Would it even be possible for him to make that happen? Wouldn't the large majority of miners have to agree?
If there is even serious discussion of Litecoin or any other Crypto including Bitcoin, getting rid of the 21 million limit, I will cash out to USD ASAP.
I mean, if that is the case, the jig is up and crypto is simply being manipulated like the usd currency by the Federal Reserve.
Again, I'd be so out so fast into USD.
Brad
That doesn't really answer my question, but what fo you think if LTC would increase its supply significantly?
I thought I was kinda obvious my last post. This would be as they say, " A very, very bad thing'
It would be Litecoin's Death, for most folk in HODL mode, it would destroy Litecoin.
Without a 'firm amount of Litecoin' and, by increasing the Litecoin coin capacity firm ceiling on the amount of Litecoin over 21 million, well, Litecoin would be no more!
I'd dump it all on finding such out the same day.
Folks would probably then go back to Bitcoin with a 21 Million Cap on Coin. No one is that stupid to hold a pow coin, where they raise the coin cap after the fact!
This would be bad. Very Bad.
Brad
I agree with you, but still I thought it is probably impossible to increase the supply because you would have to convince the miners. That's unlikely since they would have to undermine their own business to some degree.
That would be on top of the other LTC Miner difficulties of well, of course, the hash-rate difficulty that eventually kills their dream and then, of course, the halving..which rips out the
LTC Miner's heart every 4 years.
You add on doubling the amount of coin allowed to exist, there would not be enough microwave towers for the miners to jump off of! (Just saying: This would be a
a bad thing, increasing the amount of coin, 'cheat' changing the rules in the middle of the game after years, folk would beyond freak out!
Exactly, it is a little bit similar to the Bitcoin rollback that CZ from Binance proposed when they got hacked. However, I saw a video about that and it was said that that rollback would have never been possible in reality.
Honestly, I think this is just a click-bait of toshtimes.com. In the interview Charlie Lee said the following:
It’s hard to say what will happen when it starts reaching the limit. Right now, the coin is working, Bitcoin and Litecoin are working because the mining reward is paying for the security… When you rely on fees and if the fees aren’t enough because the block size is constrained, then what happens? The security will drop. Is it better to have some small inflation every year and have that fixed and have that pay for the security or can transaction fees pay for security?
That is, we are talking about the time when 64 (if I read the
LTC sources right) halvings have occured which is when the block reward goes to 0 and is not halved anymore:
https://github.com/litecoin-project/litecoin/blob/master/src/validation.cpp#L1164-L1167:
int halvings = nHeight / consensusParams.nSubsidyHalvingInterval;
// Force block reward to zero when right shift is undefined.
if (halvings >= 64)
return 0;
As this is only the 3rd halving coming up now, we have 60 to go, which translates roughly to 96 years to until reward is 0.
Honestly, I couldn't care less about that timeframe.
(All assuming my first grade math above are not completely off the rails, feel free to correct me if I made a stupid error in my calculations)
