Author: Wladimir 2013-12-10 08:19:12
Published on: 2013-12-10T08:19:12+00:00
On December 9, 2013, Mike Caldwell expressed his belief that if there ever becomes a consensus that Bitcoin’s inflation parameters were a show-stopper for the Bitcoin economy, the power to correct it lies with merchants who would vote for changing the rules. He believed that this change would not be made by altering Bitcoin but by accepting a brand new altcoin in parallel that reflects the consensus as to how the inflation should be. The genesis of such an altcoin would be around the time that consensus moved toward accepting inflation rather than adopting the seignorage of some other altcoin. Wladimir agreed with Mike’s statement and added that the economic parameters of Bitcoin are fixed in stone forever. Adding a monetary authority to Bitcoin is impossible and undesirable as the implicit contract of Bitcoin is that there would finally be a currency in which no one could mess around with. However, these are ideas everyone is free to experiment with in new altcoins. If the lack of inflation in Bitcoin ever becomes a problem in day-to-day usage, such a parallel chain could become the de-facto cryptocurrency for spending. He also suggested that fiat may already work well enough in this case.
Updated on: 2023-06-07T22:18:12.805611+00:00