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by yyyyip
2541 days ago
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Bitcoin's governance model is what makes it special.
1) The founder declared it would have a maximum of 21 million coins with a set mining schedule
2) Many/most of the people who bought into it implicitly agreed that this is the core feature of bitcoin - that it would only ever have 21 million coins
3) The founder disappeared/died/whatever
4) Now, everyone continues to agree on the 21 million coin cap. If anyone tries to change this, they are opposing the founder and the reason many people bought bitcoin. At that point bitcoin will become the most used chain that maintains the set 21 million cap This lack of governance as well as scarcity consensus is by far the strongest mechanism to maintain a scarce supply that we have in existence. It is not totally infallible - maybe a superhuman AI could social engineer the entire bitcoin community to increase the cap. But it is the best I can imagine is possible. The network effect of more people buying into it makes that 21 million meme stronger and stronger, and satoshi being "gone" reduces the risk that he comes back and declares that he has "changed his mind". Even if he did do that the core 21 million devotees will fork the coin to a 21 million and that will be the truly scarce bitcoin. Therefore, this is the most securely scarce asset in existence. |
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