designfail (OP)
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June 03, 2014, 10:03:24 PM |
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Say, at some point big banks and hedge funds make an agreement with core developers to remove the limitation of 21M and have the foundation vote for this?
Is it possible in theory and on practice?
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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bananas
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June 03, 2014, 10:05:14 PM |
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yes, 100% possible
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bg002h
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I outlived my lifetime membership:)
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June 03, 2014, 10:09:53 PM |
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Then the world would laugh and quietly ignore such nonsense.
But worry not, such craziness won't occur. It's not under anyone's control except consensus of the community.
Even if the core devs vote to remove the 21M limit, it still won't make it so.
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Ron~Popeil
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June 03, 2014, 10:11:19 PM |
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The community would never allow it. Part of the sheer brilliance of the protocol is that it requires consensus.
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acs267
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June 03, 2014, 10:15:19 PM |
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My fucking god. The Bitcoin Foundation has no power. Realize that.
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designfail (OP)
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June 03, 2014, 10:17:54 PM |
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Then the world would laugh and quietly ignore such nonsense.
But worry not, such craziness won't occur. It's not under anyone's control except consensus of the community.
Even if the core devs vote to remove the 21M limit, it still won't make it so.
But big investors already articulated their interest: they want BTC to be inflatable. Reasonable, but inflatable. Something like: yes, BTC is great, innovative technology, but in order to make it useful international currency, it needs to be inflatable. Say, 1-5M bitcoins a year. The general population ("the community") will eat this no problem. Early adopters will be pissed off for sure, but they are in minority. |
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designfail (OP)
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June 03, 2014, 10:19:05 PM |
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My fucking god. The Bitcoin Foundation has no power. Realize that.
Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that? |
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jbrnt
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June 03, 2014, 10:20:00 PM |
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TBF holds a sizable amout of bitcoin. Its board members and corporate members have hugh vested interests in bitcoin. They know that raising the 21M limit will devalue their bitcoin holdings. TBF will not be stupid enough to vote for an increase in bitcoin supply.
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sgbett
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June 03, 2014, 10:20:41 PM |
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The migration to [litecoin]* would be immense.
*or some other coin(s)
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"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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alani123
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Leading Crypto Sports Betting & Casino Platform
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June 03, 2014, 10:22:43 PM |
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The network consists of nodes. If such a change was decided to be implemented, it would require agreement of more than the 51% of those nodes so the network can fork and implement this change as a valid one.
My technical knowledge on bitcoin is not an expert's one since I'm not familiar with programming. But I'm sure that you can see where this is going. In simple words: if a "central authority" decides to to something like that they wouldn't be able to without the networks permission.
The network consists of everyone running a bitcoin node, you and me could be running a node by having a wallet with the full blockchain in it...
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Ron~Popeil
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June 03, 2014, 10:23:13 PM |
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The migration to [litecoin]* would be immense.
*or some other coin(s)
BTC 2.0. People everywhere would be digging dusty old asics out of their attic for the new gold rush. |
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designfail (OP)
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June 03, 2014, 10:24:04 PM |
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The community would never allow it. Part of the sheer brilliance of the protocol is that it requires consensus.
The consensus between core devs and big players could be reached. And a new blackchain is introduced to masses, while legacy blockchain is still running until it's extinction. How about that? |
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acs267
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June 03, 2014, 10:24:47 PM |
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My fucking god. The Bitcoin Foundation has no power. Realize that.
Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that? Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power. |
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sgbett
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June 03, 2014, 10:28:35 PM |
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My fucking god. The Bitcoin Foundation has no power. Realize that.
Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that? Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power. "Nice cryptocurreny you have there, be a shame if something happened to it..." is my first thought on that!  |
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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designfail (OP)
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June 03, 2014, 10:30:09 PM |
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My fucking god. The Bitcoin Foundation has no power. Realize that.
Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that? Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power. The more I buy & mine, the more thoughts like that are coming to my mind. I doubt that big dogs will let lots of people with their "20..50..100 and up" coins to become rich elite overnight. |
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Meuh6879
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June 03, 2014, 10:34:16 PM |
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Bitcoin is not 21M ... bitcoin is :
21.000.000 , 000 000 000 (bananas)
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BitCoinDream
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The revolution will be digital
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June 03, 2014, 10:34:27 PM |
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Say, at some point big banks and hedge funds make an agreement with core developers to remove the limitation of 21M and have the foundation vote for this?
Is it possible in theory and on practice?
I think 51% miners need to accept 21M+ coins to have those mined coin's transactions be included in new blocks. If >50% miners agree ...this can happen but that would actually be the fall of their own wealth, coz services running on bitcoin will immediately shift to some alt. p.s. Bitcoin is not only protected by code, but also by market economics |
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Gemminyc
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June 03, 2014, 10:46:24 PM |
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Who knows what the poor masses having mBTC ballances decide to vote for in the future. Will be interesting anyway
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wachtwoord
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June 03, 2014, 10:47:59 PM |
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Then we laugh  |
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designfail (OP)
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June 03, 2014, 10:49:12 PM |
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Say, at some point big banks and hedge funds make an agreement with core developers to remove the limitation of 21M and have the foundation vote for this?
Is it possible in theory and on practice?
I think 51% miners need to accept 21M+ coins to have those mined coin's transactions be included in new blocks. If >50% miners agree ...this can happen but that would actually be the fall of their own wealth, coz services running on bitcoin will immediately shift to some alt. p.s. Bitcoin is not only protected by code, but also by market economics I think big players could easily control 90% or more of all hashing power. Say, a megapool driven by asics on hundreds of acres at Greenland or Alaska. Disclaimer: I am not going to spread FUD, just want to share some thoughts and find answers |
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