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Author Topic: Somewhere in future..  (Read 1402 times)
franky1
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January 29, 2014, 04:33:25 PM
 #21

Technically yes it would be doable to do it if thats what people decided they want.

if everyone over network accepts they want 2-3 millions coins more then would it be possible to generate/mine more coins?

If everyone agrees, anything can be changed in Bitcoin protocol without fork. But I doubt adding 2-3 millions coins is a thing everyone agrees with Smiley

How do you get everyone to agree though?

to get everyone to agree would be something like a bitcoin-QT version x.blah.. where each block suddenly rewards 50coins again and the reward halving is adjusted to make another 5mill coins dropping again. and thus everyone who upgrades their client is obviously in agreement that its what they want.
the opposing side where people do not want the new protocol would simply not download the update. and carry on using the old protocol. that is how bitcoin voting works. if you want protocol changes, download the update. if you dont, then stick with old versions of bitcoin. it may cause a fork and obviously the people with most users on whichever fork win. where value stays the same. and the least users find that they cannot transfer funds to the majority/exchanges/friends/and thus their fork becomes useless.

now from my point of view if bitcoin was to change the limit, the value would crumble to nothing, because once users realise that bitcoin is being flooded with another x amount of coins, the supply vs demand changes. and ontop of this the trust that value would hold/increase would disapear. and along with that people will start to think, if they can mess with the limit once. what is stopping them from doing it many times. and as such bitcoin would be useless as a store of value.

so there is no point in increasing the limit. it wont help anyone personally, and wont help the purpose of bitcoin.

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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January 30, 2014, 08:40:51 AM
 #22

To answer the actual question:

Yes, the number of coins can be increased if there is network consensus. Right now, the network will reject any block where the miner awards himself more than the well-known block reward which is currently 25 BTC. If the majority of the nodes runs a modified client where miners are allowed to award themselves, say, 100 coins, then that will be possible.

If it will ever be possible to gain consensus on this matter is an entirely different question.

Thanks Rannasha! You perfectly understood my question. It seldom to see perfect communication happening between people with two different frame of mind. Thanks again!

So, should I conclude that everything.. every code in Bitcoin protocol is depended on consensus. If they(unity) wants then can change anything about Bitcoin whether it be block generation/hour, or reward or address compatible with Bitcoin protocol. Hey, I've one more thing to ask, what if in future there are two different forks with some different 'governing rules' ... at that time, coins from one fork would be acceptable in other?If yes, then won't be it just like foreign currency which can be inter-converted?
 

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
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