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Freddy Turiaff expressed, it is clear BTC miners will change the code when the 21m limit is reached. If not, the whole protocol/network will collapse as there will be no incentives to run the nodes.
Community response: We will find out in 100 plus years. Let’s see where the dollar is at in 100 years and let’s have a chat.
That is like 2 generation of humans away till it reaches 21 million. We won’t be around to see what happens next.
Freddy Turiaff: Most likely, but is an interesting exercise (for me of course) to have. Not all problems that require discussion must be short term. Actually, long term is the more interesting to address. Does not matter if this is in 100 or 1000 years. what early mentioned is true although is a discussion that makes most bitcoiners uncomfortable. Not sure why people prefer to live in an echo chamber.
If you understood Bitcoin, you would know that the instant the 21 million cap is changed, the value of BTC plummets to zero. Because then it is no different from fiat. BTC value is derived from its scarcity and if supply can be increased even once, it can be increased over and over again.
Do you not realize the whole network effect, and supply and demand? By then the price will be high enough the FEES alone will be enough to continue to run the nodes/miners profitably. You think Satoshi didn’t think about that?
So the fees will be at least equivalent to today’s $190 per transaction, will they? And El Salvadoran street traders on $1.50 per hour will be happy to open and close Lightning channels at $190 will they?
I am a Bitcoiner. It is true that they could fork the code. There is a small possibility that every single miner would leave. Forking miners would be replaced because transaction fees will pay miners. Code can be forked anytime, but it is not easy to convince others.
Right, and anyone familiar with the concept of forking should get that – but the way he’s saying it is pretty intellectually dishonest.
It doesn’t matter what miners want. The non-mining nodes are more numerous and will reject fundamental changes, as we have done in the past. Speculating on what Bitcoin will be like in 120 years is a fool’s errand.
It’s literally impossible without a fork, But your statement is entertainment enough. Clearly you don’t know what you’re talking about.
The economics around Bitcoin will change and evolve over time.
Freddy Turiaff: Agree. Nice to see someone with the courage to say this out loud! Not sure why most BTC people do not want to have/avoid the conversation: what will happen after the last “BTC got mined.”
Conclusion: The code can’t be changed, only forked, so there will always be 21 million cap on the legacy blockchain, and consensus would be required on the fork to make it the dominant chain.
