Democratic vote is held; Bitcoin limit is lifted to 900Million. How do you feel? - page 3.

kjj

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Quote from: Inedible on April 24, 2013, 07:50:54 AM

Quote from: crazy_rabbit on April 24, 2013, 07:42:42 AM

Not gonna happen.

From the numbers of 'not gonna happen's, I'm guessing I've worded my post badly.

I just wanted to know how people would feel if a bunch of late adopters upped sticks and started their own thing having had us Bitcoiners pioneer e-currencies.

It wasn't about inflation or voting rights.

They can fork bitcoin or make their own, but they don't, no matter how they vote get to take the value that we have put into the system over the years. If their new system is useful, it will begin to gather value for itself.

This experiment has been done lots and lots of times already. Bitcoin is the most valuable not because it was the first, but because it is the best. A vote will not change that any more than a vote could make gravity reverse itself.

Inedible

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What doesn't kill you only makes you sicker!

Quote from: crazy_rabbit on April 24, 2013, 07:42:42 AM

Not gonna happen.

From the numbers of 'not gonna happen's, I'm guessing I've worded my post badly.

I just wanted to know how people would feel if a bunch of late adopters upped sticks and started their own thing having had us Bitcoiners pioneer e-currencies.

It wasn't about inflation or voting rights.

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Not gonna happen.

RenegadeMind

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THINK IT, BUILD IT, PLAY IT! --- XAYA

Quote from: Inedible on April 24, 2013, 02:55:22 AM

It's the year 2020. Bitcoin has gained major traction.

Less than a tenth of a percent of the world's population holds 90% of all available Bitcoins.

A democratic vote is made across all Bitcoin adopters and they vote to bring the total number of mineable Bitcoins to 900 million.

Your options are to let them fork and be done with them or simply go along with it, knowing you're going to be diluted to a fraction of your previous value.

I see this as a very real possibility, especially once a large country decides to get the hump that it's not calling the shots and will start it's own alternative e-currency which can be easily (no artificial barriers here) converted from their own issued fiat and all under their own control.

Lemme see... The vote count is 2, with Ben Bernanke and Angela Merkel both voting yes, right?

Rygon

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Bitcoin is not a method for redistirbution of wealth. It never has been, and never will be. It was designed to be a better way to store wealth and to send irrefutable transactions across the world. Bitcoin is an economy that you choose to join. The entry cost is a variable price. If people don't like it, they can leave anytime and start their inflatacoin. It's already happened at least a half dozen times. Litecoin, PPCoin, BBQCoin, etc. They aren't designed to redristribute wealther either.

Mahn

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I doubt this will ever happen. If scarcity becomes a problem then another cryptocurrency will step up, but to dramatically inflate Bitcoin overnight would be an insane hit for its young economy. Merchants would not be able to take Bitcoin seriously anymore if this were to happen, since, who knows when the community will vote again to drive up or down its value?

Inedible

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Quote from: kjj on April 24, 2013, 07:00:19 AM

There may be a new thing, a thing that is not-bitcoin, and people may use it. But bitcoin blocks will continue to follow the original generation rate, forever.

This new thing, say it were to be exactly like Bitcoin but it were to have a limit of 900 million and mining was set to start on a set date so 'everyone' could get in on the action. I could see the late adopters going for that instead. I would appear to give them the same opportunity as the early adopters of Bitcoin but in reality, the ones with money will have the most hashing power.

kjj

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Here's the thing, there is no vote. Mining doesn't matter.

Any block that exceeds the generation curve in the software is rejected. Doesn't matter if 99.9% of the world population want it, the blocks are still not valid. Doesn't matter if 99.9% of the hashing power on the planet wants it, the blocks are still not valid.

There may be a new thing, a thing that is not-bitcoin, and people may use it. But bitcoin blocks will continue to follow the original generation rate, forever.

Piper67

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5% of miners won't go with the new rules. There will be a hard fork, with the original Bitcoin (Bitcoin 1.0) and the new one (Bitcoin 2.0). Some people will run to buy or obtain 2.0, but over time, the value of 2.0 will be diluted. People will look around for a non-inflationary store of value, something like gold, but digital, with scarcity built in. Someone will say "hey, there's this Bitcoin 1.0 thingie"... rinse, lather, repeat.

Inedible

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What doesn't kill you only makes you sicker!

Quote from: marcus_of_augustus on April 24, 2013, 05:15:20 AM

... leftist feminists don't operate mining rigs as far as I can tell Wink

stop attempting to get some baseless FUD going ... or better yet start your own inflatacoin crypto-currency, show us what you really got.

What FUD?

It's not inconceivable after all, the Bitcoin population will currently be tiny compared to the a country the size of the US.

tmbp

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Quote from: marcus_of_augustus on April 24, 2013, 05:15:20 AM

... leftist feminists don't operate mining rigs as far as I can tell Wink

stop attempting to get some baseless FUD going ... or better yet start your own inflatacoin crypto-currency, show us what you really got.

Communicoin, every coin you buy is evenly divided across the network, for everyone according to his need!

marcus_of_augustus

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Eadem mutata resurgo

... leftist feminists don't operate mining rigs as far as I can tell Wink

stop attempting to get some baseless FUD going ... or better yet start your own inflatacoin crypto-currency, show us what you really got.

Inedible

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What doesn't kill you only makes you sicker!

Quote from: tmbp on April 24, 2013, 05:10:57 AM

I think what you're trying to point out is even though bitcoin is based upon irrefutable mathematics people are still stupid, if in 2020 the widespread leftist feminism will take hold of earth and most people will update their clients to heavily tax the rich (because the rich will be even richer by then and the poorer will be even poorer)

Something like that Wink

tmbp

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I think what you're trying to point out is even though bitcoin is based upon irrefutable mathematics people are still stupid, if in 2020 the widespread leftist feminism will take hold of earth and most people will update their clients to heavily tax the rich (because the rich will be even richer by then and the poor will be even poorer)

Inedible

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What doesn't kill you only makes you sicker!

Quote from: marcus_of_augustus on April 24, 2013, 04:53:21 AM

Inflatacoin fork troll thread ... how original Roll Eyes

.... must have just had another wave of later adopters arrive

You don't think that if a large portion of a sizeable country, e.g. the US were to get interested in Bitcoin, it wouldn't be in their own self interest to start a new blockchain for themselves under the guise of 'fairness', 'patriotism', etc?

Edit: This is nothing to do with inflation btw - sure, inflation occurs but my point is the self interest of a larger body of people than the current Bitcoin population.

marcus_of_augustus

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Eadem mutata resurgo

Inflatacoin fork troll thread ... how original Roll Eyes

.... must have just had another wave of later adopters arrive

Bitcoinpro

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Bitcoin holders would never agree to that Cheesy

shibaji

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Quote from: Inedible on April 24, 2013, 02:55:22 AM

Less than a tenth of a percent of the world's population holds 90% of all available Bitcoins.

Don't you think that is the truth even now for fiat with unlimited amount of fiat printing ?

caveden

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Quote from: Inedible on April 24, 2013, 03:00:06 AM

update your clients now!

Lethn

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If people start messing with the original Bitcoin protocol then people are going to abandon it and go to the many alternate currencies that will be out there.

Topic: Democratic vote is held; Bitcoin limit is lifted to 900Million. How do you feel? - page 3. (Read 4979 times)