Published on: 2013-12-10T13:18:52+00:00
Ryan Carboni believes that the economic parameters of Bitcoin can be changed to address issues such as deflation and inflation. He argues that Austrian-defined inflation is occurring at a faster rate than desired within Bitcoin. Carboni suggests that those who disagree with him should educate themselves on how the system works instead of relying on arguments from authority.However, it is advised that Carboni take his proposal to a proper venue, such as the bitcointalk.org forums, as the mailing list where he made his comments was not intended for political discussions. Similar proposals have been discussed on the forums, making it a more suitable platform for such debates.The conversation also explores the possibility of creating a new altcoin that reflects the consensus on inflation if changing Bitcoin's inflation parameters becomes necessary. Merchants would potentially vote for this altcoin, which would likely be created when consensus shifts towards accepting inflation. It is emphasized that adding a monetary authority to Bitcoin is both impossible and undesirable, as it contradicts the implicit contract of Bitcoin being unchangeable. However, these ideas could be experimented with in new altcoins.One challenge highlighted in the discussion is the significant value fluctuations of Bitcoin, which make it difficult to use for daily transactions. While it may be challenging for an altcoin to gain acceptance due to the existing infrastructure for Bitcoin, the proposal is deemed economically sound and potentially the only solution to the speculation crisis.Lastly, it is acknowledged that the economic parameters of Bitcoin are not set in stone and that if a change becomes necessary, it will be a messy process but still possible. This implies that flexibility exists within the Bitcoin system to adapt to evolving needs and address any potential shortcomings.
Updated on: 2023-08-01T06:50:55.453848+00:00