Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Deflation
by
HandcraftedBreads
on 06/03/2023, 20:02:46 UTC

Furthermore, it's quite funny that OP thinks we should re-add coins that have not moved for 131 years and that would be a solution but what will happen 108 years from now, when there is still one year before the great reset? It's highly possible that the amount of coins lost for sure, dust left rotting in deleted wallets and so on would already be half of the coins in circulation so what help would that be if we already have gad decades of less than 21 million moving coins behind us?

The reintroduction of coins from dead wallets would occur gradually through new mining cycles. Please note that the reintroduction of coin quantities would be asynchronous, as each wallet would have its relative clock. The primary benefit of recycling would be reducing the need for future maintenance and hard forks aimed at lowering satoshis. Without recycling, these hard forks would become inevitable. In general, recycling would reduce the need for manual maintenance to comply with the constantly changing conditions of the system. Recycling would help avoid subjecting the system to the risk of human failure.

Quote
So, you have the right of stealing the banknotes I keep in my safe after around 200 years when polymers start degrading but despite that seems like you have no right to "recycle" the gold I bury in my garden since gold doesn't degrade. Funny how sometimes nature can be a bitch and stops mimicking human activities exactly when you need it more.

Gold is not a fixed supply; instead, it is potentially infinite. On the other hand, Bitcoin has a finite supply limit (21 million BTC = 1; limit in absolute quantity), but it is infinite on the inward end (the smallest unit can be subdivided infinitely, meaning that there is no limit to the amount of decimal places).

Quote
It's stealing! You have no right to take over my coins, simple as that!
Just as you can't enter my house and grab a painting because the museums are running low, you can't touch my coins!

When humans pass away, they cannot take their money with them. If coins are irreversibly lost, they cannot be stolen. Once someone loses their coins irreversibly, they no longer own them. Through recycling, the Bitcoin protocol ensures that the original money supply is preserved, just as the law of conservation of energy dictates.

Regarding the last criticism, the Bitcoin protocol will not access a wallet and steal the money as long as it is still owned. The wallet's contents will be recycled into the system once it is no longer owned. The way to determine if a wallet is unowned is through the expiration of a set period of zero active transactions.