4 ms·

Well, bitcoin does have an upper limit, but rug pull coins don't. The exact number is ₿20,999,999.9769

by tomrod 2y ago

lxgr 2y ago
Well, if you believe that that somehow makes Bitcoin immune to scams, I have a wallet address where you can send me some right now and I "promise to return you twice the amount to give back to the community"... Note that Bitcoin might have a monetary cap built in, but source code is not actually capable of preventing people from denominating IOUs in it.
- jazzyjackson 2y ago
  I don't think they were rebutting that, it's just that Bitcoin supply is only capped if you consider it the one true currency, but there is no cap on the supply of forks that perform identical function, only difference being adoption. It's like you could take the entire gold supply and put it through a Star Trek replicator, but now you have the job of convincing the world that your vault is full of gold too
  - lxgr 2y ago
    But even in a world of only Bitcoin and no way to make alternate coins, all kinds of bad things are still possible, as there is no mechanism to prevent people from starting fractional reserve banking all over. The only way to prevent that is to somehow completely eliminate all trust from all economic activity. Without trust, breach of trust becomes trivially impossible.
    - tomrod 2y ago
      Of course. My comment doesn't claim it doesn't. My only point was that BTC has limited supply. In almost all other ways, crypto is not great.
      - troupo 2y ago
        BTC being limited isn't great either. Because it only stimulates saving up.
        tomrod 2y ago
        Honest feedback request: how can I be more explicit when noting a fact without connotation or judgment?
        troupo 2y ago
        You were explicit. "I'm most other ways crypto isn't that great". Were "other ways" is in juxtaposition to "being limited". But being limited isn't great either
        tomrod 2y ago
        Much obliged.
    - monero-xmr 2y ago
      If you removed the word “bitcoin” and just created a hypothetical word like “currency X” and focused on its pros and cons, then you could abstractly identify why it would be good or bad. Transfer speed - X would need to be fast. Difficulty to counterfeit - X would need to be fraud proof. How easy it is to custody - X would need to be easy to store with minimal cost. Inflation - X would need a predictable inflation rate and immune to politics. If you judge dollars, gold, and bitcoin by such a measure, I would argue Bitcoin holds up well
Ekaros 2y ago
I always considered that there is real possibility for that limit to be removed by hard fork. Governments can come together and tell that from block x forward reward is back to 50BTC or whatever. And only on this chain can you pay taxes.
- desumeku 2y ago
  Good luck enforcing that.

Well, bitcoin does have an upper limit, but rug pull coins don't. The exact number is ₿20,999,999.9769

by tomrod 2y ago

Well, bitcoin does have an upper limit, but rug pull coins don't. The exact number is ₿20,999,999.9769

lxgr 2y ago

Well, if you believe that that somehow makes Bitcoin immune to scams, I have a wallet address where you can send me some right now and I "promise to return you twice the amount to give back to the community"... Note that Bitcoin might have a monetary cap built in, but source code is not actually capable of preventing people from denominating IOUs in it.

jazzyjackson 2y ago
I don't think they were rebutting that, it's just that Bitcoin supply is only capped if you consider it the one true currency, but there is no cap on the supply of forks that perform identical function, only difference being adoption. It's like you could take the entire gold supply and put it through a Star Trek replicator, but now you have the job of convincing the world that your vault is full of gold too
- lxgr 2y ago
  But even in a world of only Bitcoin and no way to make alternate coins, all kinds of bad things are still possible, as there is no mechanism to prevent people from starting fractional reserve banking all over. The only way to prevent that is to somehow completely eliminate all trust from all economic activity. Without trust, breach of trust becomes trivially impossible.
  - tomrod 2y ago
    Of course. My comment doesn't claim it doesn't. My only point was that BTC has limited supply. In almost all other ways, crypto is not great.
    - troupo 2y ago
      BTC being limited isn't great either. Because it only stimulates saving up.
      - tomrod 2y ago
        Honest feedback request: how can I be more explicit when noting a fact without connotation or judgment?
        troupo 2y ago
        You were explicit. "I'm most other ways crypto isn't that great". Were "other ways" is in juxtaposition to "being limited". But being limited isn't great either
        tomrod 2y ago
        Much obliged.
  - monero-xmr 2y ago
    If you removed the word “bitcoin” and just created a hypothetical word like “currency X” and focused on its pros and cons, then you could abstractly identify why it would be good or bad. Transfer speed - X would need to be fast. Difficulty to counterfeit - X would need to be fraud proof. How easy it is to custody - X would need to be easy to store with minimal cost. Inflation - X would need a predictable inflation rate and immune to politics. If you judge dollars, gold, and bitcoin by such a measure, I would argue Bitcoin holds up well

Ekaros 2y ago

I always considered that there is real possibility for that limit to be removed by hard fork. Governments can come together and tell that from block x forward reward is back to 50BTC or whatever. And only on this chain can you pay taxes.

desumeku 2y ago
Good luck enforcing that.