBTC and not worrying if they do not have 11000$ to invest in one full BTC

But yeah. the developers could fork bitcoin and create a new one that has more coins. they probably couldn't change that from bitcoin without everyone agreeing with them.   


Title: Re: Creating more bitcoin
Post by: squatter on July 11, 2019, 07:22:51 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

This would be a removal of consensus rules -- a hard fork. All existing nodes would ignore the fork. There would definitely be a network split because very few users would "upgrade" to the new version with unlimited supply. The 21 million limit is widely viewed as sacrosanct, so chances are the hard fork chain would just be abandoned.

The Core developers would never attempt this anyway.


Title: Re: Creating more bitcoin
Post by: konfuzius5278 on July 11, 2019, 07:38:49 PM
I am not so sure about this "never happen".

Changing consensus algo is a daily thing in crypto because DEV think this our that will work better.

Think of a bit of Bitcoin worth a 1 Mio Dollar, how high TX fee would be in mainnet. So the miner could conclude generate a fork to lets say 210 Mio max supply. And with this fork add some other changes, e.g. block time

I think its the hope of all BTC holders not will change. But technical its no problem. And mass media dont understand.


Title: Re: Creating more bitcoin
Post by: hatshepsut93 on July 11, 2019, 07:41:40 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

Aside from what people above me said about consensus, you should also know that "core devs" isn't some hivemind that unilaterally makes decisions, in fact there's always a lot of discussions about making changes. Even if multiple devs would propose it, it doesn't mean that it will get immediately merged into the codebase and released. We've seen in the past how devs like Gavin Andersen wanted to change Bitcoin, but couldn't convince the rest of developers to do so, and had to leave and work on their alternative vision alone.


Title: Re: Creating more bitcoin
Post by: gentlemand on July 11, 2019, 07:42:08 PM
I am not so sure about this "never happen".

Changing consensus algo is a daily thing in crypto because DEV think this our that will work better.

Think of a bit of Bitcoin worth a 1 Mio Dollar, how high TX fee would be in mainnet. So the miner could conclude generate a fork to lets say 210 Mio max supply. And with this fork add some other changes, e.g. block time

It's not some shitcoin with one developer and a bunch of people waiting to dump who'll blindly follow whatever they suggest.

The highest incentive is to not rock the boat. No one will step out of line expecting others to follow. The longer Bitcoin remains above ground the more set in stone its base properties become. The stakes are too high to mess with them.


Title: Re: Creating more bitcoin
Post by: kingpin4321 on July 11, 2019, 08:32:48 PM
21million is more than enough and note that the price also can/would increase in future and there would no be any need for more bitcoin. Bitcoin should not be like money which the government can create


Title: Re: Creating more bitcoin
Post by: th3nolo on July 11, 2019, 08:43:48 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

that is against the Bitcoin protocol and the Whitepaper itself, obviously, Everybody who believes in BTC as a new SoV won't let anyone create more than 21M BTC, if you want to have something like bitcoin but with more units, you can freely use shitcoins.


Title: Re: Creating more bitcoin
Post by: squatter on July 11, 2019, 08:56:06 PM
I am not so sure about this "never happen".

Changing consensus algo is a daily thing in crypto because DEV think this our that will work better.

This is possible when a cryptocurrency has a tiny number of users -- not with an ecosystem of Bitcoin's size. There are too many stakeholders now. The consensus is extremely hard to change.

Think of a bit of Bitcoin worth a 1 Mio Dollar, how high TX fee would be in mainnet. So the miner could conclude generate a fork to lets say 210 Mio max supply. And with this fork add some other changes, e.g. block time

Miners can fork off, but I think the Bitcoin Cash saga shows what will happen. It'll be even less popular actually, because this fork will dilute everyone's holdings by 10-fold.


Title: Re: Creating more bitcoin
Post by: konfuzius5278 on July 11, 2019, 08:59:36 PM
Its always the same discussion. Bitcoin is all. The old members who have much of them because they were cheap these old days of course claim BTC is the only one to save their cash.

But you know whitepaper or not, actual thinking or not. NO one could ever say there will be no such fork as main chain. You only have to see this fork of a fork Bitcoin SV. When you deal with BCH ok, it an opinion. But doing so much SHA256 Hashrate on a guy that claims to be Satoshi.
When you get the mass behind you ( and in this case need only be mass of miners) you will be claimed right

Of course, BTC is is fluid like 100 m train track (which will get a problem later thats my opinion), but even 100 m train track can be made fluid.  



