Author: Ryan Carboni 2013-12-10 09:55:53
Published on: 2013-12-10T09:55:53+00:00
In this conversation, there is a discussion about the possibility of altering Bitcoin's inflation parameters and how it would impact its economy. The suggestion is made that if such a change were to become necessary, merchants would vote for a new altcoin that reflects the consensus on inflation rather than changing Bitcoin itself. This altcoin would likely be created around the time when consensus moves towards accepting inflation. It is stated that adding a monetary authority to Bitcoin would be impossible and undesirable, as it goes against the implicit contract of Bitcoin being unchangeable. However, these ideas could be experimented with in new altcoins. It is also noted that the value of Bitcoin fluctuates greatly, making it difficult to use for daily transactions. While it is difficult for an altcoin to gain acceptance due to the existing infrastructure for Bitcoin, the proposal is believed to make sound economic sense and be the only way to fix the speculation crisis. Finally, it is mentioned that the economic parameters of Bitcoin are not fixed in stone and that if a change becomes necessary, it will be messy but possible.
Updated on: 2023-06-07T22:22:07.120237+00:00