pooya87
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July 12, 2019, 05:27:30 AM |
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nobody wants unlimited bitcoin supply and i have not seen any core developers saying they want it either!
Unfortunately, someone wants it. Peter Todd(not sure if he still is a Bitcoin Core dev).  I mean, his intentions are good and I get it, it's for bitcoin to remain secure, but I still don't agree with it. There are a few articles about this, but I couldn't find Peter Todd's exact Tweet/statement. Might edit this reply if I find it. wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply. bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue! |
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mk4
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July 12, 2019, 10:24:50 AM |
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wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply.
bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue!
While there definitely are some articles that over-exaggerate what he said(media being media, as usual), he really said something about him wanting to increase the 21 million hard limit as I remember seeing his tweet some time ago. I just couldn't remember the exact statement. Again, I'll try to look for it. |
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Astvile
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July 12, 2019, 11:57:08 AM |
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This will ruin the current prices we have for sure,the demand and supply will be imbalance and there will be abundance of supply if this where to happen that will cause a massive dump for sure.Plus its just not that easy to just change the numbers will take a long ass process for sure.
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adzino
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July 12, 2019, 02:12:33 PM |
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Yeah, does not matter what they say as long as majority of the people refuses the proposal. Remember, bitcoin is decentralized and there is no single entity that would decide how bitcoin will work and its structure. As long as people refuses, nothing will be changed. If majority of people agrees with the core developers, then a fork will take place splitting the chain. The old bitcoin and the chain will still exist.
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Gibreil
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July 13, 2019, 01:16:53 PM |
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Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much.  If bitcoin will become unlimited, prepare for a stable cryptocurrency. In addition, it would not become more valuable than what it is right now. Since bitcoin gets it's value in scarcity. That is the reason why it pump fastly and go down easily. If it will become unlimited, assure that the price of it will goes down |
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valentin68
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July 13, 2019, 03:10:01 PM |
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There is something that says that we can not create more than 21 000 000 Bitcoins. It is the difficulty. The computing power increases with time linearly, while the bitcoin difficulty increases exponentially. This is the what gives the price increase of the Bitcoin.
At some moment in time in the future it will become very, very difficult to create the bitcoin.
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Trangtkhd2709
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July 14, 2019, 05:28:03 AM |
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The market will be diluted, in other words it may be seriously devalued when we create more bitcoin, this is absolutely not recommended.
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Ryan Dugan
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July 14, 2019, 06:37:03 PM |
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OMG!!
What a clueless "senior"
It doesn't matter how many bitcoins there are. It matters how they are released. Less bitcoin just means a higher price. More bitcoin will be a lower price. It is just ratio. Why is 21m not a lot? if there were 42m then you would just pay 2btc for something that was 1btc. If there were 11m in total you would pay 0.5btc and not 1btc.
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hatshepsut93
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July 14, 2019, 07:00:07 PM |
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wasn't this mainly FUD? a tweet talking about ifs and buts is barely evidence of someone wanting and pushing for more supply.
bottom line is that all the arguments about supply belongs to year 2100+ and we are talking about something that is not going to be an issue for at least 80 years and that is IF it becomes an issue!
We should start discussing making Bitcoin inflationary when there will be signs that the network has not enough security - that fees alone are not enough to get enough PoW to deter attacks. This means that it might never happen, because fees will be enough, and there will be no big threats, or maybe it will happen in hundreds of years from now. We'll probably have a new generation of both developers and users by that time, and decades of history of PoW cryptocurrency to provide evidence for making a good decision. |
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dreamhouse
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July 14, 2019, 07:00:46 PM |
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I wish we can create arbitrary the values, but lol if that were the case, satoshi won't be famous :-)
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Ucy
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July 14, 2019, 10:23:09 PM
Last edit: July 15, 2019, 03:51:18 AM by Ucy |
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How is 21million not too much? Nothing on earth is limited my friends, except the continuous printing of fiat currencies by governments.
