[ExI] [mta] Re: Long Term Bitcoin Catastrophe?

[Gordon]

Brent Allsop <brent.allsop at canonizer.com> wrote:


>Here's another question for all you way better than me experts, especially Giulio who I've CCed.  Is there any way the Bitcoin network could be altered to allow for more than currently allotted 21 million Bitcoins?<

No. That is one of the beauties of Bitcoin. Scarcity is built into the system. Think of it as a precious metal in this respect. There is only so much gold in the world. In a similar way, will be only so much Bitcoin in the world.

However, as I have mentioned here, I do have some concerns about the proliferation of alternative digital currencies. There is no limit to the number of such currencies. If they can all exist together, and if more can be created without limit, then there is no limit to the digital money supply. Digital currencies in that case become inflationary instead of deflationary. 

But I've set those concerns aside for now. Bitcoin is the clear leader in digital currencies. I prefer to think that in the long run, most or all those alt currencies will fade away.

Gordon
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