Should 21 Million Bitcoin Be the Cap?
Jacob Donnelly
11

The large holders get more out of their bitcoin by spending half of it than by accepting any kind of inflation. The same goes for everyone else.

“7 billion people in global economy won’t accept currency / pmt system controlled by ~50 largely unknown people.” Mr. Selkis might like to examine the Bretton Woods agreements (I and II) and count the number of Federal Reserve banks. 50 > 12. At least the bitcoin whales actually have to give up something they have to benefit. It’s a step in the right direction.

“But there’s never been a currency with stable supply whose users have grown exponentially.” There is now, mostly because people who understand that inflation is just another form of theft like Bitcoin.

#bitcoin’s total market value is capped if its money supply is ultimately capped” and “#bitcoin’s total market value is not capped even if its money supply is ultimately capped” both have the ring of demagoguery to them. Perhaps some analysis would be useful. The tweets provided before that one might be considered analysis, but they fall into a class of arguments that were proven wrong by the Wright brothers, Ferdinand Magellan, and Thomas Edison among many others. Many things that have never been done before will be done in the future.

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