Replying to Avatar Peace K 🪙

Here is the truth about Bitcoin.

The amount of Bitcoin is not limited at 21 million. It is not limited by an algorithm.

Bitcoin is limited by consensus.

Bitcoin can only grow, never contract.

Once there is a consensus amongst 51% of the miners to raise the Bitcoin cap, nothing stops them from raising the cap. Bitcoin mining is relatively centerlized. Reaching a consensus is easier then it seems.

Miners can decide to increase the cap, bit they can't decrease it. A central bank can decrease the amount of money and credit available, but with Bitcoin it's just impossible.

This is not saying that Bitcoin is not a good investment. My crystal ball is on vacation and I can't reach him to ask. All that I am saying that Bitcoin is not the freedom money it's touted as. Or at least that it has flaws that need fixing and fast.

#bitcoin
ed
ede3d957... 2mo ago

You don't understand fractional reserves.

Let BlackRock and Saylor gain a little more coins and they will play this card. FR is a bankers wet dream.

There can easily be 210M IOU Bitcoin and you and even Satoshi can do nothing about it.

Bitcoiners fear the "infinite supply" of Monero while there is almost zero custody of Mobero that could lead to a prolonged fractional reserves game. Meanwhile Bitcoin is just in the first innings.

Reply to this note

Please Login to reply.

Discussion

No replies yet.