Title: Re: Creating more bitcoin
Post by: shield132 on July 11, 2019, 09:28:49 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
At first bitcoin isn't USD that's in infinite printing action. Bitcoin's supply was limited to make it better and get rid of inflation. 21 million is pretty good number especially if we consider the fact that you can use at least 0.00000001 bitcoin. Connection between demand and price is great, when demand rises, price rises too to cover that need of demand. What if one bitcoin worth 1 million usd? And now calculate 21 million bitcoin * 1 million usd? I think it's fine how bitcoin is today, at least for now. It's another task how much coins we will lose in following years and what actions may be needed to fill 21 million supply.


Title: Re: Creating more bitcoin
Post by: muratsink on July 11, 2019, 10:28:04 PM
bitcoin inventory is limited, there are only 21 million bitcoin.  unless the bitcoin protocol is changed, the BTC supply will be greater.  but the problem that is impossible.  no one can change the BTC protocol.  but sometimes, if there is a Bitcoin protocol that doesn't match the block, then Bitcoin will create a hard fork.  so.  the new protocol will only create new coins.


Title: Re: Creating more bitcoin
Post by: Artemis3 on July 11, 2019, 11:10:22 PM
I mean, 21 million isn't much.  :)

That there are just 21 million units is a common misconception, which we should get rid of.

We can start saying that there are 21000 million mBTC (or mBTC), which is true.

Actually mBTC would be a much more useful unit. As mBTC is currently only about 11$. It would be much easier for new investors to start investing by buying a "WHOLE" mBTC and not worrying if they do not have 11000$ to invest in one full BTC

But yeah. the developers could fork bitcoin and create a new one that has more coins. they probably couldn't change that from bitcoin without everyone agreeing with them.

mBTC is useless, you might as well use satoshis... The exact amount isn't exactly 21 million plus 8 zeroes, there are some satoshis off due to historical reasons, but not many.

Besides 21 million BTC will be reached by the year 2140.

I only use bitcoin and satoshi, don't need anything else. 1 bitcoin is 100 000 000 satoshis, and that's it. One coin from my country buys one satoshi now; and due to it being the worst hyperinflation currently in the world, soon you will need two coins for 1 satoshi, and so on.


Title: Re: Creating more bitcoin
Post by: pooya87 on July 12, 2019, 03:13:30 AM
nobody wants unlimited bitcoin supply and i have not seen any core developers saying they want it either! you might want to speak with reference and facts here.
but even if they were, to prevent them you can easily start a node or buying mining equipment and don't follow the chain that is enforcing a rule that you don't want. that is how the decentralized network is supposed to work, devs are just workers not the owners or decision makers specially when it comes to consensus critical matters that are related to basic principles of what makes bitcoin, bitcoin.


Title: Re: Creating more bitcoin
Post by: mk4 on July 12, 2019, 04:29:19 AM
nobody wants unlimited bitcoin supply and i have not seen any core developers saying they want it either!

Unfortunately, someone wants it. Peter Todd(not sure if he still is a Bitcoin Core dev).  :-\ I mean, his intentions are good and I get it, it's for bitcoin to remain secure, but I still don't agree with it.

There are a few articles about this, but I couldn't find Peter Todd's exact Tweet/statement. Might edit this reply if I find it.


Title: Re: Creating more bitcoin
Post by: squatter on July 12, 2019, 04:51:17 AM
Unfortunately, someone wants it. Peter Todd(not sure if he still is a Bitcoin Core dev).  :-\ I mean, his intentions are good and I get it, it's for bitcoin to remain secure, but I still don't agree with it.

There are a few articles about this, but I couldn't find Peter Todd's exact Tweet/statement. Might edit this reply if I find it.

Here you go: https://twitter.com/peterktodd/status/697532042553065472

I don't think he was necessarily wrong. The key is that the inflation rate is predictable and beyond the bootstrapping phase, low.

There are basically three options to secure a cryptocurrency: Inflation, fees, or demurrage (https://en.wikipedia.org/wiki/Demurrage_(currency)). Each of them has their merits and the jury is out regarding which is best. In the coming decades, we'll find out whether Bitcoin's fixed supply model was the best choice.


Title: Re: Creating more bitcoin
Post by: pooya87 on July 12, 2019, 05:27:30 AM
nobody wants unlimited bitcoin supply and i have not seen any core developers saying they want it either!

Unfortunately, someone wants it. Peter Todd(not sure if he still is a Bitcoin Core dev).  :-\ I mean, his intentions are good and I get it, it's for bitcoin to remain secure, but I still don't agree with it.

There are a few articles about this, but I couldn't find Peter Todd's exact Tweet/statement. Might edit this reply if I find it.

wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply.
bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue!


Title: Re: Creating more bitcoin
Post by: mk4 on July 12, 2019, 10:24:50 AM
wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply.
bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue!

While there definitely are some articles that over-exaggerate what he said(media being media, as usual), he really said something about him wanting to increase the 21 million hard limit as I remember seeing his tweet some time ago. I just couldn't remember the exact statement. Again, I'll try to look for it.


