Post
Topic
Board Bitcoin Discussion
Re: Price stability, difficulty changes, fairness. infnite coins is NOT inflation
by
Timo Y
on 01/07/2011, 11:37:52 UTC
The hope is that enough people will realize that is an extremely stupid idea and be detrimental to widespread adoption, and instead carefully vote in a way that gives them some kind of appreciation, but not so much to scare away future newcomers.  

And here lies the problem. A system that relies on hope.

The current bitcoin implementation, despite all its flaws, has one feature the gives it a huge amount of resilience:  A decision that is in the selfish interest of an individual user is usually also in the interest of the bitcoin network as a whole.  It doesn't matter who the user is or what his motivations are. Bitcoin is agnostic to things like hope and ideology.

In the system you're suggesting, a decision that is in the selfish interest of an individual user is  detrimental to the network as whole. It's a tragedy of the commons of sorts.

I'm not saying such a system can't work, but it's a lot more vulnerable than the current bitcoin implementation.