Besides, the limit is what makes bitcoin valuable and inflation proof.
The only time it will be reasonable to remove the limits is if bitcoin price becomes artificially stable permanently.
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idekai
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July 14, 2019, 11:31:06 PM |
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I mean, 21 million isn't much. How much do you own if 21 Million of bitcoins is not much sir? Being limited is always good, and that's what i think of bitcoin. As a limited edition coins. You should pay higher price if you want to own or get something limited. |
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Kiefner
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July 14, 2019, 11:43:00 PM |
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If the developers do not, then there are reasons. It is not profitable to increase the number of bitcoins, because then its value will fall. Nobody wants that.
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longtkhd
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July 15, 2019, 02:41:22 AM |
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When the number goes out of control, Bitcoin will immediately lose its value, collapse quickly based on supply-demand rules. That will cause users to lose faith in it, creating disintegration of market  . |
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keziakusayang
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July 15, 2019, 03:47:21 AM |
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because of limitations it makes bitcoin very valuable.
yes, that in my opinion, because there are only 21 million, bitcoin is very sought after.
I think if bitcoin is unlimited and can be even more likely, bitcoin will be less popular and can be replaced by other coins to master crypto.
so, because of limitations, it makes bitcoin special and is sought after by many people.
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Ziskinberg
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July 15, 2019, 04:07:50 AM |
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Unlimited number of bitcoin is bad, it won't make bitcoin a good investment.
Bitcoin has only a total of 21 million supply, but we are not transaction in 1 whole Bitcoin here, as the price is increasing the value in sats will also increase.
Soon in the future, even if we transact per sats, it would still enough to cover the demand of bitcoin.
No need for a change of supply as it's not bitcoin anymore.
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Herbert2020
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July 15, 2019, 05:47:25 AM |
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Unlimited number of bitcoin is bad, it won't make bitcoin a good investment.
bitcoin is not an investment so your argument here is completely wrong since the creation of bitcoin and the decision about its supply had nothing to do with making in a good or bad investment. the only reason for that cap and the value chosen (21 million) is to prevent bitcoin from becoming an inflationary currency like other currencies in existence. |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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DPrillio
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July 15, 2019, 07:13:18 AM |
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How is 21million not too much? Nothing on earth is limited my friends, except the continuous printing of fiat currencies by governments.
Besides, the limit is what makes bitcoin valuable and inflation proof.
The only time it will be reasonable to remove the limits is if bitcoin price becomes artificially stable permanently.
Circulating supply of bitcoin is already enough and if ever creation of additional bitcoin supply may only leads to price drastic change and it will make bitcoin's value become cheaper as there are already lot of market supply. The lesser the supply the more its price climb higher. |
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diahsw
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July 15, 2019, 08:39:06 AM |
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Is there anything to stop the core devs saying we want unlimited bitcoin and changing the code to allow it. I mean, 21 million isn't much. Bitcoin is a digital currency that became popular in 2013. This currency is not controlled by banks or other institutions. Decentralized currencies are designed to accept our money to make a profit. But how do digital currencies work? How can this currency apply if no one can say they save it. Bitcoin consists of three parts, namely: block chain, mining network, and wallet. To be able to understand how Bitcoin works, we must understand how each part works. One of them is the people who mine Bitcoing (miners), are people who request old transactions and ensure new transactions are accepted. Their job is to make (or mine) new blocks. This block saves new transactions that occur. As compensation for mining these new blocks, they are given some Bitcoin. Incentives like this ensure people are sufficient to mine so that the Bitcoin network system continues. |
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thirdprize (OP)
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July 15, 2019, 10:39:29 AM |
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I mean, 21 million isn't much. Being limited is always good, and that's what i think of bitcoin. As a limited edition coins. 7.7 billion people in the world and 21 million bitcoin. You do the maths. That would be 0.002 btc each not counting whales and lost bitcoins, so probably a lot less than that. That only gives you a few decimal places to play with. If you actually want people to use bitcoin, then you need to make sure there is enough to go round. |
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