Title: Re: Creating more bitcoin
Post by: Astvile on July 12, 2019, 11:57:08 AM
This will ruin the current prices we have for sure,the demand and supply will be imbalance and there will be abundance of supply if this where to happen that will cause a massive dump for sure.Plus its just not that easy to just change the numbers will take a long ass process for sure.


Title: Re: Creating more bitcoin
Post by: adzino on July 12, 2019, 02:12:33 PM
Yeah, does not matter what they say as long as majority of the people refuses the proposal. Remember, bitcoin is decentralized and there is no single entity that would decide how bitcoin will work and its structure. As long as people refuses, nothing will be changed. If majority of people agrees with the core developers, then a fork will take place splitting the chain. The old bitcoin and the chain will still exist.


Title: Re: Creating more bitcoin
Post by: Gibreil on July 13, 2019, 01:16:53 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
If bitcoin will become unlimited, prepare for a stable cryptocurrency. In addition, it would not become more valuable than what it is right now. Since bitcoin gets it's value in scarcity. That is the reason why it pump fastly and go down easily. If it will become unlimited, assure that the price of it will goes down


Title: Re: Creating more bitcoin
Post by: valentin68 on July 13, 2019, 03:10:01 PM
There is something that says that we can not create more than 21 000 000 Bitcoins. It is the difficulty. The computing power increases with time linearly, while the bitcoin difficulty increases exponentially. This is the what gives the price increase of the Bitcoin.

At some moment in time in the future it will become very, very difficult to create the bitcoin.



Title: Re: Creating more bitcoin
Post by: Trangtkhd2709 on July 14, 2019, 05:28:03 AM
The market will be diluted, in other words it may be seriously devalued when we create more bitcoin, this is absolutely not recommended.


Title: Re: Creating more bitcoin
Post by: Ryan Dugan on July 14, 2019, 06:37:03 PM
OMG!!

What a clueless "senior"

It doesn't matter how many bitcoins there are. It matters how they are released. Less bitcoin just means a higher price. More bitcoin will be a lower price. It is just ratio. Why is 21m not a lot? if there were 42m then you would just pay 2btc for something that was 1btc. If there were 11m in total you would pay 0.5btc and not 1btc.


Title: Re: Creating more bitcoin
Post by: hatshepsut93 on July 14, 2019, 07:00:07 PM
wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply.
bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue!

We should start discussing making Bitcoin inflationary when there will be signs that the network has not enough security - that fees alone are not enough to get enough PoW to deter attacks. This means that it might never happen, because fees will be enough, and there will be no big threats, or maybe it will happen in hundreds of years from now. We'll probably have a new generation of both developers and users by that time, and decades of history of PoW cryptocurrency to provide evidence for making a good decision.


Title: Re: Creating more bitcoin
Post by: dreamhouse on July 14, 2019, 07:00:46 PM
I wish we can create arbitrary the values, but lol if that were the case, satoshi won't be famous :-)


Title: Re: Creating more bitcoin
Post by: Ucy on July 14, 2019, 10:23:09 PM
How is 21million not too much? Nothing on earth is limited my friends, except the continuous printing of fiat currencies by governments.
Besides, the limit is what makes bitcoin valuable and inflation proof.
The only time it will be reasonable to remove the limits is if bitcoin price becomes artificially stable permanently.


Title: Re: Creating more bitcoin
Post by: idekai on July 14, 2019, 11:31:06 PM
I mean, 21 million isn't much.  :)
How much do you own if 21 Million of bitcoins is not much sir?
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.
You should pay higher price if you want to own or get something limited.


Title: Re: Creating more bitcoin
Post by: Kiefner on July 14, 2019, 11:43:00 PM
If the developers do not, then there are reasons. It is not profitable to increase the number of bitcoins, because then its value will fall. Nobody wants that.


Title: Re: Creating more bitcoin
Post by: longtkhd on July 15, 2019, 02:41:22 AM
When the number goes out of control, Bitcoin will immediately lose its value, collapse quickly based on supply-demand rules. That will cause users to lose faith in it, creating disintegration of market >:(.


Title: Re: Creating more bitcoin
Post by: keziakusayang on July 15, 2019, 03:47:21 AM
because of limitations it makes bitcoin very valuable.
yes, that in my opinion, because there are only 21 million, bitcoin is very sought after.
I think if bitcoin is unlimited and can be even more likely, bitcoin will be less popular and can be replaced by other coins to master crypto.
so, because of limitations, it makes bitcoin special and is sought after by many people.


Title: Re: Creating more bitcoin
Post by: Ziskinberg on July 15, 2019, 04:07:50 AM
Unlimited number of bitcoin is bad, it won't make bitcoin a good investment.
Bitcoin has only a total of 21 million supply, but we are not transaction in 1 whole Bitcoin here, as the price is increasing the value in sats will also increase.
Soon in the future, even if we transact per sats,  it would still enough to cover the demand of bitcoin.

