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May 17, 2013, 03:32:17 PM |
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Suppose in the future there is 19 million coins out and someone comes up with an improvement for a blockchain format or security fixes. A simple way to fix it is start a new bitcoin with 19 million coins pre-mined and allow anyone to sell their bitcoin for the new coins over a period of a couple years. This would be done in the official client, basically automatically with a password. Suppose 18.5 million are exchanged. The bitcoin team could destroy the .5 million or use a small portion to help run the project. The address would be observable to everyone. Thus, the committee could be funded with possibly 10% of lost coins. Maybe every 10 years you could update the chain.
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