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You do realize that people (miners) add new bitcoins into existence every 10 minutes? Sure there's currently a limit of "21 million bitcoins" but there's only
by lesuorac 3y ago
You do realize that people (miners) add new bitcoins into existence every 10 minutes?
Sure there's currently a limit of "21 million bitcoins" but there's only 19 million right now and miners keep minting more so it's currently inflationary. I'm sure those miners won't collude and decide that at 21 million it'd sure be nice if they kept the ability to mint more.
- exabrial 3y agoYes, and they do so with proof of work. The whole point is one miner could add bitcoins WITHOUT proof of work.
- westurner 3y agoAll non-PQ (Post Quantum) chains will need to hard fork to support PQ. Account addresses (hashes of public keys) will be longer with PQ, so form validation logic will need to be updated to accommodate longer strings. Anyone can hardfork Bitcoin (or Litecoin) and thereby create a new asset. They don't have to recognize the existing Bitcoin blockchain like e.g. _ Cash and _ Diamond. (Bitcoin did not proactively or responsively protect its trademark.) For there to be more than 21 million Bitcoin, they would need to hardfork. Bitcoin is both inflationary and deflationary; while block rewards equitably distribute Bitcoin to miners and thereby increase the [Bitcoin] MSB (Monetary Supply Base), the amount of "burnt" and "lost to the depths" Bitcoin also continues to increase. (Presumably in part due to our shared general incapacity to manage sk/pk keypairs without losing them, even when there's money on it).