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2140,

the last fraction of Bitcoin is mined. Let’s say another million gets released-(Satoshi’s stack) wondering if thats possibly how it goes and that carry's Bitcoin on for 100's of years to come?

Is that why the million just sits there untouched?

When you read the code, what happens when the final bitcoin is mined in approximately 120 years from now?

Also, if anyone can explain very briefly on how you could possibly increase the supply of bitcoin. If I remember correctly, you need a certain percentage of network users to agree to change the code in order to change the supply?

Side note, I got my mother in-law to buy $2k worth of bitcoin today.

I said to her, why not buy like $500 and just watch it, see what it does?

Right away, she said might as well make it worth it, let’s do $2k.

It’s extremely hard getting the older generation to buy bitcoin, they’re very skeptical about it, but I’m glad she finally agreed to buying some. I’ve been working on her for a bit now.

I’ll be HODL’n it for her as she is far from being tech savvy lol.

What a great day!

#asknostr

Ronin 1y ago

Increase in supply is an hard fork, a change in the rules that is not compatible with the current ones, so when you hard fork you are basically creating a new coin with new rules and you need almost everyone to accept that this new coin is still the real one, a majority of miners would have to agree, and most nodes would have to agree also.

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Discussion

Jeff 1y ago

Excellent, thank you.

Jeff 1y ago

So because Bitcoin solves the Byzantine general problem of double spending, in short, is it safe to say hard forking is comparable to what the Byzantine general did by making more coins by diluting the existing coins?

Is my thinking correct on this?