What if someday Bitcoin Foundation votes to remove 21M limitation? - page 6.

Ron~Popeil

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Quote from: designfail on June 03, 2014, 06:14:30 PM

How about the following conspiracy theory: US is preparing plan B: US dollar will no longer be trusted in the nearest future, US dept is off control, there is no way in increase the upper limit of it, etc. In other words US dollar "on the verge of collapse" and will go down to tubes in 10 years.
So they decided to come up with cryptocurrency - a Bitcoin. But if US officials introduce BTC to public - they will be laugh out right on site. So they are asking MIT, Stanford teams to come up with the algorithm for BTC. Strict non-disclosure agreement had been signed. So the mysterious Satoshi is just a team of the brightest PhD students under control. Wide public loves something open source and revolutionary? You got it: BTC! Invented by anonymous guy who donated his invention to the public!
Once BTC is adopted internationally, the real "Satoshi" (US) comes to the scene and adjusts the rules of the game.
How about that?

Disclaimer: this is just speculation, I have no fricking idea who Satoshi really is and if US are smart enough to start the thing like BTC

It is odd that the US government is so slow to react to bit coin. I don't think they invented it, but maybe they are smart enough to realize that it can almost instantly resolve our existential debt crisis.

xdigital

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In theory Bitcoin Foundation can do that if they controls majority of the network.
But if that's the case, all other people will just leave the network.
Bitcoin now becomes worthless, since nobody wants it.

That is the beauty of peer-to-peer network.
Similar thing with the 51% attack, The attacker is the one getting most damage.

Beliathon

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https://youtu.be/PZm8TTLR2NU

By then we'll all be so rich nobody will care. If they tried to sabotage Bitcoin in any way, there will be many, many competing digital currencies to switch over to. And not a single fiat currency.

designfail

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How about the following conspiracy theory: US is preparing plan B: US dollar will no longer be trusted in the nearest future, US dept is off control, there is no way in increase the upper limit of it, etc. In other words US dollar "on the verge of collapse" and will go down to tubes in 10 years.
So they decided to come up with cryptocurrency - a Bitcoin. But if US officials introduce BTC to public - they will be laugh out right on site. So they are asking MIT, Stanford teams to come up with the algorithm for BTC. Strict non-disclosure agreement had been signed. So the mysterious Satoshi is just a team of the brightest PhD students under control. Wide public loves something open source and revolutionary? You got it: BTC! Invented by anonymous guy who donated his invention to the public!
Once BTC is adopted internationally, the real "Satoshi" (US) comes to the scene and adjusts the rules of the game.
How about that?

Disclaimer: this is just speculation, I have no fricking idea who Satoshi really is and if US are smart enough to start the thing like BTC

acs267

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Quote from: designfail on June 03, 2014, 05:30:09 PM

Quote from: acs267 on June 03, 2014, 05:24:47 PM

Quote from: designfail on June 03, 2014, 05:19:05 PM

Quote from: acs267 on June 03, 2014, 05:15:19 PM

My fucking god. The Bitcoin Foundation has no power. Realize that.

Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that?

Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power.

The more I buy & mine, the more thoughts like that are coming to my mind. I doubt that big dogs will let lots of people with their "20..50..100 and up" coins to become rich elite overnight.

If they crash Bitcoin, they're crashing their wealth, too. And the Fiat Elite's won't want to share power with all of the Bitcoin 'Elites'. They can gain something from crashing Bitcoin. Because they're not investing full time. If a large holder for Bitcoin crashed it, they would face the wrath more than someone with 20+ coins.

Think.

franky1

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Quote from: designfail on June 03, 2014, 05:19:05 PM

Quote from: acs267 on June 03, 2014, 05:15:19 PM

My fucking god. The Bitcoin Foundation has no power. Realize that.

Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that?

simple answer.

if someone bribes the bitcoin developers to remove the 21m limit. this would only happen on a new update. which PEOPLE need to download.
the majority of PEOPLE will ignore the download and stick with the current version until non-bribed developers release a non corrupt update.

the only reason people update the bitcoin client, is if it is better then the old one. if the new update is screwed up, the error will be publicized faster then anything. and those stupid enough to have downloaded it. would simply uninstall, and then go back to the old version.

nickenburg

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I think that would not happen at all, because there are enough satoshi's for everyone Wink

Just not enough Bitcoins, however if that would ever happen.
I think that situation would make Bitcoin decrease in value ofcourse, and that would be a bad message to the public aswell.

designfail

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Quote from: Gemminyc on June 03, 2014, 05:46:24 PM

Who knows what the poor masses having mBTC ballances decide to vote for in the future. Will be interesting anyway

Sure they will vote against those who have BTC and Kilo-BTC. The voting will be initiated by those who controls Mega-BTC

designfail

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Quote from: BitCoinDream on June 03, 2014, 05:34:27 PM

Quote from: designfail on June 03, 2014, 05:03:24 PM

Say, at some point big banks and hedge funds make an agreement with core developers to remove the limitation of 21M and have the foundation vote for this?
Is it possible in theory and on practice?

