Alteration of bitcoin 21M cap: Is it possible, necessary or needless? - page 2.

Faisal2202

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Quote from: Text on September 06, 2023, 08:09:46 PM

It's needless.

I think it should never be increased. And for me, the alteration is a disaster.,

You are 100 right, increasing the number of BTC in supply will not provide us some good results. As it will provide an opportunity to BTC haters to spread bad words about it. Besides haters, it will hurt the feelings of miners, validators, btc users and those companies which had trusted the scarcity factor of BTC and invested millions of dollars to build a fortune. This will looks like a scam or a phishing scam in which people will began to think crypto really is a scam as the king of all cryptocurrencies has scammed us.

Overall, you are right about it will damage BTC reputation and in my thoughts it will damage the reputation of all those who invested in it and trusted the mechanism. But you know what, the supply of BTC has been already wrote means it is no more changeable. According to many studies it has made sure that BTC is totally scarced (mean have limited supply).

And there is one more thing, which is we might not have to worry about it but maybe our next generation have to because they are the ones who will face this disaster, if any happens. But I believe BTC developers must have some surprises to amaze us in the context of this question.

joniboini

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I personally think it is too soon to talk about any changes in the supply. People can still use sats just fine, there are other issues that are likely more urgent in the near future such as the decrease of block reward and so on. I'd rather focus the discussion over there if people really need to argue over something. That being said, the limited supply is definitely one of the key reasons people invest in BTC. Still, you can still use BTC as a currency if your goal is not investment at all.

Text

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It's needless.

I think it should never be increased. And for me, the alteration is a disaster.

Alteration to this cap would be seen by some as a breach of trust and a deviation from the original vision.
Altering the cap could potentially reduce the perceived scarcity, which could impact its value proposition as "digital gold."
Altering the cap could affect the economic incentives for miners and, consequently, the security of the network.

The alteration will only damage Bitcoin's reputation.

hd49728

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Quote from: Lida93 on September 06, 2023, 07:39:01 PM

What do you have to say about a sudden alteration of the bitcoin 21 million cap perhaps in the future. Do you think it should ever be increased ?

What would an increment mean to you? And can an alteration of the supply limit spell a disaster as some opined?

If Bitcoin total supply can be increased one time, it will be increased more times in future. People will believe that Bitcoin communities can vote to increase Bitcoin total supply forever, whenever they see it is not enough for them to buy cheap bitcoin.

Cheap bitcoin, I meant, that is not what we want if we are Bitcoin investors, we want Bitcoin to increase more in its value and price on market. To achieve it, its total supply must be capped at 21 millions, no more, can not be increased.

How is the 21 million Bitcoin cap defined and enforced?

Gladitorcomeback

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Quote from: Lida93 on September 06, 2023, 07:39:01 PM

What do you have to say about a sudden alteration of the bitcoin 21 million cap perhaps in the future. Do you think it should ever be increased ?

I don't think Bitcoin supply will ever increase because everything planned by Satoshi at the start and we found nothing about increments of supply. In above article , we can read that many people are against this idea which did not allow others to do this. I think if we do voting from all over the world, I believe that only 10%-20% will be in the favor of supply increments.

Quote from: Lida93 on September 06, 2023, 07:39:01 PM

What would an increment mean to you? And can an alteration of the supply limit spell a disaster as some opined?

Let's have a discussion here!

No need of increments in future. The idea of increasing supply is because in the future demand will be high when more people adopt it but solution already available that price of btc will also rised with the time and no one will be able to buy full btc. Instead of increasing supply, buying only Satoshi will work.

If it happens with outside layer like Ordinals then I Don't think any big changes will occur because the main supply will remain the same but still there is some headache for long term holders if any official news comes out and we may see panics selling at the start but everything will be normal with time.

Charles-Tim

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Bitcoin is not like those centralized coins that their developers easily increase or reduce their supply, bitcoin supply will remain 21 million BTC.

If the supply is increasing, the value will reduce. Nobody will wants that to happen because people are holding bitcoin as a store of value or as an investment.

In the protocol, bitcoin total supply remain as 21 million BTC.

Lida93

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There has been debates about a possible intending alteration of the blockchain supply limit of bitcoin 21 million market cap. In 2019 it spark a debate to which some describes the idea as sacrilegious.

Recently on Twitter same controversial debate somehow resurfaced, and in my wide thoughts I had to kind of bring the discussion to the forum as a bitcoin community. So we can generate our opinions and concern to a discuss as this.
Source:

What do you have to say about a sudden alteration of the bitcoin 21 million cap perhaps in the future. Do you think it should ever be increased ?

What would an increment mean to you? And can an alteration of the supply limit spell a disaster as some opined?

Let's have a discussion here!

Topic: Alteration of bitcoin 21M cap: Is it possible, necessary or needless? - page 2. (Read 197 times)