*raising hand* 2 questions: 1. If bitcoin is a decentralized organization/program, and the current protocol is to top out at 21 million... since there's no direct regulation, could someone reprogram the system to increase bitcoin above 21 mil? 2. Would returning to the gold standard fix inflation? We would still rely on the Fed, but they wouldn't be able to increase money so arbitrarily.. right? Thanks for the econ lesson, and the shout out!
Thanks for raising your hand, Ms. Ulfers 😉 Those are two good questions: 1. Bitcoin is an open source software program and anyone can propose changes; however those changes need to be reviewed and approved by many knowledgeable and dedicated developers. Even then, new code changes have to be implemented by the miners and node operators, who can choose not to update to the latest version. So these three stakeholders (developers, miners, node operators) can keep each other in check and prevent unwanted changes. Long article on the topic if you’re interested bitcoinmagazine.com/technical/the-battle-for-p2sh-the-untold-story-of-the-first-bitcoin-war 2. Yes in theory going back to the gold standard would fix inflation because only a small amount of new gold is mined each year. Whether this is practically possible is the big question since the US government is so dependent on issuing and often buying its own debt (the Fed is one of the largest holders of govt debt). So major changes would be needed. Thanks for watching!!!
*raising hand*
2 questions:
1. If bitcoin is a decentralized organization/program, and the current protocol is to top out at 21 million... since there's no direct regulation, could someone reprogram the system to increase bitcoin above 21 mil?
2. Would returning to the gold standard fix inflation? We would still rely on the Fed, but they wouldn't be able to increase money so arbitrarily.. right?
Thanks for the econ lesson, and the shout out!
Thanks for raising your hand, Ms. Ulfers 😉 Those are two good questions:
1. Bitcoin is an open source software program and anyone can propose changes; however those changes need to be reviewed and approved by many knowledgeable and dedicated developers. Even then, new code changes have to be implemented by the miners and node operators, who can choose not to update to the latest version. So these three stakeholders (developers, miners, node operators) can keep each other in check and prevent unwanted changes. Long article on the topic if you’re interested bitcoinmagazine.com/technical/the-battle-for-p2sh-the-untold-story-of-the-first-bitcoin-war
2. Yes in theory going back to the gold standard would fix inflation because only a small amount of new gold is mined each year. Whether this is practically possible is the big question since the US government is so dependent on issuing and often buying its own debt (the Fed is one of the largest holders of govt debt). So major changes would be needed.
Thanks for watching!!!
I appreciate your stream of consciousness. I think it would be cool if you video what you are seeing instead of videoing yourself.
I’ve mostly been pointing the camera at myself since it seems to pick up my voice better but will give it a shot. Thanks for watching!