2013/12/18 LizR <lizj...@gmail.com>
> On 19 December 2013 08:01, Quentin Anciaux <allco...@gmail.com> wrote:
>> 2013/12/18 Bruno Marchal <marc...@ulb.ac.be>
>>> On 18 Dec 2013, at 09:47, Quentin Anciaux wrote:
>>> Depends on the problem you're considering, I think it can lead to a
>>>> society with more individual freedoms, for example.
>>> I don't think it can... can you give argument how bitcoin would achieve
>>> that ?
>>> Bitcoin was not deflationist at the start,
>> Yes it was and is... the number of bitcoins are finite and fixed over
>> time... There will be at most 21 millions bitcoins in circulation for
>> ever... a lost bitcoin is lost *forever*...
>> I don't know much about bitcoins. Why are they limited to 21 million,
> and if one is lost, why can't it be recreated?
Because a bitcoin cannot be recreated as the number is fixed. So if you
lose your wallet (erase it), then the bitcoins in it are lost forever...
Also as the bitcoins are limited (and over time some are and will be lost),
they can only deflate, and as the goods and services are not limited the
same way, this encourage hoarding. I can't see a benefit in that... but the
most unfair thing is that the first 5 millions bitcoins were easy and cheap
to mine... rendering the first in the system potentially billionaires
without having created *any* wealth... it's a con currency, not a currency.
The only people who will benefit from it (if some crazy thing happen in the
world and the thing is adopted) are the early adopters. Plus the way the
blockchain work, it cannot scale well and just for that it is doubtful
bitcoin could see a large adoption.
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