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August 21, 2017, 01:49:37 AM |
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Hi Guys,
I've been thinking about the recent hard fork of bitcoin and how it produced bitcoin cash.
People often draw the comparison from Bitcoin to gold due to the limited supply constraint. However, if hard forks continue to occur, then it seems like the bitcoin supply is increased i.e. 21,000,000 bitcoin (eventually) and 21,000,000 bitcoin cash (eventually) and with potential for this to reoccurr over and over if the bitcoin community fragments. In my opinion, another hard fork seems likely at some point over another contentious issue.
I know that the idea is that the less successful version will eventually be supported less and slowly die, but in my eyes it hurts the "scarcity" aspect of bitcoin. Also, it worries me that value could swing from one fork to the other rapidly and kill a person's investment. I know it's a volitile market but I feel like this bug slightly undermines bitcoin...
Whereas, there's no way to fork or duplicate gold.
Does this affect the long term "scarcity" prospect of bitcoin or is there some other technical aspect I'm not considering?
Cheers
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