Bitcoin Forum
May 25, 2024, 02:01:43 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 4 [5]  All
  Print  
Author Topic: Creating more bitcoin  (Read 1180 times)
Sonik33
Jr. Member
*
Offline Offline

Activity: 138
Merit: 1


View Profile
July 31, 2019, 04:18:00 PM
 #81

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.
Artemis3
Legendary
*
Offline Offline

Activity: 2030
Merit: 1563


CLEAN non GPL infringing code made in Rust lang


View Profile WWW
July 31, 2019, 05:39:08 PM
 #82

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.  Smiley

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 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.

██████
███████
███████
████████
BRAIINS OS+|AUTOTUNING
MINING FIRMWARE
|
Increase hashrate on your Bitcoin ASICs,
improve efficiency as much as 25%, and
get 0% pool fees on Braiins Pool
dende93
Member
**
Offline Offline

Activity: 168
Merit: 86


View Profile
August 01, 2019, 09:24:36 AM
 #83

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.

“War is Mass Murder, Conscription is Slavery, Taxation is Robbery.” Murray N. Rothbard
sgenuine
Full Member
***
Offline Offline

Activity: 854
Merit: 103


View Profile
August 02, 2019, 08:34:46 PM
 #84

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).
b3llsf1l3s
Member
**
Offline Offline

Activity: 616
Merit: 12

Send&Receive Money Instantly, w/ no hidden costs


View Profile WWW
August 02, 2019, 11:34:33 PM
 #85

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.  Smiley

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.

Pages: « 1 2 3 4 [5]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!