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JUST IN: CORE DEVELOPER PETER TODD JUST SAID #BITCOIN SHOULD ELIMINATE THE 21,000,000 SUPPLY LIMIT "IF BTC HAD TAIL EMISSIONS TO BEGIN WITH, NO ONE WOULD CARE" "ECONOMICALLY, IT'S SIMILAR TO GOLD" "WE HAVE THIS TYPE OF SYSTEM THAT SEEMS TO WORK, BUT WE KEEP MARCHING TO A KIND... show more
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I comprehensively cover why this is a bad idea
Fuck this guy! 21 million is the only reason it’s currently valued at $63,000…. This guy will destroy bitcoin
It’s an indefensible position.
Yet he defends it pretty well
If he wants unlimited supply, I’d point him to dogecoin.
@pete_rizzo_ This is honestly fucking insane and would make me swap all my BTC for ETH or something that actually justifies its own inflation. The whole point of bitcoin is that it stands alone as a deflationary currency, the idea elegantly working out mathematically and as a Schelling point.
@pete_rizzo_ Provable digital scarcity was Satoshi’s contribution to humanity. You take away the fixed supply, you take away Satoshi.
@pete_rizzo_ Bitcoin works as digital cash. But there are better payment rails like credit cards.
@BitcoinBigBird @pete_rizzo_ Credit cards are an abysmal example of "better", we can't even use them!
@BitcoinBigBird @pete_rizzo_ Obviously, I will never run into you at the Club level at the Ritz Carlton.
Retardation
Sounds like you agree with him - move on - if you and he wants unlimited supply, I’d point you to dogecoin. Enjoy.
Finally, you are attempting to tell the truth on the nature of the latest attack on Bitcoin. You failed to mention that Peter was also the originator of the OP_Return PR which led to the current fork.
I generally agree with most Peter Todd arguments
This guy is a menace. Don't touch the 21 million supply.
See the BIP 110 people were right.
Not really tho 🤣
Gtfo
Get this guy out. Bitcoin is perfect don’t try to change what satoshi created. Some of these core guys have it going to their heads.
Terrible idea. ₿TC long term status based on digital scarcity should not be tampered with. Especially only being 17 yrs in.
No fuck off
proof he isn't satoshi if you needed it
Wouldn’t Satoshi want to come back and fix his mistakes
It's amazing how the most technical bitcoiners are the ones with the least appreciation or understanding of the value of bitcoin's economic features, the most central of which is its absolute scarcity. The fact that gold's supply 'leaks' is not a feature; it's a bug.
If Bitcoin’s fees aren’t enough to secure the network, then it doesn’t deserve to survive IMO.
I wonder if they will feel the same way in 2030
Who is “they?” What happens in 2030?
Bitcoin user base. Subsidy runs out in 2140. Sorry i meant 2130
If Bitcoin makes it to 2130, it likely means fees have already been sustaining the network for decades. The issue will probably become a major topic much earlier (my guess around 2050) if fees don’t start increasing by then.
Maybe not. It's also possible that bitcoin is just insanely valuable. If you do the math at 37 sats, an additional 1 BTC covers like 50 years of block reward
It might be valuable, but I don’t see a scenario where the block subsidy is still more important than the fees that far into the future. Fees overtaking the subsidy many decades before 2140 would be bullish and prove long-term sustainability without the need for tail-emissions.
Peter Todd is advocating for a hard fork. Not a chance.
Fuck this retard
I hold only one coin with no MINERS, Fixed supply , No incentives to change the supply, risks eliminated $XNO
The fact that this guy as well as @BitcoinErrorLog is even allowed on stage at Bitcoin++ or the "Lightning Summit" is just proof of retardation.
@BitcoinErrorLog You just named another one of my favorite people 😂
How can people be pro bitcoin and not understand the basic fundamental theory and principles behind its creation and use? Is he this stupid for real? Does he think that a system of fiat works? Because that’s what he would get. you can divide it infinitesimally. Don’t need more.
He doesn’t have a single satoshi by the way. He doesn’t care about Bitcoin. He is a fiat slave and the biggest 🤡 ever.
Peter is not an active Core dev for the past decade - don't be so sensationalistic...
Not a current core developer, and Peter will tell you this himself
Everyone that wants a fixed supply uses nano, Everyone that likes inflation uses other coins.
So his proposal is to turn Bitcoin into a Shitcoin.
The guy is an idiot. He might be a developer but economic understanding is missing.
You just make the eight decimal limit a sixteen decimal limit and block rewards continue for another thousand years. You will never reach 21 million, just approach it asymptotically. The only reason for the eight decimal limit is 64int cpu, but 128int will be trivial in the near future. No need to destroy the confidence in scarcity to solve this problem. Just make Bitcoin more divisible.
Just embrace ordinals and all other awesome stuff directly on bitcoin that is has already been bringing in more revenue for miners and this is definitely not needed
Max 21 million!
bitcoin becoming inflationary would be wild glad it’s just a thought experiment rn the market reaction would be insane
The only reason he'd say that is because he's tired of people calling him #satoshi, now it's clear he's not. What a horrible idea!
For those following my content... You've read that I've been saying for almost two years this will be one of the next #Bitcoin principles to attack. The 21M supply cap. There will be forks. Expect Chaos as blockchain tries to remediate systemic attacks to consensus and quantum threats. $QRL
How to kill bitcoin 101. Can we remove this guy from core?
![HUGE NEWS: CEOs of 3 of the 4 leading AI companies all said they would pause/slow down if others agreed Anthropic CEO: If we don't sell chips to China, it slows them down. And then? "I'm very confident that [Demis and I] can work something out." EMILY CHANG: Some folks have advocated for a pause to give regulation time to catch up, to give society time to adjust to some of these changes. In a perfect world, if you knew that every other company would pause, if every country would pause, would you advocate for that? DEMIS HASSABIS: I think so. [DAVOS INTERVIEW] DEMIS HASSABIS: And if we can, maybe it would be good to have a bit of slow, a slightly slower pace than we're currently predicting, even my timelines, so that we can get this right societally. But that would require some coordination that is hard. DARIO AMODEI: I prefer your [longer] timelines DEMIS HASSABIS: Yes. Absolutely. DARIO AMODEI: I'll concede, yes... I said before, I prefer Demis' timeline. I wish we had 5 to 10 years. It's possible he's just right and I'm just wrong. But assume I'm right and it can be done in one to two years. Why can't we slow down to Demis' timeline? INTERVIEWER: You could just slow down. DARIO AMODEI: We can't do that because we have geopolitical adversaries building the same technology at a similar pace. It's very hard to have an enforceable agreement where they slow down and we slow down. So if we can just not sell the chips [to China], then this isn't a question of competition between the US and China. This is a question of competition between me and Demis, which I'm very confident that we can work out.](https://image.24vids.com/tw-2014018200325722348/amplify_video_thumb/2014013121191428096/img/Gis0Qvhf0DOQzVcM.jpg)
