A hard fork can change Bitcoins fiscal policy. Changing Bitcoins fiscal policy would make it worthless (no longer hard money).
Bitcoin is sufficiently decentralized to the point where a hard fork is virtually impossible. This makes Bitcoin valuable.
If your coin requires hard forks to maintain one of its "features" (ASIC resistance is a bad "feature"!) then it's soft money. A shitcoin.
I still don't get it. If someone has 1 XMR and wants to send it to someone he just does it. 1XMR=1XMR in all the cases. A hard fork only fixes some things. If you don't update your wallet and the node you're using isn't updated you stay on the same old version. I don't understand why a hardfork would change the value
So you're saying you don't understand how the monetary policy of a chain contributes to the coins value? Do you know about bitcoins 21m cap and difficulty adjustment?
Yes and? Still no privacy.
No, I wouldn't like the whole world to know how I spend my money
contensious hard forks can lower the value or increase it.
If half the security hash power or half the user base goes to a different chain, for example, it is not that the coin is now worth half, it is that investors and market have less total confidence in both chains, so a price discovery period takes place.
Either the main chain that didn't change anything wins, they both "win" and recover price or the new fork wins.
Historically, forks from bitcoin have all suffered huge price loss. This has created a creature of excessive conservatism, like Dan.
To them, any change short of an immediate security threat to bitcoin, is bad. Even a small change that isolates future changes to those who want them ( he doesn't understand this. Its not a simple meme, like the phrase: hardest money on earth, so his brain shuts down)
Do you understand the value of unchangeable monetary policy?
Absolutely. The 21 million cap is inviolate.
I'm going to anticipate your reply and say : Drivechain does not change monetary policy.
I am going to further anticipate your reply to that and ask you: what do you mean by monetary policy ?
You mean the 21 cap and Halving supply correct ?
You also think monetary policy includes miner incentives. It does not. Miners and changes that only affect them like drivechain are security policy. Drivechain improves security policy.
Monetary policy begins and ends at the supply cap and halving. For instance, the difficulty adjustment IS NOT MONETARY POLICY. Its security.
So let's use lightning network (which adds A LOT of centralisation)?
No thanks, I will use my private and decentralised Monero
He fails to mention that no one is forced to update their node. All participants are opting in. If there was an unpopular enough hard fork, the community would either split, or if it was notorious enough, most would refuse to upgrade and stay on the previous version.
I guess he doesn't know that BTC is not the original Bitcoin either. It has hardforked several times early on. They conveniently draw the line after those hardforks.
