Theoretically it is possible.
But if they attempt to do anything like that, then it will be the end of Bitcoin. I was attracted to Bitcoin, because it is guarded against inflation. Unlike the US Dollar, the central agency cannot print tons of new bills every day as they like. The supply is limited. If someone try to mess up with the whole principle, then the investor confidence will be lost and Bitcoin will slowly slip in to oblivion.
Topic: Is bitcoin creators able to increase the limit of the number of bitcoins? (Read 1592 times)
May 31, 2015, 04:34:37 AM
May 31, 2015, 03:39:07 AM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
Bitcoin is a monarchy and King Gavin can just force any change on us. So better get used to the idea of a quantitative easing later!
I love this forum because people are free to express their views (generally) without censor. So kudos to all the mods!
Agreed and +1
May 31, 2015, 03:33:11 AM
The consensus of the community can do it. The creators have no power after they create the coin.
May 31, 2015, 01:27:33 AM
Quote from: coolfunjnx
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
Greetings.
The answer is NO to both of your questions.
For the 21 million limit to be raised, it would require the consent of everone (every full node). So no, the creators nor anyone else can raise the limit. This is why bitcoin is so attractive.
And that's why Gavins' "my way or the highway" makes Bitcoin so unattractive right now because currently it's not even a technical question anymore. If he gets his way Bitcoin will have lost all appeal because next time it'll go exactly like that and next time it could be about max coins.
After reading many of the FUD threads, I have changed my mind. Actually the new fork would not be catastrophic as I first thought. I misunderstood what it actually was, but in practice it might only be a minor speed bump for bitcoin IF it happens.
It is absurd to think that Gavin would ruin something he has spent so much time and effort on. I suppose anything is possible but maxing coins would be very unlikely, mostly because it would be against the best wishes of all participants. And it is not needed ever.
May 31, 2015, 01:02:35 AM
Quote from: coolfunjnx
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
Greetings.
The answer is NO to both of your questions.
For the 21 million limit to be raised, it would require the consent of everone (every full node). So no, the creators nor anyone else can raise the limit. This is why bitcoin is so attractive.
And that's why Gavins' "my way or the highway" makes Bitcoin so unattractive right now because currently it's not even a technical question anymore. If he gets his way Bitcoin will have lost all appeal because next time it'll go exactly like that and next time it could be about max coins.
May 31, 2015, 12:43:08 AM
Hi, keep in mind that bitcoins can be divided to 8 decimal places. This can be increased if needed. So in stead of creating more coins, more division of coins can be created. It may seem like the same thing, but to me it is different. Printing new coins would perhaps make the coin less valuable. Dividing the coin keeps the value but allows for smaller transactions in the case that the price rises so much that even satoshis are too big to use for transactions.
May 31, 2015, 12:27:11 AM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
MicroGuy,
You are giving dishonest and misleading information to a beginner.
You either have no clue how Bitcoin works or you are spreading FUD intentionally.
I reported you to moderators.
May 31, 2015, 12:17:19 AM
Quote from: coolfunjnx
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
[...]
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
Greetings.
The answer is NO to both of your questions.
For the 21 million limit to be raised, it would require the consent of everone (every full node). So no, the creators nor anyone else can raise the limit. This is why bitcoin is so attractive.
May 30, 2015, 10:59:44 PM
Theoretically yes, they could attempt to do anything they like with the code. The real check to their power is the nodes and miners who won't implement the changes by updating their clients if they feel they don't agree with those changes. Given that, the developers wouldn't even bother trying to do something that drastic - they can't even agree on block sizes let alone something more major like the supply limit.
May 30, 2015, 09:11:22 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
Bitcoin is a monarchy and King Gavin can just force any change on us. So better get used to the idea of a quantitative easing later!
I love this forum because people are free to express their views (generally) without censor. So kudos to all the mods!
May 30, 2015, 08:55:39 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
Bitcoin is a monarchy and King Gavin can just force any change on us. So better get used to the idea of a quantitative easing later!