No need for a change of supply as it's not bitcoin anymore.


Title: Re: Creating more bitcoin
Post by: Herbert2020 on July 15, 2019, 05:47:25 AM
Unlimited number of bitcoin is bad, it won't make bitcoin a good investment.

bitcoin is not an investment so your argument here is completely wrong since the creation of bitcoin and the decision about its supply had nothing to do with making in a good or bad investment. the only reason for that cap and the value chosen (21 million) is to prevent bitcoin from becoming an inflationary currency like other currencies in existence.


Title: Re: Creating more bitcoin
Post by: DPrillio on July 15, 2019, 07:13:18 AM
How is 21million not too much? Nothing on earth is limited my friends, except the continuous printing of fiat currencies by governments.
Besides, the limit is what makes bitcoin valuable and inflation proof.
The only time it will be reasonable to remove the limits is if bitcoin price becomes artificially stable permanently.
Circulating supply of bitcoin is already enough and if ever creation of additional bitcoin supply may only leads to price drastic change and it will make bitcoin's value become cheaper as there are already lot of market supply. The lesser the supply the more its price climb higher.


Title: Re: Creating more bitcoin
Post by: diahsw on July 15, 2019, 08:39:06 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions. Decentralized currencies are designed to accept our money to make a profit. But how do digital currencies work? How can this currency apply if no one can say they save it.
Bitcoin consists of three parts, namely: block chain, mining network, and wallet. To be able to understand how Bitcoin works, we must understand how each part works. One of them is the people who mine Bitcoing (miners), are people who request old transactions and ensure new transactions are accepted. Their job is to make (or mine) new blocks. This block saves new transactions that occur. As compensation for mining these new blocks, they are given some Bitcoin. Incentives like this ensure people are sufficient to mine so that the Bitcoin network system continues.


Title: Re: Creating more bitcoin
Post by: thirdprize on July 15, 2019, 10:39:29 AM
I mean, 21 million isn't much.  :)
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round


Title: Re: Creating more bitcoin
Post by: thirdprize on July 15, 2019, 10:48:08 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions.


But it is controlled by the devs that write the code that implements it.  Don't kid yourself it came out of thin air and magically looks after itself.  All a fork is, is someone who writes the code thinking they have a better way of doing it.


Title: Re: Creating more bitcoin
Post by: vapourminer on July 15, 2019, 10:58:39 AM
I mean, 21 million isn't much.  :)
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.


Title: Re: Creating more bitcoin
Post by: Crypto_ke3per on July 15, 2019, 03:40:43 PM
I do not think that someone in the near future will create more bitcoins. If it becomes necessary, it is possible in the future. From a technical point of view, this is quite possible, but the bigger question is whether this is necessary and who wants it.


Title: Re: Creating more bitcoin
Post by: Mastrhiggins on July 15, 2019, 04:41:08 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions.


But it is controlled by the devs that write the code that implements it.  Don't kid yourself it came out of thin air and magically looks after itself.  All a fork is, is someone who writes the code thinking they have a better way of doing it.

They manage the code but nothing is implemented without consensus so their "control" has a check at the moment.

Code changes are very slow and methodical at the moment.  There is a reason for that.

That is why BCH and BSV went on their own way, they wanted bigger blocks and the 'core' could not come to an agreement.


Title: Re: Creating more bitcoin
Post by: Sirait on July 15, 2019, 05:00:30 PM
from what I know it looks like the number of Bitcoins won't be added anymore, because it can't be added then HARDFORK is done, this is the reason why Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold appear.. it seems, this has been discussed on various topics.


Title: Re: Creating more bitcoin
Post by: Reatim on July 15, 2019, 06:16:03 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
From what perspective did you say this?that 21 million bitcoin wasn’t enough?did you even check the market to find how many altcoin are there waiting to be adopted by the world.?21 million bitcoin is more than enough in circulation and we don’t need another million sets just to be used .or hold by these whales that manipulates the market


Title: Re: Creating more bitcoin
Post by: Xardasim on July 15, 2019, 09:54:29 PM
I mean, 21 million isn't much.  :)
I do not want to give the wrong idea about the possibility. But, consider that not all of the 21 million have been mined, how many of the 17,819,550 (according CMC) BTCs do you have? IMO there is enough amount for you in the exchanges. On the other hand, as friends have pointed out, BTC doesn't have to be 1, but if you see it as 0.000000001 BTC, there's more than you want.


Title: Re: Creating more bitcoin
Post by: pooya87 on July 16, 2019, 03:16:03 AM
I mean, 21 million isn't much.  :)
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!


