5 ms·
Bitcoin is made at will out of thin air. It's just an arbitrary amount created every day. The creation rate was just picked by whoever created it. I think it ca
by rhino369 10y ago
Bitcoin is made at will out of thin air. It's just an arbitrary amount created every day. The creation rate was just picked by whoever created it. I think it can actually be changed by concensus.
I see no reason why an arbitrary rate is better than a rate chosen to minimize inflation and deflation.
Bitcoin basically is a fiat currency, except no government forces people to use it.
- zajd 10y agoThe irony being if something like Fusion power happened bitcoin hyperinflation would be guaranteed.
- bduerst 10y agoOr when quantum computing breaks ECDSA and allows you to deduce Bitcoin holders' private keys.
- AsyncAwait 10y agoYeah, let's speculate about far-fetched hypotheticals, because flat currency is totally immune to these.
- zajd 10y agoit's fiat, not flat smh
- AsyncAwait 10y agoThat's what you get for relying too much on autocorrect...
- EdHominem 10y agoNo, the difficulty would rise but the number of "coins" created would be constant and they'd cost the same because the same dollar-value of electricity was spent generating them.
- AsyncAwait 10y ago> I see no reason why an arbitrary rate is better than a rate chosen to minimize inflation and deflation. It's not about the rate, but about the EXACT rules being agreed upon up front by the MAJORITY of the network and actually enforced by a proven algorithm, rather than people's conscience alone.