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So, wait. You can print your own money subject to a cap? ie. creating bitcoin only involves spending CPU cycles (or electricity)?
by aditya 16y ago
So, wait. You can print your own money subject to a cap? ie. creating bitcoin only involves spending CPU cycles (or electricity)?
- kiba 16y agoMoney supply is limited to 21 million bitcoin ever. Plus, as more people bring more mining computers online, it become harder over time to mine.
- nkurz 16y agoWhile I understand that this is the current plan, what is the guarantee that this plan will not be changed? Is this a technical limit, or a social one?
- sgornick 16y agoThe "plan" is implemented through the bitcoin protocol and software. Any change would need 50% + 1 of the bitcoin network to follow the new rules. An effort to change the software to "mint" a greater amount will be countered by those who already hold bitcoins, and can add mining capacity to resist the change. Another implementation could be launched with a different limit, but that would be a completely separate, new currency.
- rmc 16y agoYes, but it's very very hard to do it now. Also it's limited and the more you print the less you will be able to print.