Title: Re: Creating more bitcoin
Post by: NavI_027 on July 16, 2019, 03:44:52 AM
I mean, 21 million isn't much.  :)
That's too much to be honest, it just happened why it seems we feel lack of supply because of not equal distribution. If in the real world there is a life between rich and poor people then in cryptosphere also got the same version — the life between the whales and small hodlers. Even though it is not fair from our own perspective, we can't do anything but to accept it. Maybe another reason also why we are feeling this is because of the lost bitcoins which is approximately 3-4 millions in total, what a wasteful!

Anyway, there are still remaining 3M+ to be mined, if you are not yet satisfied to your holdings then you should invest more :).


Title: Re: Creating more bitcoin
Post by: thirdprize on July 16, 2019, 08:52:23 AM
I mean, 21 million isn't much.  :)
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.

8 decial places is the smallest amount you can use in a transaction.  So going to 16 dp would require code changes.  You are just making more satoshis as opposed to more bitcoins.


Title: Re: Creating more bitcoin
Post by: thirdprize on July 16, 2019, 08:54:32 AM
I mean, 21 million isn't much.  :)
Being limited is always good, and that's what i think of bitcoin. As a limited edition coins.

7.7 billion people in the world and 21 million bitcoin.  You do the maths.  That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that.  That only gives you a few decimal places to play with.  If you actually want people to use bitcoin, then you need to make sure there is enough to go round

not every single person on the planet is supposed to use bitcoin! best case scenario is somewhere around 50% of the population to use bitcoin. not to mention that the 0.002BTC may look small when you report it this way but it is big when you see it this way: 200,000 satoshi.
and again as i said before you are trying to discuss about and solve a problem that doesn't exist yet and may not exist for another 100 years!

I know.  Just trying to get some decent discussions on here.


Title: Re: Creating more bitcoin
Post by: MonsterV on July 16, 2019, 09:53:05 AM
I mean, 21 million isn't much.  :)

That there are just 21 million units is a common misconception, which we should get rid of.

We can start saying that there are 21000 million mBTC (or mBTC), which is true.

Actually mBTC would be a much more useful unit. As mBTC is currently only about 11$. It would be much easier for new investors to start investing by buying a "WHOLE" mBTC and not worrying if they do not have 11000$ to invest in one full BTC

But yeah. the developers could fork bitcoin and create a new one that has more coins. they probably couldn't change that from bitcoin without everyone agreeing with them.   


yup right, the core bitcoin developers can't decide unilaterally about how bitcoin will be developed. Bitcoin has a big name and already has a lot of investors, if they change the supply of bitcoin unilaterally, there will be many people who go from bitcoin. I personally prefer genuine bitcoin where only 21 million is available, no need to be added and reduced.

The reason why bitcoin brings change? why does bitcoin become the king of crypto? yes, it does not escape the amount of supply. The amount of supply has given great value to the development of bitcoin so far.


Title: Re: Creating more bitcoin
Post by: vapourminer on July 16, 2019, 10:53:13 AM
its eight decimal places now. that can easily be extended to 16 (or whatever) or more decimal places as needed. so, no need for more than 21 million. just add more decimal places.

8 decial places is the smallest amount you can use in a transaction.  So going to 16 dp would require code changes.  You are just making more satoshis as opposed to more bitcoins.

thats the point. divide btc into smaller pieces as needed. a code change to add decimal places does not violate the 21 million hard cap, that stays immutable. adding more than 21 million btc violates the whole point of btc.. 21 million btc, and thats it. period.

as for a satoshi being the smallest unit right now, thats just a name. call the new smallest unit a microsatoshi (or whatever) or something. theres no real limit as to how small a unit of btc can be made.


Title: Re: Creating more bitcoin
Post by: Dylan970 on July 16, 2019, 05:41:47 PM
If they succeeded in that then there will be no value left of bitcoin like fiat currency. Like if you take an example many supercars they make limited cars like 100 cars in the whole world so their price don't go down and they can sell their car as high price as they can so the same case may fall on BTC too If they can create more BTC then its value will fall down day by day until it becomes zero.


Title: Re: Creating more bitcoin
Post by: Oilacris on July 16, 2019, 05:51:41 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
Unlimited or adding up supply of Bitcoin isn't that possible.It do only have fixed 21M supply.If it do happen that there are some

alteration with the entire supply then I would believe that bitcoins value would come to worthless.I don't know why stressing too much on things
we aren't possible to happen.


Title: Re: Creating more bitcoin
Post by: Naida_BR on July 16, 2019, 06:16:54 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.


Title: Re: Creating more bitcoin
Post by: konfuzius5278 on July 16, 2019, 08:19:50 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
Of course it can be changed by DEV. The coding team wants it for any reason to make more BTC, the miner support new wallet. et voila 10x more max bitcoin.

The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.


