Creating more bitcoin | Bitcointalksearch.org

b3llsf1l3s

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

You're already a senior, but looking at what you are stating here, I guess you really don't understand how crypto works right?

More simply how the world trade and economy is going well. If the supply is made unlimited, then there will be times where it will only become rubbish, as well as things/toys which just trending in one season.

sgenuine

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Quote from: ?? on ??

I think that limit was studied very carefully first before they implemented it. We need to undestand if the resources is unlimited then why do we need to control the prices if there is an abundant supply of Bitcoin. Before we so actions, we need to double check the reason why they limit the supply.

First of all, no one can create more than 21 million Bitcoin. It was initially the limit of the cryptocurrency. Secondly, we will not see the times when the last BTC is mined. To this time (before it) a lot of stuff can happen, and not only in the crypto world. The limited BTC number is also the safest protector of the crypto (it protects Bitcoin from inflation).

dende93

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As others have already said, the supply is not 21 milion btc, but 2,100,000,000,000,000 sat.
So far, at the current block 588057, precisely 1,785,054,232,289,936 sat have been mined. Thanks to my node for this self-verification.
So I think there's enough sat for everyone in this world.

Artemis3

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Quote from: fiulpro on July 27, 2019, 11:36:31 PM

Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

There isn't any thing the developers can't do.
At the end of the day it is just a piece of software and at the same time it isn't.
I do think that , the developers won't do that , since they most likely will kill the very idea if bitcoins themselves.
It was created as such , when it is stagnant then people won't be able to buy new bitcoins denying the inflation , the price will sky rocket , for people who are holding will actually be Happy.
I think this whole period bitcoins is in , is a growth one right now , when the supply stops it might be able to just achieve a price that is more or less stable and not even low.
I hope they don't .

Nope, the developers can't just do that because it won't reach user consensus. Sure technically they can push it, doesn't mean the node operators and miners will accept it. It will immediately cause a fork and most people would simply refuse to use it. This is too fundamental a change for it to ever pass, and the more time that passes the more it is engraved that bitcoin is deflationary. The only people still proposing this are those who don't know or care about the Austrian school of economy, they are yet to understand the beauty of deflationary economies.

OP literately needs to read Mises and the problem solves itself, nobody should propose this. If you still want it, go to one of the inflationary altcoins.

Bitcoin is deflationary and the world will learn and move into Austrian economics, putting an end to the endless bubble/crashes cycles once and for all.

Sonik33

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In my opinion, the number of bitcoins that are only 21 million is classified as not much for the size of the currency that is spread throughout the world. Bitcoin is classified as an international currency even though it has not officially obtained legality in all countries. But this limited amount is indeed one of the obstacles for bitcoin to be able to balance its supply and demand. If the number of bitcoins is increasing and there are more players, the stability of bitcoin will last longer and the future of bitcoin is also more guaranteed.

thirdprize

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Quote from: xiboothrezi on July 28, 2019, 12:04:33 AM

Quote from: Lauren Smith on July 27, 2019, 05:26:35 PM

Quote from: thirdprize on July 11, 2019, 12:41:51 PM

~~

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.

And I can only laugh. Your analogy is very easy to understand.

Let's give a little explanation. Aren't rare items costing more? that is what will happen when bitcoin is getting harder to mine, demand is getting higher and supply is limited. This is what causes the price of bitcoin to experience a promising increase. So I think adding the number of bitcoins is very unlikely, and not a pretty good strategy

Yes, but i believe the decimal places are hardcoded in the BTC. It would be a hard fork to increase it. Now, you can only slice your pizza to 8 decimal places giving 2,100,000,000,000,000 slices. There is $1,655,000,000,000 in circulation.

Moiyah

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There's no need to produce more or produce unlimited bitcoin. That will not disregard it's characteristic as being a special because of the reason that it only has limited supply. The availability will affect the bitcoin's price if that will gonna happen . And we can't change how it is created as 21million bitcoin only. There is a reason why Satoshi made that number.

xiboothrezi

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Quote from: Lauren Smith on July 27, 2019, 05:26:35 PM

Quote from: thirdprize on July 11, 2019, 12:41:51 PM

~~

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.

And I can only laugh. Your analogy is very easy to understand.

Let's give a little explanation. Aren't rare items costing more? that is what will happen when bitcoin is getting harder to mine, demand is getting higher and supply is limited. This is what causes the price of bitcoin to experience a promising increase. So I think adding the number of bitcoins is very unlikely, and not a pretty good strategy

Msworld83

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Nothing will change the supply and the supply is OK for the community as that will create scarcity which will gives a huge amount to every btc we have in future but regard the increment I dont think that is nice and would be possible even the supply will be minu at the end of mining the whole btc as regard the mistake that took place during the first set of blocks.

fiulpro

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

There isn't any thing the developers can't do.
At the end of the day it is just a piece of software and at the same time it isn't.
I do think that , the developers won't do that , since they most likely will kill the very idea if bitcoins themselves.
It was created as such , when it is stagnant then people won't be able to buy new bitcoins denying the inflation , the price will sky rocket , for people who are holding will actually be Happy.
I think this whole period bitcoins is in , is a growth one right now , when the supply stops it might be able to just achieve a price that is more or less stable and not even low.
I hope they don't .

