Topic: How 2 Chainz Would Destroy Bitcoin - page 2. (Read 1351 times)

There can be only one true Bitcoin.

GavinCoin is just another shitty alt coin but this time he wants to use the Bitcoin ledger to bootstrap his pump and dump shill coins.
He should build his own genesis block and leave the Bitcoin ledger out of it.

C'mon, 2 Chainz isn't that bad.  Some of his music is kinda catchy.

So after such a schism, if I owned one Bitcoin before the schism, how many will I have after the schism? Will I not be able to spend two total bitcoins? One on each chain? And what of merchants that accept Bitcoin for payment? Will they put up a sign that says they only accept a certain kind of bitcoin and not the other chain? Will they be able to accept both as payment?

I believe Bitcoin will have been inflated by 50% sir. China inflates their currency by 2% and the whole world is in shock, you are proposing we devalue bitcoin by a 50% margin.

I am not the least bit worried though. I think these threats of two separate chains are paper tigers. Only one chain will survive. The other non-consensus anti-bitcoin chain will die after a few blocks and will no longer remain part of bitcoin. That's how this whole thing works. The longest chain survives. Good luck if 90% of the Bitcoin network is maintaining one chain and you are trying to maintain yours with just 10%.

Apparently you aren't listening. It has nothing to do with "doubling bitcoins". It has everything to do with sticking to the reasons we decided to get involved with Bitcoin in the first place.

There are already hundreds of altcoins (most of them failed). The fact that they exist doesn't inflate the total amount of bitcoins and neither will a fork.

After the fork, there will be two separate coins, each with different properties, and they will succeed or fail according to their merits. Both sides may call their coin "Bitcoin", but I have a feeling only one will continue to provide what I like to call "monetary freedom".

There are several people that are hoping for Bitcoin to split into two different chains and they are promoting this as a way to "double your bitcoins". They are motivated by greed and free money and are in support of whatever it takes to split Bitcoin in half so they can "double their bitcoins". They are therefore rooting for disagreement. They are cheering on a schism. They secretly and purposefully instigate a civil war within the bitcoin community so they can have their "bitcoins doubled."

The fallacy they fall into is two fold:

1) Inflation increases the volume of the money in circulation, but decreases the value of that money, so there is no gain in the end. Just as when a Central Bank prints billions of dollars out of thin air, the money we save and hold in our pockets becomes less valuable and prices for things go up, the same thing happens in this scenario.

If there are 1 trillion dollars in existence and it costs $1 to buy a loaf a bread, then after the money supply is doubled and there is 2 trillion dollars in existence it will cost $2 to buy a loaf of bread. There is no gain in the end as the market corrects itself.

2) There is a loss however, because by doubling the 21 million cap to 42 million, we will have broken the scarcity of bitcoin which is the core Store of Value function of Bitcoin. The fact that it happens once, means it can happen again, and thus there could be an infinite supply of bitcoins for everyone and thus BITCOIN BECOMES WORTHLESS FOR EVERYONE!!

Confidence in the scarcity of Bitcoin will be lost forever, and this will be the death of bitcoin.

It is therefore the case that those who pine for a split in bitcoin into two chains so that they can have the short term gain of doubling their bitcoins at the cost of the long term loss of DESTROYING BITCOIN FOR EVERYONE IN THE WORLD… are the greatest threat to Bitcoin in existence, and are the enemies of anyone who wants to see Bitcoin succeed.