Title: Re: Creating more bitcoin
Post by: mikelsmith2020 on July 16, 2019, 10:18:17 PM
Unlimited supply just like dogecoin? It will just decreased its price have you heard of demands and supply? the lower the number of bitcoin and the higher the demand the higher its price will be. If you want to have more bitcoin you need a fork and improve the bitcoin or create a new coin out of it.


Title: Re: Creating more bitcoin
Post by: Vaskiy on July 16, 2019, 10:42:13 PM
The limited supply is the one that makes it to be valued high than other currencies. That will make bitcoin to be same as that of the dollar and other currencies that were printed on need and they'll never disclose how much has been printed and what's the limit. As one of the user suggested maybe splitting further within the 21 million into decimal points seems fair than the unlimited.


Title: Re: Creating more bitcoin
Post by: loopes on July 17, 2019, 12:00:09 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
Of course it can be changed by DEV. The coding team wants it for any reason to make more BTC, the miner support new wallet. et voila 10x more max bitcoin.

The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.
Do you know who do you mean with name of dev? So far i know, They can not change the maximum supply of bitcoin i.e 21.000.000 virtual coins. Dev only do developing chains of bitcoin (blockchain), halving, etc.


Title: Re: Creating more bitcoin
Post by: konfuzius5278 on July 17, 2019, 04:36:28 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

This cannot be changed by the developers.
If a decision like that will be heard we will possible have a hard fork and two separate chains.
And also 21m isn't much but this is said to be the main advantage of Bitcoin. Scarcity is a good thing for the cryptocurrency industry.
Of course it can be changed by DEV. The coding team wants it for any reason to make more BTC, the miner support new wallet. et voila 10x more max bitcoin.

The community has nothing to decide in Bitcoin, as far as the big mining pools and DEV agree.
Do you know who do you mean with name of dev? So far i know, They can not change the maximum supply of bitcoin i.e 21.000.000 virtual coins. Dev only do developing chains of bitcoin (blockchain), halving, etc.
As you can see in all Altcoins, the maximum supply is only a number in code, just mentioned in one of the .cpp files.
Change it, compile new, voila 10000000000000000000 bitcoin max supply. Then you get a fork of course. But as I say, for any reason support by miners will change it.


Title: Re: Creating more bitcoin
Post by: K21000 on July 17, 2019, 07:34:42 AM
I think bitcoin in the long run should adopt something similar to what peercoin has. That is have infinite coin supply but low inflation. So after 21 million coins BTC can inflate but at most only ~210,000 coins per year can be created. If something like this were to be implemented it would take BTC 100 years to double its coin supply from 21 million to 42 million.


Title: Re: Creating more bitcoin
Post by: Artemis3 on July 17, 2019, 01:16:16 PM
The code says 21 million, and 21 million will be. Even if some developers propose a change, it won't necessarily get adopted, simply because the nodes and miners won't like it. Stop with this nonsense already and learn how an economy thrives under deflation, you need to read the Austrian school of economics and start implementing their ideas. No other school gets it, specially not Chicago which is the currently implemented.

We will move from a quick but crash debt economy into a slow but steady savings economy, end fractional reserve banking, etc.


Title: Re: Creating more bitcoin
Post by: butcherme on July 17, 2019, 02:45:53 PM
Creating more bitcoin will disturb the demand to supply availability. When there is something unlimited surely the demand will diminish with time. As of now the market having limited supply, and the same is the key factor for bitcoin to have such an increased market price. Some has been continuously suggesting on bitcoin unlimited which isn't gonna get into reality.
I agree and I don't really think that it needs more than 21 Million.
1Bitcoin could be divided into Sats and it is enough for all of us  there is no need to change the max supply.


Title: Re: Creating more bitcoin
Post by: atjiat on July 17, 2019, 06:51:26 PM
Definitely almost all users of cryptocurrency and Bitcoin owners will oppose the increase in the number of Bitcoin.  We already today with difficulty expect an increase in the price of bitcoin, and if we increase the amount of bitcoin, then its price will decrease significantly.  And in general, I don’t understand why such desires appear, just to have Bitcoin in my wallet, even though its price will be very low.


Title: Re: Creating more bitcoin
Post by: konfuzius5278 on July 17, 2019, 08:46:00 PM
All argues get that way,  there is no good reason to do.

I just argue its possible. And thats the truth. And only the future will tell if done or not


Title: Re: Creating more bitcoin
Post by: TimeBits on July 17, 2019, 08:49:56 PM
As soon as an unlimited number of bitcoins.  He will immediately depreciate.  Because it will be at all.  This does not happen in nature a lot and expensive.  The whole point is that it was a limited amount.

What do you mean, wood keeps coming in because we keep planting more trees, same with food(fruit,veggies,poultry,meat,fish), same with gold we just found a asteroid made out of it and are still finding more in nature on earth.

