Re:El Salvador Plans to Use Electricity Generated from Volca...
by throwawayffffas on Friday June 11, 2021 @11:32AM
(#27474699)
I would point out that 1 BTC does not equal 1/21000000 of the total supply forever. For three main reasons a) wallet keys get lost making stored bitcoins unavailable. b) The developers/community may very well decide to change the total amount of bitcoins available in the future. c) With the rise of quantum computing it is conceivable that the public key encryption that is used to secure the wallets may be broken in the next few decades rendering bitcoin unusable.
EDIT: corrected public key, I had written "public/private" for some reason.
Re:El Salvador Plans to Use Electricity Generated from Volca...
by garydevenay on Friday June 11, 2021 @07:07PM
(#27479585)
> wallet keys get lost making stored bitcoins unavailable
This does not remove Bitcoin from the network, just because it is never spent.
> The developers/community may very well decide to change the total amount of bitcoins available in the future
Actually it's not possible. You can fork the network if you get some level of consensus from developers, miners and node runners (not to mention a community that is willing to accept their value be debased) and increase the supply, but then by definition your coin is not on the Bitcoin chain, it is on your new forked chain.
This is actually not true, as 1 USD does not equal a static percentage of all USD. If you look at the stock-to-flow of storing value in USD compared to Bitcoin or even Gold, it's immediately apparent that USD or central bank backed fiat currency is an exceptionally inefficient way to store value as it's being debased at alarming rates.
This is why $1000 was worth way more in 1980 than it is today.
Edit Note: I actually just re-read your comment and realised I misread. I read store value for an infinite amount of time