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>Similarily, gold miners can't just agree to alter supply. It's impossible for them to increase supply ten times across the board. An asteroid containing gold
by Sargos 6y ago
>Similarily, gold miners can't just agree to alter supply. It's impossible for them to increase supply ten times across the board.
An asteroid containing gold can be mined to drastically increase the supply. A gold asteroid could just hit Earth today and we could increase the supply with current technology.
Yes this is a silly scenario but it's possible and just as likely as Bitcoin randomly inflating its supply. Both can pretty much be written off as impossible when discussing supply of Gold or Bitcoin.
- lolc 6y agoIt is a category error to equate cultural properties with physical properties. Gold is universally scarce, durable beyond our imagination, and perfectly fungible. While there are other elements with comparable physical properties, cultural artifacts like Bitcoin can never qualify. The guarantees of Bitcoin rely on technology (algorithms, Internet-connectivity) and society (self-interest). If any of those things fail (say a broken hash, a network partition, or just disinterest) Bitcoin can't fulfill its promises anymore. But one can believe in them holding for a little while longer. If others do the same, it keeps going.