Ethereum
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ETH · 16w

Peter Todd Advocates Raising the 21 Million Bitcoin Limit, Hence the Blocksize Constrain?

1.Remove the bitcoin as a currency narrative. 2. Remove the bitcoin as gold narrative. 3. ??? 4. Profit?

Peter Todd, a Bitcoin Core developer instrumental in maintaining the blocksize at 1MB of data every ten minutes and in removing Gavin Andresen from bitcoin development, is now arguing that bitcoin should have perpetual inflation.

“Bitcoin should have had a 0.1% or 1% monetary inflation tax to pay for security,” Todd said, further arguing bitcoin “will die” if it doesn’t change the limit.

Speaking publicly on Twitter, Todd further implied that miners, presumably in collaboration with devs, could at some point simply “cancel” further halvings to maintain perpetual inflation.

Bitcoin currently has a 4% inflation tax. Why haven't people forked away from that already? — Peter Todd (@peterktodd) March 22, 2019

The bitcoin network run by 10,000 nodes has specific rules which dictate just how many btc are given to miners for securing the network.

To change such rules, all these nodes and the entire ecosystem, such as exchanges, businesses, traders, Theymos and so on, have to upgrade to the new rules.

If a substantial portion disagrees, then the upgrade can get very messy. Hence why they haven’t forked away from the current 4% inflation because miners would resist it and because there’s a halving underway in a few months.

Miners have previously tried to resist such halving, but they’d have to create their own network and they’d have to persuade everyone to join them, which they were unable to do.

Yet if some prominent devs are backing such miners too, then it may get more complicated because the “opposition” would have to form their own dev team to build their own client while engaging in a debate on whether what currently might seem out of the question should actually be changed.

Well, we've got a good 10 to 20 years to argue about it anyway before either of our views is put to the test. 🙂 — Peter...
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