From: Wladimir <laanwj@gmail•com>
To: Mike Caldwell <mcaldwell@swipeclock•com>
Cc: "bitcoin-development@lists•sourceforge.net"
<bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin
Date: Tue, 10 Dec 2013 09:19:12 +0100 [thread overview]
Message-ID: <CA+s+GJDJA7_HOiJ-_jazXERSYfWvO-DHk89ih4pG8dEK5K9Z9A@mail.gmail.com> (raw)
In-Reply-To: <B09A5DE3EF411243BB3328232CD25A5DABFF021E7A@MAILR023.mail.lan>
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On Mon, Dec 9, 2013 at 11:57 PM, Mike Caldwell <mcaldwell@swipeclock•com>wrote:
>
> I believe that if there ever becomes a consensus that Bitcoin’s inflation
> parameters were a show-stopper for the Bitcoin economy, that the power to
> correct it lies with merchants, who would vote for changing the rules. I
> believe they would do this not by changing Bitcoin, but by accepting, in
> parallel, a brand new alt coin that reflects the consensus as to how the
> inflation should be. I believe such an alt coin would have its genesis at
> around the time that consensus moved toward accepting inflation, rather
> than adopting the seignorage of some other alt coin out there today.
>
Agreed Mike.
The economic parameters of Bitcoin are fixed in stone forever. Adding a
monetary authority to Bitcoin is impossible and undesirable because the
implicit contract of Bitcoin is that there would finally be a currency in
which no one could mess around with. It would betray all prior holders.
But these are ideas everyone is free to experiment with in new altcoins. If
the lack of inflation in Bitcoin ever becomes a problem in day-to-day
usage, such a parallel chain could become the de-facto cryptocurrency for
spending. Or just maybe fiat already works well enough there...
Wladimir
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next prev parent reply other threads:[~2013-12-10 8:19 UTC|newest]
Thread overview: 15+ messages / expand[flat|nested] mbox.gz Atom feed top
2013-12-09 22:01 Ryan Carboni
2013-12-09 22:06 ` Gavin Andresen
2013-12-10 1:19 ` Ryan Carboni
2013-12-10 4:05 ` Rick Wesson
[not found] ` <20131209221130.GA22556@shavo.dd-wrt>
2013-12-09 22:23 ` Ryan Carboni
2013-12-09 22:57 ` Mike Caldwell
2013-12-10 8:19 ` Wladimir [this message]
2013-12-09 23:10 ` Jeff Garzik
2013-12-09 23:23 ` Jameson Lopp
2013-12-10 1:16 ` Allen Piscitello
2013-12-10 1:20 ` Ryan Carboni
2013-12-10 12:38 ` Jorge Timón
2013-12-11 0:07 ` Baz
2013-12-11 1:01 ` Jeff Garzik
2013-12-10 1:22 ` kjj
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