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Same could be said about bitcoin if in the future mining becomes centralised to small number peole/corporations. They could collude together to increase the supply.

Its very unlikely but it’s possible.

Guy Swann 2y ago

Miners can’t increase the supply. It would be if nodes/validators are highly centralized.

The economic majority would be who determined the rules, even if 95% of the miners switched to a shitcoin fork with increased supply. If none of the nodes did, they’d have zero market to sell to, and all those validators would now have a shitcoin to dump on the market for more BTC. The price would plummet in their fork, made even worse because their blocks are coming in faster, while BTC just sits and waits with a billion person network to sell to.

Mining centralization is a problem, but it isn’t because they can just randomly change the consensus rules.

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Discussion

Ricardo Perez 2y ago

Thank you nostr:npub1fl7pr0azlpgk469u034lsgn46dvwguz9g339p03dpetp9cs5pq5qxzeknp , nostr:npub1kzu0hk2h3tpru7pdj73jk7e6wtx6qas8vy6eh4jkv82zw545py9qu9rf4g for an amazing thread! Learning much! And you did it, when there was disagreement, without insulting each other!🔥✝️🙏😎

Sovereign Matt 2y ago

Nostr is the place for free discussion. You can’t really discuss anything on other socials due to the character limit on texts.

nobody 2y ago

Sir, please this is a Wendy’s.

Sovereign Matt 2y ago

Wendy’s? Huh?

Cyber Seagull 2y ago

It's a meme meant to say you're overhyped or over reacting about something in the wrong context, like screaming about mature bond yields in a Wendy's.

Sovereign Matt 2y ago

No idea what you mean but okay lol

nobody 2y ago

Sir, please. Just place your order. There is a line forming.

BOL 2y ago

Getting in the queue of this tasty conversation ... I don't think anybody has mentioned the demographic cliff that is forming in most parts of the world...

All the more reason to expound upon the benefits of gradually demonetizing housing by pointing folks to bitcoin (though I think places like Canada and Australia could be lost to a gradual process at this point)

Sovereign Matt 2y ago

Yeh look at Japan. They been basically in a depression for the last 30 years because of poor demographics. You now have millions of Japanese graduates unemployed living with their parents. A trend that is growing in the west.

BOL 2y ago

Japan, definitely a dark horse to follow El Sal next

BOL 2y ago

Countries that can demonetize housing can potentially attract new immigrants, countries that won't demonetize housing will lose citizens--some long-term game theory here

OgFOMK ArTS 2y ago

Imagine thinking and central planning everything except building, clean water and healthy food production and exchange them by the free market. No wonder you can't purchase your cigarettes, alcohol and shelter. You have zero skills in surviving life.

nobody 2y ago

A lot of planning went into how best to use Japan and ultimately keep them down following WW2. It’s a feature, not a bug.

Japan and the “carry trade” is just one example.

nobody 2y ago

You can’t look at what another country is doing without taking into account who owns the worlds reserve currency.

The US hands are very dirty when it comes to the success/failure of foreign countries.

El Salvador is also another great example. All planned prior to their current breakaway society.

Sovereign Matt 2y ago

It’s very unlikely as I have said. But there is tiny probability it could happen.

Just like there is tiny probability space agencies will mine asteroids for Gold.

But still that argument is used to say gold is not scarce as bitcoin.