Topic: Inflation Would KILL Bitcoin Dead - page 2. (Read 2167 times)

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. And BTW I doubt that anyone sane will want to change 21 million cap of bitcoin.
That will never happen.

If the prices are not going up, or staying same, maybe that means bitcoin isn't a huge invention at all... Maybe people are still preferring mastercard over bitcoin.

Just wait for someone to make another crypto with better specs and hope to succeed.

It is important to note that the Bitcoin network, from inception, has paid miners primarily through currency inflation. Fees are a tiny % of miner revenue.

For most of the Alt coins, that model has been catastrophic. For Bitcoin, due to a popularity surge (bubble?), the scheme has worked.

Unclear whether it can continue. Prices have been declining to flat for a long time now and mining is becoming very unprofitable.

Mercs will take another crypto currency to sell their sh*t. Not a big deal. Problem solved.

If bitcoin dies, Miners will mine the new crypto coin. Another problem solved.

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

The only reason bitcoin is any better than regular fiat is that nobody can print bitcoin out of thin air the way regular fiat inflates. As soon as you allow bitcoins hard limit to be increased you effectively destroy the value storage property of bitcoin. I would completely selloff my bitcoins if the limit were ever increased. My trust in bit coin's value storage capacity rests entirely on the hard unchangeable limit.

If it is not profitable to mine bitcoins, they can always quit mining. I dont think anyone said them that mining will be %100 profitable.

Not profitable = gtfo. simple as that.

And i don't care if nobody would mine bitcoin because it is not profitable, let it die. Another Cryptocoin with much better specs will rise.

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

i should say, as the bitcoin reward halves, the price will be down, as the demand increases but the supply decreases.
this is no good as the division: minimum unit is 1 out of 100,000,000 , this would make the bitcoin price very high in order to control the demand, unless the unit could be even smaller, otherwise, i would wish to increase the supply in which depends on the demand.

The problem is that those who have the most (but luckily not total) influence on this decision, are the ones who'd would receive the extra inflation into their pockets: The miners.

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.

You are right, that's why I don't think the proposal of increasing the total number of coins would ever get any consensus, that's why im not worried about this. No one would win anything by doing this. If you are on BTC you simply don't benefit from such nonsense.

Inflation should NEVER EVER EVER EVER be a solution to anything unless you want to destroy bitcoin. The hard cap at 21 million is the main reason bitcoin is trusted. If you change the cap, all trust is lost FOREVER. It indicates that the number of bitcoin can be changed at will whenever, and if this is the case bitcoin is no better than any fiat like the us dollar or any other. It can be printed to infinity and thus hyper inflate and become worthless.

The cap must remain FOREVER if we want bitcoin to live. Change it just once and the trust is GONE. Even if inflation seems the only solution or else bitcoin will fail, we must just let it fail but fail as bitcoin truly is, 21 million ever only. This pressure of the 21 million cap adds stress to the system yes, but it is this stress that forces the value up and stores it. When the rewards half, it seems at first as it approaches like the miners will not be making enough money, but the market corrects itself and the price of bitcoin MORE THAN DOUBLES to compensate. It might take a year or so of pain, but the market correction ALWAYS HAPPENS, and the miners are getting paid what they need to be getting paid.

If this does not happen, the miners will move to a better currency and that is fine we can follow them there is we must. But bitcoin is not bitcoin if there are more than 21 million! As soon as you remove that cap and it is possible to inflate bitcoin, bitcoin is no more.

Of all the threats to bitcoin it is INFLATION that is the most dangerous because it is the only that could possibly happen. Miners could convince themselves that inflation is the only way to keep bitcoin going and all agree to fork to more than 21 million bitcoin, and if they did this they would violate the principles in bedded in bitcoin as a store of value that make it the greatest money on the planet and effectively destroy trust in bitcoin permanently. Even after just one act of inflation. This is the greatest threat to bitcoin.

If miners don't like bitcoin, they can mine for someone else, but they should not alter what makes bitcoin bitcoin. Change the block size, raise the fees, but NEVER INFLATE BITCOIN!! For the love of god and everything sacred in the world.