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re: Another bitcoin thread, for Wiki
Posted on 4/1/13 at 3:20 pm to ZereauxSum
Posted on 4/1/13 at 3:20 pm to ZereauxSum
quote:
isn't it possible to have a scenario where they are doing such a large percentage of the work that they would be getting nearly all of the bitcoins?
It's possible.
Keep in mind that only about 10 million more bitcoins will be mined in the next 127 years.
Also keep in mind that maintaining that kind of computing power would be very, very expensive. The only entity that would likely have both the motivation and ability to do something like that would be a major government.
quote:
That would sort of make them a de-facto central bank wouldn't it?
No. Because they wouldn't be able to change the rules of bitcoin. They would only be able to use their cache of coins to manipulate the market, either by flooding it or withholding it.
It's theorized that even if all but 1 bitcoin were taken out of circulation by a government, that the bitcoin economy could still operate due to the infinite divisibility of bitcoin.
2
Posted on 4/1/13 at 3:48 pm to WikiTiger
quote:There is ZERO guarantee that the self-imposed limit won't be increased by the "inventors" of bitcoin.
Keep in mind that only about 10 million more bitcoins will be mined in the next 127 years.
Posted on 4/1/13 at 4:08 pm to WikiTiger
They just did a segment on CNBC on Bitcoins. One of the guest said it was "money for the geek squad".
The guy defending bitcoins had on a nice open collar shirt and a newspaper boy hat.
Just saying!
The guy defending bitcoins had on a nice open collar shirt and a newspaper boy hat.
Just saying!
Posted on 4/1/13 at 4:19 pm to LSURussian
quote:
There is ZERO guarantee that the self-imposed limit won't be increased by the "inventors" of bitcoin.
Bitcoin is open source, and the hard limit is built into the protocol. So not only would any changes be spotted immediately, but the only way to make the change permanent is if more than half of the nodes on the network agree to the change. Also, I believe that modified software would be unable to complete or verify transactions (and so wouldn't be able to mine coins or collect transaction fees) unless/until that critical mass of nodes was converted to the modified software.
It's designed to be more beneficial to stay honest than to try to take over the network. After all, attacks against the network are easy to detect, and what's the point of hoarding money if you severely devalue it in the process? I won't say it's impossible, but it's very unlikely.
Posted on 4/1/13 at 5:09 pm to Korkstand
You trust the developers more than I do.
Posted on 4/1/13 at 5:17 pm to LSURussian
quote:
You trust the developers more than I do.
You don't have to trust them, every last bit of it is laid out right here.
Posted on 4/1/13 at 5:21 pm to Korkstand
Riiiiggggghhhttttt......
Posted on 4/1/13 at 5:32 pm to Korkstand
quote:
You don't have to trust them, every last bit of it is laid out right here.
Well then, all of my concerns are alleviated.
Posted on 4/1/13 at 5:33 pm to Vols&Shaft83
quote:
Well then, all of my concerns are alleviated.
In addition to being financial and banking experts, apparently all of y'all are also computer and software experts. I'm really impressed with your skills.
This post was edited on 4/1/13 at 5:33 pm
Posted on 4/1/13 at 5:37 pm to LSURussian
quote:
Riiiiggggghhhttttt......
I could, if I had the time and inclination, read through every bit of that source code to understand what it does, make sure nothing is obfuscated, then build it and run the resulting program. That program won't do anything other than or different from what the source says it will do. That's just the way code works.
But, again, it is certainly possible for an individual or group to write their own rules and claim a majority of the network. It would just be extremely difficult, and it most certainly won't go unnoticed.
Posted on 4/1/13 at 5:44 pm to WikiTiger
Like you are an economic forecasting expert predicting bitcoins will comprise over $700 billion of global commerce within 6 years? And that would mean bitcoin would be the 13th most used currency in the world?
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