| ▲ | KetoManx64 20 hours ago |
| Possible. But Bitcoin is hard capped at 21 million coins. The government can peint more paper money to bail a company out if it makes stupid decisions, but they cannot print more Bitcoin. This will devalue the paper currency even more and also increase the value of Bitcoin. Bitcoin is called a hedge against inflation for a reason. |
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| ▲ | kibwen 19 hours ago | parent | next [-] |
| > But Bitcoin is hard capped at 21 million coins Bitcoin is not an immutable law of nature. If the coin minting cap is reached, all that needs to happen is for miners to start running a fork with a higher cap. Tada, more coins conjured out of the ether, just like all the previous ones. If you want enforced scarcity, you need to be tied to something physically scarce. |
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| ▲ | KetoManx64 18 hours ago | parent | next [-] | | The miners can totally start mining a fork, in fact they can start doing so today, but it doesn't matter because nobody will use their fork and then they will have lost out on their hundreds of millions of dollars of investments into mining equipment. The node operators play just as critical of a role in Bitcoin as the miners. | | |
| ▲ | rcxdude 18 hours ago | parent | next [-] | | It's not the node operators either, it's the people who transact on the chain that determine the value of the coins. The miners can disrupt the ability of the chain to transact to some degree, but they can't make people think their fork is worthwhile (why anyone still thinks BTC has much long-term value is beyond me, but...). | | | |
| ▲ | mindcandy 15 hours ago | parent | prev | next [-] | | > in fact they can start doing so today In fact they already have. There are 10s of thousands of forks of Bitcoin. Only a handful ever got significant attention. And, the original is still much larger than all of the forks combined. | | |
| ▲ | windward 5 hours ago | parent | next [-] | | The original died in 2010. It was replaced with a very significant, large fork. | |
| ▲ | ab5tract 10 hours ago | parent | prev [-] | | Right, but a counter point is the etherium fork. Only a handful of people stayed on the “classic” chain after that first DAO turned out to have a massive extraction bug in it. |
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| ▲ | shadowgovt 14 hours ago | parent | prev [-] | | "I tell ya, everything will be perfect again if everyone would just migrate to BCv6." |
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| ▲ | rcxdude 18 hours ago | parent | prev | next [-] | | It would require the market to move as well to consider those new coins worth anything, though. Miners do not have enough control of the chain to make such changes on their own. | |
| ▲ | Sargos 18 hours ago | parent | prev [-] | | all that needs to happen is for countries to destroy their nuclear weapons all that needs to happen is for governments to stop burning fossil fuels all that needs to happen is for researchers to publish boring papers replicating others results all that needs to happen is for fishermen to stop overfishing Coordination problems seem easy but never really are. The chance of all the miners just suddenly agreeing to do something all at once is pretty low to impossible. | | |
| ▲ | mapt 5 hours ago | parent [-] | | A million times this. The point of a hypothetical suggestion is to direct a specific course of action. I am simultaneously amazed at how complex the 'hypothetical' construct is, and also how many people aren't able to reason around them... since this is basically what our big brains are for. If you assume everybody involved just stops responding to their current incentives, you can solve any coordination problem, in a manner of speaking. But it's useless as a battle plan. Operationalizing a change demands that you pick a party you're talking to, and with full view of their capabilities and limitations, modify their current course of action in the smallest possible way that accomplishes a change. |
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| ▲ | majormajor 14 hours ago | parent | prev | next [-] |
| You say "devalue the paper currency even more" but if bitcoin holders need to be bailed in any given country aren't we talking about a scenario where bitcoin is the thing that's lost a bunch of value? Some sort of "it turns out shady bitcoin holders or companies were artificially pumping up the value in a sneaky way and then someone connected the dots" situation? First thing that comes to mind off the top of my head as a US-Govt option here would be something like: bail out US people/companies of bitcoin holdings in USD in conjunction with banning bitcoin in the US going forward. So that would be quite the string of events at that point for non-US bitcoin holders: first a crash that caused all these US bitcoin holders to go screaming to the government for help. Then the overnight removal of a huge chunk of the bitcoin market, coupled with either a firesale to comply with the ban or US gov seizure of a bunch of the coins, which will push the price lower for anyone who hasn't sold yet since their buyer pool is now much lower. |
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| ▲ | KetoManx64 13 hours ago | parent [-] | | I wouldn't be surprised if the US government doesn't attempt something just like this in the next 3-5 years. There are a lot of people fleeing the very inflationary US dollar for BTC.
I think at this point it would be too late though. There are too many countries, individuals and corporations around the world that own BTC for it to be successful.
There was a long term holder that dumped 24,000BTC onto the market in August and the price dropped down about 5% for maybe half a day before recovering, and it's not going to be long until other countries follow El Salvador's lead and invite Bitcoin owners to live there tax free.
If the USA bans Bitcoin there will be a massive brain drain of very intelligent people who will just move to those countries. | | |
| ▲ | CPLX 10 hours ago | parent [-] | | > If the USA bans Bitcoin there will be a massive brain drain of very intelligent people who will just move to those countries. Is that really possible? Can we do this today? | | |
| ▲ | pavlov 7 hours ago | parent [-] | | It sounds rather wonderful, all the very intelligent crypto people voluntarily deporting themselves to El Salvador. Everybody who ever created a meme coin should also be put on the same plane, voluntary or not. | | |
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| ▲ | fmbb 11 hours ago | parent | prev | next [-] |
| The government can bail Bitcoin owners out by buying a lot of Bitcoin and holding it, or even burning the wallets. |
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| ▲ | robocat 19 hours ago | parent | prev [-] |
| At present BTC is usually denominated in USD. Until I start to see BTC used as the cross-rate I'm sceptical. Presuming it occurs, it would occur relatively quickly? |
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