Thread retarded again, shit's gonna happen..
smelling incoming pump
btw. tbh thinking deeper about it, satoshifanclub is kinda right and i took it a step further: what would happen if tommorow an asteroid hits the earth and kills nearly everything on earth?
no bitcoins, no millionairs and we wouldnt even need community consensus for that to happen....?
He is right in that it is technically possible, but he underestimates the obstacles to this happening. However, I can imagine a time in the future where the ruling consensus is that Bitcoin needs to start the printing press again because it has grown too big for its 21 million and many decimal points. But by then Bitcoin has taken off big time and we'll all be dead or millionaires/billionaires.
Of course he is right on a technical level, (I was just busting his balls and ignoring his point on purpose, because he ignores the point it is not practical in reality) but if this change was to be made, then all that would have to be decided, is what the new name for the new coins would be.
Also I can not see why would it ever need to be done? it would surely only be a psychological thing would it not? it is akin to share dilution
What would the difference be between
21 million coins at $1 dollar each
and 42 million coins at 50 cents each?
What would the difference be of a market cap of $21,000,000 and 21 million BTC being valued at $1 each and a $21,000,000 market cap with 42, million coins being worth $0.50 each ? What difference would there be in purchasing power ?
If there is a need for "twice as many coins" then what would be the difference between increasing coin supply by x2 and the value of the BTC from doubling?
Say the protocol was changed, and it was decided that there would be x2 more coins from this friday, do you think 2 the money in the system would flow in, or do you think that the assumed value/purchasing power would be cut in half ?
I can see no good, practical reason raise the amount of coins, say population of planet earth doubles in next 25 years, and
everyone uses BTC, then there would not be a shortage, the purchasing power and value of each satoshi would just be valued as more.
The only reason would be a psychological.
Why would you ever need more?
I agree, it would become something else. It would no longer be anti-inflationary. But if it becomes an integrated part of the world economy to such an extent that governments start seeing it as their god given right to fiddle with it, they might decide to introduce inflation as most central banks today would in a strongly deflationary economy. A "healthy" inflation today is considered to be in the 2-3% range. If inflation goes into minus territory this could have as negative consequences for the economy long term as a strongly inflationary economy. I am not saying that it will happen, just that it's a scenario I can sort of imagine happen in the very very long term.
Fair play.
What do you consider to be a long time? say 50 years?
Slightly OT here I guess but I think that actually in 50 years time, when this technological revolution has really got its boots on, then the financial system, and the nature of work and value, and debt and inflation and deflation, are going to have to have changed considerably? I do wonder about that, and how the existing financial system, BTC included, and society in general will have to adapt.
Just one example of the quandry, in 50 years time, it looks as if people will be able to become immortal in various forms.. one of which would be to live in totally virtual environments once your body has faded away, assuming this is possible and does become a reality , where does work and money and finance fit in then? and..... who pays for the hardware?
Without even going to that extreme, I wonder what life expectancy will be in 2065? (in flesh form) I also wonder what the state of AI and automation, and nanotechnology will be, and if we will be resource rich? how are all these things going to pan out?
Sounds odd, but it is rushing towards humanity like a maglev in a vacume tube.
