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Topic
Board Beginners & Help
Re: Who controls bitcoin?
by
Quick
on 07/04/2013, 18:40:13 UTC
Right now, yes, it would be extremely difficult to get everyone to change. But what about in the future when the situation is different. Could a majority of bitcoin users/miners be convinced to change the 21 million cap? If the leaders of the bitcoin community all supported a change as the best solution to a serious problem that was haunting the currency/economy, is it still impossible that a majority would adopt the change?

The past shows that leaders are often able to sway the opinions of a majority. And with respect to all currencies, the majority always rules.

I am not trying to disagree or get in an argument with anyone. I am just trying to figure this out. I really like the idea of bitcoins, but I am trying to figure out what their long time viability is.

Lets compare to gold, one of the longest standing most globally accepted currencies in the history of mankind. People say that gold has intrinsic value. I think there is only 2 things in combination that give gold this supposed "intrinsic value".

1. True Scarcity
2. A majority that believes it is valuable

Bitcoins could be like gold. If the 21 million can indeed not be changed, then bitcoins have true scarcity. For the second point, bitcoins are on their way to a majority believing that they are valuable.

But, if the 21 million can be changed, then bitcoins are no different from any other fiat currency. Fiat currencies do not have true scarcity. They have artificial scarcity. The controllers of the currency get to control the scarcity.

Anyways, that is where I am coming from and why I asked those questions. I would love to hear the thoughts of others that think about this kind of stuff.