Limited Supply = Death as medium of exchange brother https://www.youtube.com/watch?v=Y7TLFyK_3Pk

Now if you have a limited supply that can be traded by a (unlimited supply but also limited aka time/duration aka fair distribution), you have a savings supply, and spending supply. Think bitcoin as a antique and retirement pension, savings account that accumulates interest not at the debt of anyone but by more people wanting to save. Think time/duration as the medium of exchange, spending account, that does not gain in value and 1 hour always = 1 hour, but 1 bitcoin can = 200 hours or 500000 hours in the future.


Title: Re: Creating more bitcoin
Post by: ololajulo on July 17, 2019, 11:09:27 PM
You got lots to read for this topic. I dont think it worth reconsideration, things are now changing with some token, demanding burning for better token economics. I like the limitation anyway


Title: Re: Creating more bitcoin
Post by: Janation on July 18, 2019, 01:38:34 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

Maybe you try to hack the system.

In the past Bitcoin was hacked and the hackers, maybe hacker made a lot of Bitcoins. It is not done again but we all know that it is hard since that years and no one had been able to hack again is a proof it is hard. 21 million is enough, though not accurately 21 since there are a lot of of them lost in the void and some forgotten.


Title: Re: Creating more bitcoin
Post by: marcbitcoins on July 18, 2019, 01:55:24 AM
Current Bitcoin supply is already enough for now therefore proposing a volume increase is not yet needed and also dangerous as it might affected greatly the present market price rotation. Maybe we will request for the supply increase if Bitcoin will be use in the whole world as the major currency for spending like the US Dollar.


Title: Re: Creating more bitcoin
Post by: Vishnu.Reang on July 18, 2019, 02:02:59 AM
For that to happen, consensus is going to be needed. The developers can't simply just change the number then boom we have a billion bitcoins. If they could simply do that just by changing values in the code, then bitcoin is fucked.

Not to mention that a hardfork is going to be needed to achieve this, so it's extremely unlikely.

There is no point in doing this, as it is not going to benefit anyone. As the total supply increases, the exchange rates may nosedive and all of us would incur losses. Any gains from this step will be visible only after many years, and that too will be restricted to the miners. Apart from the immediate negatives, long-term damage may also be significant, such as loss of reputation.


Title: Re: Creating more bitcoin
Post by: Krislaw on July 18, 2019, 02:58:39 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
who developer?,
they can't change made by satoshi over year ago. they can only chane by forking as bitcoin and make new coin like people did.
they can do anything when fork and make new bitcoin


Title: Re: Creating more bitcoin
Post by: Crypto Girl on July 18, 2019, 03:11:51 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)
And why you want it? Perhaps you don't fully understand what made bitcoin, bitcoin.

There is a lot of factors that many of us go crazy with bitcoin and one of these is the limited supply that leads to it being scarce. And I think everyone had already explained some factors and don't need to explain further.


Maybe you try to hack the system.

In the past Bitcoin was hacked and the hackers, maybe hacker made a lot of Bitcoins. It is not done again but we all know that it is hard since that years and no one had been able to hack again is a proof it is hard. 21 million is enough, though not accurately 21 since there are a lot of of them lost in the void and some forgotten.
Can you support it? Seriously I just heard it like hackers hack the system and create more bitcoin, really? And even there is some bitcoin that is unrecoverable because of lost private keys, these are still belong in the 21 million supply.


Title: Re: Creating more bitcoin
Post by: pixie85 on July 27, 2019, 05:02:44 PM
Why would anyone support this idea of diluting existing bitcoins and making them worth less? Ift would be showing all the holders your middle finger.

Bitcoin is not run like a company where a ceo and the board agree to do something and it happens. We all signed up for 21 million when we bought bitcoins and we won't support changes.


Title: Re: Creating more bitcoin
Post by: Lauren Smith on July 27, 2019, 09:26:35 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.


Title: Re: Creating more bitcoin
Post by: fiulpro on July 28, 2019, 03:36:31 AM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

There isn't any thing the developers can't do.
At the end of the day it is just a piece of software and at the same time it isn't.
I do think that , the developers won't do that , since they most likely will kill the very idea if bitcoins themselves.
It was created as such , when it is stagnant then people won't be able to buy new bitcoins denying the inflation , the price will sky rocket , for people who are holding will actually be Happy.
I think this whole period bitcoins is in , is a growth one right now , when the supply stops it might be able to just achieve a price that is more or less stable and not even low.
I hope they don't .


Title: Re: Creating more bitcoin
Post by: Msworld83 on July 28, 2019, 03:48:37 AM
Nothing will change the supply and the supply is OK for the community as that will create scarcity which will gives a huge amount to every btc we have in future but regard the increment I dont think that is nice and would be possible even the supply will be minu at the end of mining the whole btc as regard the mistake that took place during the first set of blocks.


