The Bitcoin network is extremely deceptive on the surface, it appears to be the most cooperative network that has ever existed, how is it even possible that over 100,000 Bitcoin nodes worldwide running different versions can achieve consensus every 10 minutes (on average)? I still read of stories of 10 year old version of the Bitcoin software able to bootstrap the blockchain from Genesis block to the latest block and send and receive transactions, albeit without the latest features (i.e. legacy addresses/higher fees/non-segwit, no taproot enhancements) but make no mistake, the Bitcoin network is the most adversarial network that has existed and has been so since inception Every network participant, node or miner, has incentives to cheat, and they are no saint, the very best hackers North Korean, Russian, Chinese, the drug dealers, the terrorist groups, For example, I'm a "nice" bitcoiner, been running a full node for many years, I should be able to clone the bitcoin repo, make a change in the code and allow my modified bitcoin wallet such that I can spend/transfer the bitcoin in 5 addresses out of over 20,000 Satoshi addresses, what's 250-300 bitcoin out of over 1 Million bitcoin that will never be used? But as soon as I broadcast such a transaction, it will be rejected immediately by the Bitcoin network, in the same way the network would reject a NK hacker that tries to spend bitcoin from an address containing 10k bitcoin that may belong to Coinbase or Blackrock ------------------ In order to increase the supply of bitcoin, the new version will never be compatible with any of the existing bitcoin client software (https://github.com/bitcoin/bitcoin/releases) as it will break the consensus protocol (Google: bitcoin consensus protocol) thus, a network fork will occur should a bitcoin sw version with an increased supply is introduced, a Bitcoin node can only run a specific version wrt to the increased supply or not (, not accounting for complexities of docker instances that will allow both or multiple versions with dedicated instances of memory space and diskspace and cpu processing on the same hardware) ---------------- So, let's say Blackrock or all of the bitcoin spot etf issuers along with mstr, want to make this change of increase in the Bitcoin 21M supply cap... Easiest way is to sponsor a new version of the Bitcoin software through a fork, no permissions required from any of the existing developers or somehow convince or compromise the existing developers/maintainers to come out with the latest version that will allow for increased supply or replace all the keys to the existing repo with new developer keys, after all, Microsoft owns github nowadays (the existing devs would probably port over to gitlab) Remember that all existing nodes running all existing versions will still be on an active existing Bitcoin network, unaware of this new increased supply Bitcoin sw network --------------- If you somehow made it all the way through all this tl;dr new bitcoin can only be created through mining new blocks, so the change will be implemented in some future blockcheight, another way to say it is that the Bitcoin blockchain is immutable perhaps +100 bitcoin for every new block, or a doubling of bitcoin reward on the next halving renamed to a doubling, into perpetuity As I previously mentioned, every bitcoiner that owns the private keys will want to have as many of these "Bitcoin networks" to exist, as we already experienced in the fork wars of 2017, the market cap immediately increases, All bitcoin versions increase in fiat value on day 1, with the market deciding on the true Bitcoin as time passes, by putting the highest fiat conversion value The market comprises not just of US participants, but of global participants No one can dictate or decide which one will be the true Bitcoin, not even all the bitcoin spot etf issuers combined The thread title suggests it will be the start of the end of Bitcoin, but we've already been through this and the last time, it actually became an airdrop of free capital for the ones able to take advantage of the opportunities
Great post, one thing to note only. The initial post was never about the value of Bitcoin, the point is to make you aware that exchanges have been selling the same tokens to multiple buyers. And if you keep your coins away from exchanges you surely know what you own. Regardless of what the market value might be. I never implied that this is the end of anything, all I want you guys is to not to fall into any scam. Because these so called crypto exchanges are playing dirty games.
Great point. Coinbase users are reporting of frozen accounts when they try to withdraw bitcoin, or others are asked to KYC multiple times with no resolution... If you think you own bitcoin, but do not possess the private keys, the truth is you do not own bitcoin, what you have is an IOU or some legalese ownership of bitcoin You own the bitcoin if you can transfer it on the blockchain anytime to any address
I had to look up the term: https://www.investopedia.com/tech/history-bitcoin-hard-forks/ Looks complicated. But if the quantity will potentially not limited to the originally intended 21MM coins, is that not something like going off the gold standard? And how is that not anathema to bitcoiners? I admit this stuff is beyond me.
To be honest, the 21 hard-cap limit on BTC is really a blurred over-simplification. The reality is, while you have less (due to permanently burnt/lost) bitcoins, you also have artificially created BTC too. This is done through the loaning Dapps, etc. In fact, even the FIAT banks can do the same to BTC as well when you think about it simply enough. Fractional reserve banking is making its way to Bitcoins (this may even be inevitable at this point). This means, you park your BTC with a bank, and they lend that same BTC out to multiple others to collect even more interest. So in effect, 1 BTC now has turned into many... How do you really create money? Contrary to popular belief, the government isn't really the prime money-printer. Even if they stop printing, they can't help it if Joe-Blow down the street walks into a bank and uses his house to get a LoC. That bank makes an agreement and now you have just created this big pile of cash between only you and that bank. Where did the money come? It's on the books, but the government didn't print it. That's because you and the bank just printed it out of thin air. Now you've created some extra cash to go around the town. When your neighbors copy you to exacerbate this, you risk rapid inflation and money is thrown about all over the place. M2 seems to be increasing, but where did it come from when physical printers are not printing?
Bitcoin Cash was the latest hard fork. You cannot increase the supply of the original coin. Provenance is all that matters here.