Author: Eric Voskuil 2016-03-03 20:54:24
Published on: 2016-03-03T20:54:24+00:00
In a discussion among Bitcoin developers, Peter Todd agrees with Eric Voskuil’s assertion that the predictability of the inflation in Bitcoin makes it possible to factor in future returns and that altering this predictability could make it unpredictable. Todd notes that a hardfork is an altcoin, meaning that it can change any rule currently in Bitcoin, and suggests that creating an altcoin with a 22-million-coin limit and an inflation schedule with smooth drops would be reasonable. He adds that if miners chose to mine this altcoin en masse on the halving, it is up to people whether or not to purchase those coins. However, he acknowledges that such a scenario is unlikely to occur. In response, Voskuil argues that there is no difference between state attacks on miners and miners acting on their self-interests, and that moving the value of the coin to an altcoin constitutes an attack. The importance of recognizing an attack, he says, is to afford the opportunity to defend against it and preserve the utility of the original coin. Ultimately, individual validation is the only defense, as the surrender of validation leaves people just as defenseless as being unarmed while retaining the right to become armed.
Updated on: 2023-06-11T04:18:59.307166+00:00