Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin really unbreakable?
by
Kotone
on 11/07/2016, 11:09:54 UTC
Everybody says Bitcoin is unbreakable, set in stone, yadda yadda yadda. But it seems to me that this is not necessarily the case. Anything about bitcoin, including the amounts generated, method of transferring coins, size of blocks, time to mine blocks, etc. can be changed by changing the software, and in particular the reference client since so many miners use that. Really, if 51% of the bitcoin mining community agrees on a change and implements it, that blockchain will win out over time. So it's more of a democratizing of fiat rather than an unbreakable currency.

There have certainly been times in our history, even in the recent past, in which the country at large (US) has voted for a Keynesian monetary policy. Isn't it possible, even likely, that at some time in the future a majority of miners would simply implement software changes to increase the amount of bitcoins generated? The incentive to do so is rather large, is it not? Thoughts?

This is a broad cryptocurrency nowadays and yet the top 1 cryptocurrency online. So I guess as of now, it is still unbreakable. And also, because of the members who are still using BTC, then this will be a big deal to the society. Maybe years from now, BTC value will be reduced. And so, this will be the breakdown of the BTC. There is no permanent in this world except CHANGE. BTC value may be vary. Who knows ? But as I mentioned earlier, BTC is still unbreakable but who knows when do it end ? Who knows where do it end ? They say 21 Million BTC is the maximum capacity. And yet we are on 75% on it. So there is a chance that BTC will break soon. Who knows when..