Inflation Would KILL Bitcoin Dead | Bitcointalksearch.org

oblivi

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Quote from: Amph on August 11, 2015, 05:31:10 AM

Quote from: mindrust on August 11, 2015, 05:19:37 AM

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.

the miners maybe, if the revenue of their whole mining farm will turn to dust with the next future halving, and with the possibility of bitcoin not growing as intended if this happen, maybe they could force to leave the already unprofitable block reward for a longer time by increasing the limit

basically a modify of the controlled supply, with the right consensus it can be made

If they do this everyone will dump their coins in panic, so what do they have to win by doing that?
As OP said, killing the hardcap wouldn't be Bitcoin anymore, it would be some derivative coin that isn't Bitcoin. Bitcoin = 21 million maxcap, is a core principle.

btvGainer

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I am also against increasing the supply to more than 21m but cap should be removed to make up for the lost bitcoins.I read somewhere here on forum that a lot of bitcoins have been lost and can not be recovered back again.So I think more should be created to make up for this loss

n2004al

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Quote from: mindrust on August 11, 2015, 05:19:37 AM

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.

They are not just numbers but currency. And every currency if increase in amount incurs the decrease of value. It is the law of demand-request. More in market few the value. Are to many who sell that product and the price will go down. the same with bitcoin. It is a currency but a product to.

btvGainer

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Quote from: V for Varoufakis on September 17, 2015, 05:55:00 AM

Fixed supply is bullshit. Bitcoin will change or will dye.

But it isn't that what makes it valuable?

Q7

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Therefore i believe 21 million cap is the core to everything that ensures bitcoin existence. People buy into bitcoin because they know there is that much bitcoin amount that will ever be in circulation. It is based in this concept that people see something within it.

STT

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Quote from: mindrust on August 11, 2015, 05:19:37 AM

Am i missing somehing? Who is going to change the cap?

On the other hand, they are just numbers. (bitcoins) You can double the bitcoin count, their value will stay the same for 2x coins. So what is the problem?

Think about this, they are just numbers.

It matters because of distribution. This reminds me of stock issues and of course same deal that the total value of the company is not changed, the price just halves when you double the stock available.
However if the new stock is given out to different people, you enpower those new stock holders and destroy value for holders. Its a terrible idea that only works in a company scenario with very strict rules, fund raising. There is no viable BTC fund raising and no way to contact holders for a 'rights issue' it would only lead to one conclusion; a fall in value.

An induced failure by misunderstanding and corruption of the bitcoin protocol

Mickeyb

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I am also completely against the inflation just like a majority of bitcoiners out there I suppose. Never would I change my mind. I am sure the consensus about this problematic would not be reached either.

Bitcoin is created to mimic gold by its supply. Satoshi created it like this. To change a supply would just be that you throwing away everything that Satoshi has envisioned. Bitcoin must remain scarce in order to be valuable.

Amph

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Quote from: coinplus on September 17, 2015, 05:22:07 AM

I wonder if most of the people vote for uncapped bitcoin supply then is it possible to remove the 21M cap? Or only satoshi can make this kind of change ?

it's based on consensus, if miners and merchant and the majority will vote against it(i highly doubt) then it will be removed with an hard fork

but usually those change go against the fundamental rule of bitcoin, and i doubt there will be any consensus against the supply cap

spazzdla

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Quote from: V for Varoufakis on September 17, 2015, 05:55:00 AM

Fixed supply is bullshit. Bitcoin will change or will dye.

While I think a min pay out of 10 bits (.000 01 bitcoin) would of been best, a fixed supply is just fine. Bitcoin will not die because of a hard cap, it is to late now to add a min payout IMO.

If one is added then the idea that 21 coins will only exist is gone as people will think "if a min payout can be added what stops from chaing the cap from 21 mill to 21 bill"

spazzdla

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I cannot see miners agreeing to raise that cap. It would kill the trust of bitcoin.

coinplus

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Quote from: V for Varoufakis on September 17, 2015, 05:55:00 AM

Fixed supply is bullshit. Bitcoin will change or will dye.

Disagree. Deflated medium of exchange. same exactly equal to gold. Surprisingly bitcoin can act as direct money also. When deflation is the main concern then bitcoin will serve us only as a medium of exchange. So 21M cap is not a problem.

mindrust

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Quote from: V for Varoufakis on September 17, 2015, 05:55:00 AM

Fixed supply is bullshit. Bitcoin will change or will dye.

Care to explain why?

Fixed supply makes bitcoin valuable in the first place. Think simple: If everyone had as much bitcoin as he liked, would its price still be @ 230$?

no.

V for Varoufakis

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Fixed supply is bullshit. Bitcoin will change or will dye.

coinplus

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I wonder if most of the people vote for uncapped bitcoin supply then is it possible to remove the 21M cap? Or only satoshi can make this kind of change ?

lissandra

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The hard code of 21 million isnt inflation though.

Its only inflation if there was no hard code, and bitcoin was still pumping whenever we wanted like how a bank does with their fiat form.

saddampbuh

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half reward for double the price or double reward for half the price = the same $ to miner

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Quote from: Amph on August 11, 2015, 06:04:41 AM

lol you can't simply say let it die when bitcoin is the most used crypto and will be used more in the future, what about all those merchants which will use it for their business? fuck that too?

this is a legitimate concern, miners must make profit must be incentivated to mine, otherwise this whole thing will collapse

Changing the 21 million cap would destroy bitcoin for good. That is the point of this thread. Yes miners must make a profit to be incentivised to mine but increasing the 21 million cap SHOULD NOT EVEN BE A CONSIDERATION to solve this problem. This is a simple matter of supply vs demand. The supply is constrained, bitcoin is scarce because of the 21 million cap, if the demand becomes higher than the supply, like after a halving of the reward, the PRICE MUST GO UP, that's economics 101. And if the price of bitcoin goes up to counter the demand vs supply, the miners are still making a profit.

The market will correct itself, but if the 21 million cap is changed all trust in bit coin's scarcity will be irretrievably lost and bitcoin will crash like a worthless fiat that can be printed to infinity.

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Quote from: Hazir on August 11, 2015, 12:00:48 PM

Bitcoin won't be mined in next 20 years for sure. Our progress is a lot faster now. I wouldn't be surprised if bitcoin was replaced by digital dollars or digital euro in the future.

Thinking we have more than 100 years with our current bitcoin tech is being extremely naive. Some better coin will arise.

There's a relatively narrow window for it to take off properly when you take the block reward into account. It's possible but a long way from being in the bag yet.

If it did then it's quite possible that the thing named Bitcoin in 20-50 years will still be the top dog and the same in spirit but totally unrecognisable in technical terms. It takes decades to build trust in something so radical. That wouldn't be thrown away lightly.

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Quote from: alva5763 on August 11, 2015, 12:24:51 PM

The cap on amount of bitcoin keeps it to a minimum value as once it has all been mined there can be no more. Any suggestion of changing final total will have holders shouting scam.

Yes, you are right.
If the developers change this 21 million market cap then the people will not believe in Bitcoin anymore and start cashing out of it due to which the bitcoin prices will crash to the ground.

alva5763

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The cap on amount of bitcoin keeps it to a minimum value as once it has all been mined there can be no more. Any suggestion of changing final total will have holders shouting scam.

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