I was thinking of a scenario. A lil long.
Ok, so Mark Karpeles had nothing bad happen to him for goxxing everyone, right.
Nothing bad has happened to him yet... I'm pretty sure there are going to be major legal repercussions from what he did.
So if nothing happened to him, what stops the few BTC devs from working with the top 1 or 2 mining "guilds" and forcing a change onto the miners? All you need is 50.000000001% of all miners to accept a fork is what it sounds like right?
BTC was founded to get away from having centralized control. If you ask me, this is more centralized control than anything I have ever seen. Like 10 people can get together and do whatever they want with 21 million BTC? If the devs went to someone who had control over 50.0000000001% of all mining power, and they convinced them to accept any changes, then there could be infinite BTC correct?
If only 50.0000001% of miners used the change there would be 2 blockchains running, they would just be conflicting with each other. Even if the devs did strong arm some pools, I'm sure the miners would just switch to a different pool.
I am asking this seriously and I am not trolling. Can the number of actual total possible BTC get increased or decreased? What is stopping anything from having an increased block reward if it is all open source right?
Yes, it could be changed... but it won't happen, because it would pretty much kill the point of Bitcoin and I don't think the miners would support it.
See, its things like this that make me worry about what BTC will turn into. I really think the majority of mining should be controlled by the smaller people instead of being these big centralized mining "guilds/clans/organizations".
But a few years from now the only major players will hold an oligopoly over BTC and everything will be too expensive to buy your own for the smaller people. So BTC will turn into something more centralized than the current banking system in the U.S.... In the U.S. anyone can make a bank and yeah its dominated by like the top 20 banks or so? But there is a lot of moving/working parts to make it happen. A big change can easily be ignored by the majority, but in BTCs case a big change just needs someone like Cex.io to say Yes and the change gets pushed through.
That is how I understand what BTC is going to turn into. Hopefully there is something in the works to prevent this from happening. But that is why I am basically going to be a bear for now on BTC.
I appreciate any feedback on this.
NOPE! (see previous answers)