Re:My professional opinion as a blockchain researcher: I don...
by ifdefdebug on Monday February 12, 2018 @10:22AM
(#16359138)
But is this really true? Honest question: the recent BTC/BCH split effectively doubled the supply in one single instant. Can't this happen again and again whenever the pressure of demand grows too high?
Can't do that with gold.
Re:My professional opinion as a blockchain researcher: I don...
by rasengan on Monday February 12, 2018 @10:36AM
(#16359250)
But that’s the equivalent of then going to silver or using an entirely different element isn’t it?
Re:My professional opinion as a blockchain researcher: I don...
by tome on Monday February 12, 2018 @10:41AM
(#16359295)
How many such "entirely different elements" are there?
Re:My professional opinion as a blockchain researcher: I don...
by bringtheaction on Monday February 12, 2018 @10:13AM
(#16359058)
> Gold will never be as measurably scarce.
Even with Bitcoin we don't know the exact scarcity because private keys get lost.
A wallet to which the private key has been lost is indistinguishable from the wallet of someone who is holding their funds because they want to save them for the future.
Re:My professional opinion as a blockchain researcher: I don...
by rasengan on Monday February 12, 2018 @10:36AM
(#16359242)
Excellent point. Still, we know that there is not more than a certain number; versus with gold there could be more or less than any estimate.
Re:My professional opinion as a blockchain researcher: I don...
by fwdpropaganda on Monday February 12, 2018 @10:52AM
(#16359400)
There's now 2000 cryptocurrencies. Where's the finite property?
Re:My professional opinion as a blockchain researcher: I don...
by lnino on Tuesday February 13, 2018 @02:28PM
(#16369950)
It's called PoW. Go for the highest total work in the chain. If you go for anything else you are either allowing your self to be attacked by a malicious branch, or you are yourself attacking the network.
There's at any given moment exactly one chain that has the most PoW (by definition).
That's the reason why Ethereum is switching to PoS, because they know they can't just take over Bitcoin on total PoW.
Be advised that PoS means it's not really a public ledger, but a private chain set up by a very large private club.
Gold will never be as measurably scarce.