Quote from: realr0ach on January 15, 2018, 12:12:29 AM

Quote from: thejaytiesto on January 14, 2018, 05:53:30 PM

Who on Bitcoin can snap his fingers and create money out of thin air?

Anyone because PoW does nothing to force convergence of rough consensus attacks (aka forks or altcoins). This is because cryptocurreny is inherently non-fungible. It doesn't matter if you mix inputs to hide sender/receiver; that does nothing to solve the problem. Assumptions go into the white paper that things like the longest chain rule will prevent two coins with the same algo from existing at the same time and that PoW will force convergence, yet BTC and BCH both exist at the same time with the same algo, clearly nullifying that assumption.

You agreed with my example that cryptourrency does not actually have scarcity because Vitalik can create one billion scamcoins in his basement by snapping his fingers then do it again five seconds later. The fact PoW does nothing to solve rough consensus attacks means proof of work is in the same boat. It just happens through slightly different mechanisms.

So called "network effect" does absolutely nothing to force convergence either, because bitcoin has built-in usurious middlemen called transaction validators who want a cut of every transaction. Since block space is highly limited, the success of bitcoin is it's own worst enemy, increasing fees exponentially and giving it a reverse Schelling point - driving users to OTHER chains to avoid usury fees, compounding the inability of PoW to force convergence even further.

"Anyone".. really? you are anyone, can you raise the 21 million coin limit right now? And last time I checked, BCH is an altcoin, and everyone knows that, it's a separate network, different EDA, and so on. I have never seen anyone being able to raise the 21 million coin limit on actual Bitcoin, have you?

Bitcoin is supposed to be used by high finance moves, so if this theory is correct, then the price will keep growing along with the fees. So if you have to pay $1000 but BTC is worth $1million, then so be it? It's still cheaper than pretending to move $1million worth of gold around undetected.

Also, you didn't address my point on how it's not clear to me if "organic supply" of gold is better than a man-made total supply that we all know about. Like I said before, if you or your family live long enough to see a discovery of an huge gold mine, your/their gold's purchasing power will plummet. Meanwhile, if Bitcoin is still a thing, it's purchasing power will be unaffected or go up as a result.

Also, how do you even know you are not living in a computer simulation? maybe there is no such thing as "gold's organic supply" and it's also coded by whoever created the computer simulation.. and so on. So I would rather have clear rules that we all have to follow than just hoping your holdings don't collapse if we find massive amounts of gold somewhere in the future.