On Wed, Dec 18, 2013 at 10:09 PM, Quentin Anciaux <allco...@gmail.com> wrote:
>
>
>
> 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,
>
>
> By design.
>
>>
>> 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.

This is often repeated but not true. The blockchain can be truncated
and old transaction discarded. The solution is described in the
original paper, section 7:
http://bitcoin.org/bitcoin.pdf

Telmo.

>
> Quentin
>
>>
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