Author

Topic: Who controls the 21M limit ? (Read 650 times)

member
Activity: 70
Merit: 10
December 15, 2013, 12:57:14 AM
#12
The world.  Haha, I always enjoy saying that.  My understanding is that the program or what have you of bitcoin calculates the total and mathematically works all the transactions based from the maximum amount of coins that can be mined and in circulation.


I can't really get it , how do you say for your "understanding" , because when I read what you said there it makes no sense.
full member
Activity: 238
Merit: 100
December 15, 2013, 12:53:17 AM
#11
Lol running full nodes is actually good .
newbie
Activity: 4
Merit: 0
December 15, 2013, 12:41:45 AM
#10
Everyone that is running a full node. Smiley
member
Activity: 70
Merit: 10
December 13, 2013, 04:42:30 PM
#9
The world.  Haha, I always enjoy saying that.  My understanding is that the program or what have you of bitcoin calculates the total and mathematically works all the transactions based from the maximum amount of coins that can be mined and in circulation.
newbie
Activity: 21
Merit: 0
December 13, 2013, 01:09:30 PM
#8
The bitcoin community essentially controls the 21 M limit.  Most would not support a fork that changes the limit.
sr. member
Activity: 413
Merit: 250
December 13, 2013, 12:27:53 PM
#7
so it is written in the source code of bitcoin-0.8.6-win32-setup.exe ...right ?
Even into the protocol itself. Other non-official clients must obey the rule also. 

This, and if they dont, they will just fork Bitcoin and live with their rules
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
December 13, 2013, 12:24:22 PM
#6
so it is written in the source code of bitcoin-0.8.6-win32-setup.exe ...right ?
Even into the protocol itself. Other non-official clients must obey the rule also.  

One of the most powerful things about bitcoin is that it is open source. That means anyone can read the source and confirm how it functions. Most software is proprietary and you must trust the programmer to have not put anything malicious into the code. Whereas open source software has nothing to hide and trust is not required.
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
December 13, 2013, 12:21:12 PM
#5
so it is written in the source code of bitcoin-0.8.6-win32-setup.exe ...right ?
legendary
Activity: 2324
Merit: 1125
December 13, 2013, 11:53:19 AM
#4
If you run a full node (so for example the official Bitcoin client) you won't accept blocks which don't keep to the rules. If after 21M coins another block is mined with a block rewards (or if EVER a block is mined with an incorrect block award) the block is rejected by your client. If everyone rejects the block except the miner it won't be considered true Smiley
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
December 13, 2013, 11:50:23 AM
#3
It must be written in some code that wont accept creation of BTC beyond 21M. May I know, where is it exactly ?
legendary
Activity: 2324
Merit: 1125
December 13, 2013, 11:44:52 AM
#2
EVERYONE!

Everyone that runs a full node Smiley
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
December 13, 2013, 11:44:04 AM
#1
Is it written in the mining clients ?
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