Quote from: the founder (FlexCoin) on September 09, 2011, 03:51:27 PM

Quote from: bitlotto on September 09, 2011, 03:32:11 PM

Quote from: the founder (FlexCoin) on September 09, 2011, 03:18:31 PM

If someone can logically answer why there is no mechanism to slow down the rate of printing then I want to hear it.

Because Satoshi Nakamoto didn't add that feature and changing the rules of the entire system that existed since the beginning will upset many people who don't want the rules changed.

then you just pointed out the biggest flaw in the bitcoin algorithm.

Even the US constitution has a mechanism to add or remove items from it.. IE: change the rules.

It's reaching the point where a few of the mining pools might make the decision for us if this continues....

They would rather get 2 BTC per block at 50 dollars... rather than 50 BTC at 2 BTC. Because the amount they have sitting on their machines now would increase as well. Trust me I did the math.

If they reduced the payout to 2 BTC and the price did jump up... it would increase the amount of dollar per BTC for the 100,000 of them they have on their machine...

It is possible to change the rules. There have been discussions on how to transition to a new hashing algorithm if SHA256 gets busted. It can be done. But just like the Constitution, the change will only stick if an overwhelming majority of users use the modified client, essentially voting for the new change. Just like the Constitution, the changes can't be forced upon people by a small cabal.

(Un)Fortunately, I think a majority of users would switch to a new client if we found cryptographic insecurities, but not for changes to the established monetary policy.