Post
Topic
Board Development & Technical Discussion
Re: A proposed solution to adjust for lost Bitcoins: wallet 'heartbeats'
by
ascent
on 23/06/2011, 17:05:56 UTC
To everyone,

The issue is increasing uncertainty, which progressively renders Bitcoins an unreliable vehicle for commerce activities and storage of wealth. The reason why is stated in this thread more than once.

It may take near an eternity for that uncertainty to become a real issue, but the mathematics are sound, which calls into question whether a system really needs increasing uncertainty designed into it. The solution is to require Bitcoin holders to connect to the network in some form or another, probably on a timeframe on the order of several years or even decades. This is not unreasonable. We all live with this requirement in regard to bank accounts today anyway, without feeling overly burdened.

It is one thing to accept that a currency may become unsound in the future because of external events. This is reasonable. However, it is questionable that a currency, by its own internal design, should be allowed to become more uncertain over time precisely because of its own internal design.