Lauren Smith

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Activity: 1050

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

You a Sr and making posts like this? -_-

The number of coins doesn't matter. Morecoins = More divisions thus less price Lesscoins = Less decisions thus higher price.

You know how a pizza is cut? Then you know why your questions is ridiculous.

1 Pizza is still 1 pizza no matter how many times you cut it.

pixie85

hero member

Activity: 2128

Merit: 524

Why would anyone support this idea of diluting existing bitcoins and making them worth less? Ift would be showing all the holders your middle finger.

Bitcoin is not run like a company where a ceo and the board agree to do something and it happens. We all signed up for 21 million when we bought bitcoins and we won't support changes.

Crypto Girl

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

And why you want it? Perhaps you don't fully understand what made bitcoin, bitcoin.

There is a lot of factors that many of us go crazy with bitcoin and one of these is the limited supply that leads to it being scarce. And I think everyone had already explained some factors and don't need to explain further.

Quote from: Janation on July 17, 2019, 09:38:34 PM

Maybe you try to hack the system.

In the past Bitcoin was hacked and the hackers, maybe hacker made a lot of Bitcoins. It is not done again but we all know that it is hard since that years and no one had been able to hack again is a proof it is hard. 21 million is enough, though not accurately 21 since there are a lot of of them lost in the void and some forgotten.

Can you support it? Seriously I just heard it like hackers hack the system and create more bitcoin, really? And even there is some bitcoin that is unrecoverable because of lost private keys, these are still belong in the 21 million supply.

Krislaw

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

who developer?,
they can't change made by satoshi over year ago. they can only chane by forking as bitcoin and make new coin like people did.
they can do anything when fork and make new bitcoin

Vishnu.Reang

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Activity: 1974

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Quote from: arbiter5 on July 11, 2019, 01:02:23 PM

For that to happen, consensus is going to be needed. The developers can't simply just change the number then boom we have a billion bitcoins. If they could simply do that just by changing values in the code, then bitcoin is fucked.

Not to mention that a hardfork is going to be needed to achieve this, so it's extremely unlikely.

There is no point in doing this, as it is not going to benefit anyone. As the total supply increases, the exchange rates may nosedive and all of us would incur losses. Any gains from this step will be visible only after many years, and that too will be restricted to the miners. Apart from the immediate negatives, long-term damage may also be significant, such as loss of reputation.

marcbitcoins

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Current Bitcoin supply is already enough for now therefore proposing a volume increase is not yet needed and also dangerous as it might affected greatly the present market price rotation. Maybe we will request for the supply increase if Bitcoin will be use in the whole world as the major currency for spending like the US Dollar.

Janation

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Activity: 1722

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Quote from: thirdprize on July 11, 2019, 12:41:51 PM

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.

Maybe you try to hack the system.

In the past Bitcoin was hacked and the hackers, maybe hacker made a lot of Bitcoins. It is not done again but we all know that it is hard since that years and no one had been able to hack again is a proof it is hard. 21 million is enough, though not accurately 21 since there are a lot of of them lost in the void and some forgotten.

ololajulo

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Chainjoes.com

You got lots to read for this topic. I dont think it worth reconsideration, things are now changing with some token, demanding burning for better token economics. I like the limitation anyway

TimeBits

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Quote from: ?? on ??

As soon as an unlimited number of bitcoins. He will immediately depreciate. Because it will be at all. This does not happen in nature a lot and expensive. The whole point is that it was a limited amount.

What do you mean, wood keeps coming in because we keep planting more trees, same with food(fruit,veggies,poultry,meat,fish), same with gold we just found a asteroid made out of it and are still finding more in nature on earth.

Limited Supply = Death as medium of exchange brother https://www.youtube.com/watch?v=Y7TLFyK_3Pk

Now if you have a limited supply that can be traded by a (unlimited supply but also limited aka time/duration aka fair distribution), you have a savings supply, and spending supply. Think bitcoin as a antique and retirement pension, savings account that accumulates interest not at the debt of anyone but by more people wanting to save. Think time/duration as the medium of exchange, spending account, that does not gain in value and 1 hour always = 1 hour, but 1 bitcoin can = 200 hours or 500000 hours in the future.

konfuzius5278

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All argues get that way, there is no good reason to do.

I just argue its possible. And thats the truth. And only the future will tell if done or not

Topic: Creating more bitcoin (Read 1180 times)