Bitcoin Forum
November 15, 2019, 10:02:31 AM *
News: Help collect the most notable posts made over the last 10 years.
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 [4]  All
  Print  
Author Topic: Why bitcoin supply will NOT cap at 21M BTC [NOT PLAUSIBLE]  (Read 4107 times)
Jabbatheslutt
Full Member
***
Offline Offline

Activity: 168
Merit: 100


View Profile
June 20, 2014, 12:44:43 PM
 #61

Nope won't happen cause if the miners accept the abolition of the cap then it's a free for all with unlimited coins and they become inflationary exactly like the fiat system which is the polar opposite of the ideals behind bitcoin.
1573812151
Hero Member
*
Offline Offline

Posts: 1573812151

View Profile Personal Message (Offline)

Ignore
1573812151
Reply with quote  #2

1573812151
Report to moderator
1573812151
Hero Member
*
Offline Offline

Posts: 1573812151

View Profile Personal Message (Offline)

Ignore
1573812151
Reply with quote  #2

1573812151
Report to moderator
1573812151
Hero Member
*
Offline Offline

Posts: 1573812151

View Profile Personal Message (Offline)

Ignore
1573812151
Reply with quote  #2

1573812151
Report to moderator
The Bitcoin Forum is turning 10 years old! Join the community in sharing and exploring the notable posts made over the years.
brenzi
Member
**
Offline Offline

Activity: 111
Merit: 10


View Profile
June 20, 2014, 08:13:34 PM
 #62

I'm giving up. Here's why:

I was thinking a bit more about the choices of the government. My assumption:
In the best case they will allow the use of cryptocurrencies under the condition that a central bank controls their money supply.
is not very plausible.

Even if money supply could be adjusted by a central bank, it would not be attractive for any government to support a cryptocurrency with decentralized mining. Where would the benefit of such decentralization be if the formula for money supply was centralized?
They'd be better off by mining on their own, probably pegging it to fiat and distribute the cryptocoins just like they do with bills and coins. This - of course - is very far away from bitcoin protocol.
This solution would even save a hell of a lot of energy consumption by the miners that will by then have risen to globally significant levels together with market cap. (See: Energy consumption could become an issue if bitcoin really breaks through) This consumption would be futile because it can no longer be justified by the benefits of decentralization. (And I doubt this justification anyway, because there are alternatives to proof-of-work....but that's another topic)

So I agree that bitcoin will stay bitcoin, even if it will become illegal. Even if it's value drops to zero.

Thanks for the discussion.

BurtW
Legendary
*
Offline Offline

Activity: 2590
Merit: 1064

All paid signature campaigns should be banned.


View Profile WWW
June 20, 2014, 09:05:45 PM
 #63

I'm giving up. Here's why:

I was thinking a bit more about the choices of the government. My assumption:
In the best case they will allow the use of cryptocurrencies under the condition that a central bank controls their money supply.
is not very plausible.

Even if money supply could be adjusted by a central bank, it would not be attractive for any government to support a cryptocurrency with decentralized mining. Where would the benefit of such decentralization be if the formula for money supply was centralized?
They'd be better off by mining on their own, probably pegging it to fiat and distribute the cryptocoins just like they do with bills and coins. This - of course - is very far away from bitcoin protocol.
This solution would even save a hell of a lot of energy consumption by the miners that will by then have risen to globally significant levels together with market cap. (See: Energy consumption could become an issue if bitcoin really breaks through) This consumption would be futile because it can no longer be justified by the benefits of decentralization. (And I doubt this justification anyway, because there are alternatives to proof-of-work....but that's another topic)

So I agree that bitcoin will stay bitcoin, even if it will become illegal. Even if it's value drops to zero.

Thanks for the discussion.
brenzi:

First, also thanks for the discussion.

Second, I totally agree with you.  In fact if they do all the initial creating of the coins (no miners) they get to control the initial distribution of the coins as they see fit - which is what they are familiar with and used to.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
Harley997
Sr. Member
****
Offline Offline

Activity: 266
Merit: 250


View Profile
June 21, 2014, 07:28:31 PM
 #64

Nope won't happen cause if the miners accept the abolition of the cap then it's a free for all with unlimited coins and they become inflationary exactly like the fiat system which is the polar opposite of the ideals behind bitcoin.

It would depend on what the new cap would be set to. If the TX fees are not enough to cover miners electric costs then the cap could certainly be increased to continue to give miners incentive to mine while giving bitcoin more time to grow

▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
PRIMEDICE
The Premier Bitcoin Gambling Experience @PrimeDice
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Pages: « 1 2 3 [4]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!