I think 51% miners need to accept 21M+ coins to have those mined coin's transactions be included in new blocks. If >50% miners agree ...this can happen but that would actually be the fall of their own wealth, coz services running on bitcoin will immediately shift to some alt.

p.s. Bitcoin is not only protected by code, but also by market economics Wink

I think big players could easily control 90% or more of all hashing power. Say, a megapool driven by asics on hundreds of acres at Greenland or Alaska.

Disclaimer: I am not going to spread FUD, just want to share some thoughts and find answers

wachtwoord

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Then we laugh Cheesy

Gemminyc

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Who knows what the poor masses having mBTC ballances decide to vote for in the future. Will be interesting anyway

BitCoinDream

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The revolution will be digital

Quote from: designfail on June 03, 2014, 05:03:24 PM

Say, at some point big banks and hedge funds make an agreement with core developers to remove the limitation of 21M and have the foundation vote for this?
Is it possible in theory and on practice?

I think 51% miners need to accept 21M+ coins to have those mined coin's transactions be included in new blocks. If >50% miners agree ...this can happen but that would actually be the fall of their own wealth, coz services running on bitcoin will immediately shift to some alt.

p.s. Bitcoin is not only protected by code, but also by market economics Wink

Meuh6879

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Bitcoin is not 21M ... bitcoin is :

21.000.000 , 000 000 000 (bananas)

designfail

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Quote from: acs267 on June 03, 2014, 05:24:47 PM

Quote from: designfail on June 03, 2014, 05:19:05 PM

Quote from: acs267 on June 03, 2014, 05:15:19 PM

My fucking god. The Bitcoin Foundation has no power. Realize that.

Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that?

Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power.

The more I buy & mine, the more thoughts like that are coming to my mind. I doubt that big dogs will let lots of people with their "20..50..100 and up" coins to become rich elite overnight.

sgbett

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Activity: 2576

Merit: 1087

Quote from: acs267 on June 03, 2014, 05:24:47 PM

Quote from: designfail on June 03, 2014, 05:19:05 PM

Quote from: acs267 on June 03, 2014, 05:15:19 PM

My fucking god. The Bitcoin Foundation has no power. Realize that.

Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that?

Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power.

"Nice cryptocurreny you have there, be a shame if something happened to it..."

is my first thought on that! Wink

acs267

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Activity: 644

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Quote from: designfail on June 03, 2014, 05:19:05 PM

Quote from: acs267 on June 03, 2014, 05:15:19 PM

My fucking god. The Bitcoin Foundation has no power. Realize that.

Let's say that at some point when big players enter the game, the foundation starts gaining the power. How about that?

Do you honestly think they could EVER control Bitcoin? That every Bitcoin user would fall into a synchronized team with them? So many Bitcoiners hate them it's unimaginable. No 'big players' can change that. Unless they 'crash' Bitcoin, which is so unlikely it hurts, they still won't have any power.

designfail

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Quote from: Ron~Popeil on June 03, 2014, 05:11:19 PM

The community would never allow it. Part of the sheer brilliance of the protocol is that it requires consensus.

The consensus between core devs and big players could be reached. And a new blackchain is introduced to masses, while legacy blockchain is still running until it's extinction. How about that?

Ron~Popeil

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Quote from: sgbett on June 03, 2014, 05:20:41 PM

The migration to [litecoin]* would be immense.

*or some other coin(s)

BTC 2.0. People everywhere would be digging dusty old asics out of their attic for the new gold rush.

alani123

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Leading Crypto Sports Betting & Casino Platform

The network consists of nodes. If such a change was decided to be implemented, it would require agreement of more than the 51% of those nodes so the network can fork and implement this change as a valid one.

My technical knowledge on bitcoin is not an expert's one since I'm not familiar with programming. But I'm sure that you can see where this is going. In simple words: if a "central authority" decides to to something like that they wouldn't be able to without the networks permission.

The network consists of everyone running a bitcoin node, you and me could be running a node by having a wallet with the full blockchain in it...

sgbett

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The migration to [litecoin]* would be immense.

*or some other coin(s)

Topic: What if someday Bitcoin Foundation votes to remove 21M limitation? - page 6. (Read 6084 times)