Title: Re: Creating more bitcoin
Post by: xiboothrezi on July 28, 2019, 04:04:33 AM
~~

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.
And I can only laugh. Your analogy is very easy to understand.

Let's give a little explanation. Aren't rare items costing more? that is what will happen when bitcoin is getting harder to mine, demand is getting higher and supply is limited. This is what causes the price of bitcoin to experience a promising increase. So I think adding the number of bitcoins is very unlikely, and not a pretty good strategy


Title: Re: Creating more bitcoin
Post by: Moiyah on July 28, 2019, 08:52:52 AM
There's no need to produce more or produce unlimited bitcoin. That will not disregard it's characteristic as being a special because of the reason that it only has limited supply. The availability will affect the bitcoin's price if that will gonna happen . And we can't change how it is created as 21million bitcoin only. There is a reason why Satoshi made that number.


Title: Re: Creating more bitcoin
Post by: thirdprize on July 31, 2019, 03:47:40 PM
~~

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.
And I can only laugh. Your analogy is very easy to understand.

Let's give a little explanation. Aren't rare items costing more? that is what will happen when bitcoin is getting harder to mine, demand is getting higher and supply is limited. This is what causes the price of bitcoin to experience a promising increase. So I think adding the number of bitcoins is very unlikely, and not a pretty good strategy

Yes, but i believe the decimal places are hardcoded in the BTC.  It would be a hard fork to increase it.  Now, you can only slice your pizza to 8 decimal places giving 2,100,000,000,000,000 slices.  There is $1,655,000,000,000 in circulation.


Title: Re: Creating more bitcoin
Post by: Sonik33 on July 31, 2019, 04:18:00 PM
In my opinion, the number of bitcoins that are only 21 million is classified as not much for the size of the currency that is spread throughout the world. Bitcoin is classified as an international currency even though it has not officially obtained legality in all countries. But this limited amount is indeed one of the obstacles for bitcoin to be able to balance its supply and demand. If the number of bitcoins is increasing and there are more players, the stability of bitcoin will last longer and the future of bitcoin is also more guaranteed.


Title: Re: Creating more bitcoin
Post by: Artemis3 on July 31, 2019, 05:39:08 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

There isn't any thing the developers can't do.
At the end of the day it is just a piece of software and at the same time it isn't.
I do think that , the developers won't do that , since they most likely will kill the very idea if bitcoins themselves.
It was created as such , when it is stagnant then people won't be able to buy new bitcoins denying the inflation , the price will sky rocket , for people who are holding will actually be Happy.
I think this whole period bitcoins is in , is a growth one right now , when the supply stops it might be able to just achieve a price that is more or less stable and not even low.
I hope they don't .

Nope, the developers can't just do that because it won't reach user consensus. Sure technically they can push it, doesn't mean the node operators and miners will accept it. It will immediately cause a fork and most people would simply refuse to use it. This is too fundamental a change for it to ever pass, and the more time that passes the more it is engraved that bitcoin is deflationary. The only people still proposing this are those who don't know or care about the Austrian school of economy, they are yet to understand the beauty of deflationary economies.

OP literately needs to read Mises (https://mises.org/library) and the problem solves itself, nobody should propose this. If you still want it, go to one of the inflationary altcoins.

Bitcoin is deflationary and the world will learn and move into Austrian economics, putting an end to the endless bubble/crashes cycles once and for all.


Title: Re: Creating more bitcoin
Post by: dende93 on August 01, 2019, 09:24:36 AM
As others have already said, the supply is not 21 milion btc, but 2,100,000,000,000,000 sat.
So far, at the current block 588057, precisely 1,785,054,232,289,936 sat have been mined. Thanks to my node for this self-verification.
So I think there's enough sat for everyone in this world.


Title: Re: Creating more bitcoin
Post by: sgenuine on August 02, 2019, 08:34:46 PM
I think that limit was studied very carefully first before they implemented it. We need to undestand if the resources is unlimited then why do we need to control the prices if there is an abundant supply of Bitcoin. Before we so actions, we need to double check the reason why they limit the supply.

First of all, no one can create more than 21 million Bitcoin. It was initially the limit of the cryptocurrency. Secondly, we will not see the times when the last BTC is mined. To this time (before it) a lot of stuff can happen, and not only in the crypto world. The limited BTC number is also the safest protector of the crypto (it protects Bitcoin from inflation).


Title: Re: Creating more bitcoin
Post by: b3llsf1l3s on August 02, 2019, 11:34:33 PM
Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it.  I mean, 21 million isn't much.  :)

You're already a senior, but looking at what you are stating here, I guess you really don't understand how crypto works right?

More simply how the world trade and economy is going well. If the supply is made unlimited, then there will be times where it will only become rubbish, as well as things/toys which just trending in one season.