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When/if Bitcoin becomes accepted everywhere and all bitcoins have been mined, but we keep producing new stuff we can buy, the value of a single bitcoin approach
by pimmen 9y ago
When/if Bitcoin becomes accepted everywhere and all bitcoins have been mined, but we keep producing new stuff we can buy, the value of a single bitcoin approaches infinity.
That’s why I don’t like them.
- MsMowz 9y agoMaybe there should be a centrally agreed upon authority that can change the size of the money supply by fiat. That seems like that would fix most of the problems with Bitcoin.
- nihonde 9y agoI can’t tell if you’re being sarcastic, but you’re proposing the kind of trusted centralized banking institution that Satoshi explicitly sought to eliminate. It’s literally in the first line of his whitepaper.
- Zak 9y agoAt a cost of being the very problem decentralized cryptocurrency was meant to solve. But a cryptocurrency doesn't have to be designed with a deflationary monetary policy hardcoded. Monero, for example has a steadily decreasing block reward that will bottom out at 0.6 instead of Bitcoin's 0. Ethereum is also designed for a steady increase in supply if I understand correctly.
- pimmen 9y agoIt fixes most of the problems with currencies in general, that’s why basically every single currency has this authority backing it called ”central banks”. As others have mentioned, these institutions is exactly what Satoshi wanted to supplant.
- havetocharge 9y agoThis is a great point, that no one really discusses much. Think of BTC from the point of view of a child born today. This child has no opportunity to purchase a coin for 1, 5, 5000 or 50000 dollars. How is it an equitable system of payment, where all the rewards favour early adopters?