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The hypothesis is that it's maximizing the value of BTC, not the number.
by leot 9y ago
The hypothesis is that it's maximizing the value of BTC, not the number.
- drdeca 9y agoAh, ok. Hm, in that case... It is true that those holding bitcoin are incentivized to cause the price to increase (though this is also true of other currencies.) But I'm still not sure how it behaves "acts" particularly intelligently towards that end. Do you mean maximizing the total value of bitcoin, or the price of 1 bitcoin? I don't think bitcoin is able to incentivize people to increase the price of one bitcoin if it comes at the cost of them having less value overall (e.g. if there is an action that would lead to everyone having 1/3 as much bitcoin (with the rest becoming unrecoverable) and it also resulted in the price of bitcoin doubling, the people holding bitcoin wouldn't be incentivized to collectively take that action.), so its ability to maximize the price of 1 bitcoin doesn't seem like a goal it could achieve maximally ruthlessly. Maximizing the total value of bitcoin held... hm, I'm still not seeing how modeling it as extremely intelligent helps.