Byzantium101 (OP)
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June 14, 2018, 10:53:48 AM |
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One of the sacred arguments of Bitcoin backers is that it is limited and thus more valuable with time. However, it is not impossible that a fork is decided and changes that rule. For example, you can decide that it will not be limited, but issued at a fixed rate every year or revised by the community every X time, ...
The common use is that the chain with more hashing power behind would be called the "true Bitcoin" and receive full support from exchanges and users.
What do people think of this scenario?
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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shadowtree
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June 14, 2018, 01:51:24 PM |
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It's not limited, people can create endless cryptocurrency. Gold actually has a limited supply and you can't just create more of it.
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goddog
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June 14, 2018, 02:08:59 PM |
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However, it is not impossible that a fork is decided and changes that rule.
Who decide? The common use is that the chain with more hashing power behind would be called the "true Bitcoin" and receive full support from exchanges and users.
hashing power mean nothing, branding mean nothing, I hope I'm a bitcoin user, I will never support a coin I don't like, no matter how much hashing power it have. |
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aplistir
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June 14, 2018, 02:11:00 PM |
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It's not limited, people can create endless cryptocurrency. Gold actually has a limited supply and you can't just create more of it.
There is a LOT of gold in our solar system. And even more in the universe. I would not call it a limited supply. But there will only ever be 21M bitcoins  |
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goddog
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June 14, 2018, 02:15:28 PM |
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It's not limited, people can create endless cryptocurrency. Gold actually has a limited supply and you can't just create more of it.
There is a LOT of gold in our solar system. And even more in the universe. I would not call it a limited supply. Is universe infinite? An atom smasher can produce a lot of gold without the need to go to find it in the universe. |
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inlovewith
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June 14, 2018, 06:35:14 PM |
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Since that's not something that seems anywhere near to happen any time in the future, then you can't call the fact that Bitcoin is limited a myth. Someone can fork Bitcoin, but then it wouldn't really be Bitcoin.
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Byzantium101 (OP)
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June 16, 2018, 02:16:20 PM |
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It's not limited, people can create endless cryptocurrency. Gold actually has a limited supply and you can't just create more of it.
There is a LOT of gold in our solar system. And even more in the universe. I would not call it a limited supply. But there will only ever be 21M bitcoins Unless the majority of the hashing power of bitcoin decides the opposite. |
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Byzantium101 (OP)
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June 16, 2018, 02:18:46 PM |
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However, it is not impossible that a fork is decided and changes that rule.
Who decide? The common use is that the chain with more hashing power behind would be called the "true Bitcoin" and receive full support from exchanges and users.
hashing power mean nothing, branding mean nothing, I hope I'm a bitcoin user, I will never support a coin I don't like, no matter how much hashing power it have. Are you aware of how forks work? Have you heard about Bitcoin Cash and Bitcoin Gold? A majority of miners could decide that there will be 41 million and change the issuance rate and... It doesn´t matter what you support, because if you are in a network that has not the maximum hashing power for the algorithm your network is not secure. |
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2342q6tegw
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June 16, 2018, 04:58:33 PM |
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A fork may well be the solution in order to allow for mass adoption at scale a larger block size would be needed anyway. So you could perhaps switch the limtiaitons on the fork, you could try and call the new one bitcoin and if people were adopting it they may well too. However whatever you call it and the old one you still won't have created any more bitcoins.
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