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Author Topic: Inflation Would KILL Bitcoin Dead  (Read 2100 times)
V for Varoufakis
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September 17, 2015, 09:55:00 AM
 #21

Fixed supply is bullshit. Bitcoin will change or will dye.
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September 17, 2015, 10:59:40 AM
 #22

Fixed supply is bullshit. Bitcoin will change or will dye.

Care to explain why?

Fixed supply makes bitcoin valuable in the first place. Think simple: If everyone had as much bitcoin as he liked, would its price still be @ 230$?

no.




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September 18, 2015, 04:13:58 AM
 #23

Fixed supply is bullshit. Bitcoin will change or will dye.

Disagree. Deflated medium of exchange. same exactly equal to gold. Surprisingly bitcoin can act as direct money also. When deflation is the main concern then bitcoin will serve us only as a medium of exchange. So 21M cap is not a problem.
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September 18, 2015, 03:10:44 PM
 #24

I cannot see miners agreeing to raise that cap.  It would kill the trust of bitcoin.
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September 18, 2015, 03:15:47 PM
 #25

Fixed supply is bullshit. Bitcoin will change or will dye.

While I think a min pay out of 10 bits (.000 01 bitcoin) would of been best, a fixed supply is just fine.  Bitcoin will not die because of a hard cap, it is to late now to add a min payout IMO.

If one is added then the idea that 21 coins will only exist is gone as people will think "if a min payout can be added what stops from chaing the cap from 21 mill to 21 bill"
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September 18, 2015, 06:37:59 PM
 #26

I wonder if most of the people vote for uncapped bitcoin supply then is it possible to remove the 21M cap? Or only satoshi can make this kind of change ?

it's based on consensus, if miners and merchant and the majority will vote against it(i highly doubt) then it will be removed with an hard fork

but usually those change go against the fundamental rule of bitcoin, and i doubt there will be any consensus against the supply cap
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September 18, 2015, 06:57:19 PM
 #27

I am also completely against the inflation just like a majority of bitcoiners out there I suppose. Never would I change my mind. I am sure the consensus about this problematic would not be reached either.

Bitcoin is created to mimic gold by its supply. Satoshi created it like this. To change a supply would just be that you throwing away everything that Satoshi has envisioned. Bitcoin must remain scarce in order to be valuable.
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September 18, 2015, 11:38:26 PM
 #28

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.


It matters because of distribution.  This reminds me of stock issues and of course same deal that the total value of the company is not changed, the price just halves when you double the stock available.
However if the new stock is given out to different people, you enpower those new stock holders and destroy value for holders.   Its a terrible idea that only works in a company scenario with very strict rules, fund raising.  There is no viable BTC fund raising and no way to contact holders for a 'rights issue' it would only lead to one conclusion; a fall in value.

  An induced failure by misunderstanding and corruption of the bitcoin protocol

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September 18, 2015, 11:46:22 PM
 #29

Therefore i believe 21 million cap is the core to everything that ensures bitcoin existence. People buy into bitcoin because they know there is that much bitcoin amount that will ever be in circulation. It is based in this concept that people see something within it.

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September 19, 2015, 12:00:18 AM
 #30

Fixed supply is bullshit. Bitcoin will change or will dye.
But it isn't that what makes it valuable?
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September 19, 2015, 06:01:35 AM
 #31

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.



They are not just numbers but currency. And every currency if increase in amount incurs the decrease of value. It is the law of demand-request. More in market few the value. Are to many who sell that product and the price will go down. the same with bitcoin. It is a currency but a product to.
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September 19, 2015, 10:59:36 PM
 #32

I am also against increasing the supply to more than 21m but cap should be removed to make up for the lost bitcoins.I read somewhere here on forum that a lot of bitcoins have been lost and can not be recovered back again.So I think more should be created to make up for this loss
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September 20, 2015, 11:50:10 PM
 #33

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.



the miners maybe, if the revenue of their whole mining farm will turn to dust with the next future halving, and with the possibility of bitcoin not growing as intended if this happen, maybe they could force to leave the already unprofitable block reward for a longer time by increasing the limit

basically a modify of the controlled supply, with the right consensus it can be made



If they do this everyone will dump their coins in panic, so what do they have to win by doing that?
As OP said, killing the hardcap wouldn't be Bitcoin anymore, it would be some derivative coin that isn't Bitcoin. Bitcoin = 21 million maxcap, is a core principle.
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