May 30, 2015, 06:42:01 PM
Even if Satoshi did increase the total coin count, people will just find out that the coins on the new fork worth so little and they eventually fall back to the original chain
In fact it is also similar in the current block size debate: If the coins on the new chain with larger block size worth so little, no matter what kind of advanced function it has, people will fall back to the old chain and tolerate that 7tps and buy and hold, thus makes its price to rally
In fact it is also similar in the current block size debate: If the coins on the new chain with larger block size worth so little, no matter what kind of advanced function it has, people will fall back to the old chain and tolerate that 7tps and buy and hold, thus makes its price to rally
May 30, 2015, 05:38:46 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
The bitcoin creator, Satoshi Nakamoto, is gone. So there's that.
Also if people increased the limit solely to get more bitcoins, most people wouldn't use that fork (and you need a majority of people to use it), and it wouldn't work out.
Many people wanted in on Bitcoin, because there was a limit. I don't see it going over well, if people try to force a change to the max amount of coins.
May 30, 2015, 05:34:34 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?
Regarding the reason I think bitcoin creators might increase the limit, it's because if they do, can't they can make a lot of money by doing so? Can they just introduce a number of bitcoins into their own wallets etc?
May 30, 2015, 01:55:33 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
It is certainly possible to raise number of coins and might become inevitable on the Gavincoin fork as there won't be enough incentive for miners to secure the network when blockrewards go away.
I do not belive in the hard cap especially not on Gavincoin hardfork which also might crash the price entirely.
Bitcoin is high risk investement especially in the upcoming year.
We are at a point right now where the entire marketcap of bitcoin could be whiped out over night.
May 30, 2015, 01:50:11 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?
the only good thing about increase it, is to replace those lost coins from early adopters or other heedless guys, but at worse it could be limited even more, which should increase the price in the case it will not reach a good price
May 30, 2015, 01:21:25 PM
Its the year 2025. The world has gone through some changes. Bitcoin is now $100000 a coin. The us government has just made a law that all wallstreet bitcoin exchanges must use new version bicoinxt 42. Ie: old versions are now illegal. Version 42 is the one that chancellor gavin has raised the total number of coins.
"It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin
"This new bitcoin version will be a great help to the average worker"
-Newyork times
"Once again, Gavin saves the day"
Wall street Journal
But even if the US government required this, that would not necessarily mean that everyone using Bitcoin around the world would follow. In fact, that could devalue the new fork because there would be less users and those using that fork would not be able to send and use Bitcoin internationally, one of the main draws of Bitcoin. "It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin
"This new bitcoin version will be a great help to the average worker"
-Newyork times
"Once again, Gavin saves the day"
Wall street Journal
May 30, 2015, 01:10:57 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?
I think Gavin's answer would be "never to rule out anything regarding future development."
Increasing the cap could be a good thing for a variety of reasons. It would depend on the circumstances at that point in time.
May 30, 2015, 01:08:50 PM
Hi guys I'm just wondering is bitcoin creators able to lift or increase the limit of the number of bitcoins which can ever be produced(21,000,000)?
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
When you answer, if possible please also let me know how sure are you about the answer. I need some advise on this. Thanks.
The correct answer is, "Yes". Not only can this number be increased, I believe that sometime in the future it will be increased.
Why do you think it will be increased in the future? I'm sure some people out there would not want to buy into bitcoin based on believing that alone. Would you be ok if it was increased in the future?
May 30, 2015, 12:56:47 PM
Its the year 2025. The world has gone through some changes. Bitcoin is now $100000 a coin. The us government has just made a law that all wallstreet bitcoin exchanges must use new version bicoinxt 42. Ie: old versions are now illegal. Version 42 is the one that chancellor gavin has raised the total number of coins.
"It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin
"This new bitcoin version will be a great help to the average worker"
-Newyork times
"Once again, Gavin saves the day"
Wall street Journal
"It has come to the attention of the gov that bitcoins are just to expensive for the modern man. In an effort to help combat poverty we have decided to increase the number of bitcoins. This move is approved by cheif economist green spam. Starting nov 5 bitcoin will have 10% inflation per year."
- Chancellor Gavin
"This new bitcoin version will be a great help to the average worker"
-Newyork times
"Once again, Gavin saves the day"
Wall street Journal
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