Dear everyone, I’m not knowledgable enough to respond to this, so I am wondering how any of you can help.

Dear everyone, I’m not knowledgable enough to respond to this, so I am wondering how any of you can help.

#Dear #knowledgable #respond #wondering

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MiceAreTiny

Everybody can change the code, that is the easy part.

Changed code will not have a consensus nor a network. That is the key part.

Sad-Error

i can’t even 🤦‍♂️

and yes, bitcoin uses integers, not floats – all calculations are made in satoshis, which is the smallest bitcoin denomination.

Afaik the 21 million limit is not even in the code, and if it is it has no functional value. The limit is only represented through the decreasing geometric sequence of mining rewards.

Safe-Comfortable3393

The proposed change seems to increase the number of decimals, not increase the supply of BTC.. however even that change can’t be made unless everyone switches to the new software which they probably won’t.

lardarz

Its just intelligent sounding word salad. It might sound clever but whoever wrote it doesn’t have a clue about the 21m. I mean, I don’t really and I am dumb as fuck but I know its based on diminishing block rewards rather than someone hard coding 21,000,000 somewhere.

It won’t actually reach 21m either cos some has been lost to error corrections and miners initially not collecting the rewards

Halo22B

If you have an apple and cut it into 4 slices you still have one apple, if you have then cut each slice in half you still only have one apple….you didn’t magically 4x then 8x the apple.
BTW every node gets to vote on whether you even get to pick up the knife.

Last-Faithlessness-6

Silico doesn’t understand Bitcoin, as evidenced by the line “they will print bitcoins for themselves just like they print more fiat.” There is no “they”. Bitcoin isn’t run by a small group with controlling power. Anybody can change the code but, as other users have said, that would just create a hard fork that very few people would support.

FlTerpz

Dudes just pissed he missed the run he was waiting for 8k 🤣😂

dlq84

This would create a hard fork. A hard fork no one in their right mind would switch to.

Also, it’s not using floating point. The code only knows about Sats, the decimal point is literally just formatting for humans sake. ([https://developer.bitcoin.org/reference/transactions.html#txout-a-transaction-output](https://developer.bitcoin.org/reference/transactions.html#txout-a-transaction-output) see how the value is a 64 bit integer, not float/double)

That guys is clueless.

lgieg

started to read until I saw the word “magically”

Elegant_Low7317

It is just another FUD in a technical coat.

Zero_Effekt

tl;dr “I don’t know shit about fuck.”

fverdeja

Anybody willing to run this change in their node please raise your hand!

ma0za

lets be clear here: anything about bitcoin can in theory be changed through User/Node consensus and that is exactly how it should be.

Elegant_Low7317

Since bitcoin HAS an opensource codebase anybody can change anything in it. But this is not a problem it all depends on the the nodes, the network! Will they accept the change?

There were several forks already with almost no success…

The questions is a theoretical issue in case of bitcoin in my opinion.

DatBuridansAss

This guy needs to cool it with the antisemitism

WizardLaboratory

Alternate title:

Novice learns about data types and gets Dunning-Kruger’d hard

Starkgaryen69

This guy has the IQ of my left testicle

mredda

He is saying that you can split a pizza it in smaller and smaller pieces, so the amount of pizza is not limited.

BTCwatcher92

Whether or not this may be true is not what I care about, who is “they” lol this is some tin hat shit

HelloMyNameIsSmaug

The funny thing about stuff like this is that they really think they have something figured out.

“IF EVOLUTION IS TRUE, HOW COME THERE IS STILL MONKEYS?!? YOU DIDNT THINK OF THAT NOW?”?!?!

JimY2817

Anyone can change the code but they can’t get all the other nodes to accept it. The example I sometimes use is the English language. We all agree what a dog is, right? Now what if I decide that I want to word “dog” to mean “cat”? I can do that if I want, but good luck getting all of the other English speakers in the world to go along with me. Even if a huge corporation or a government wants to change the word dog to mean cat, the world won’t just go along. Same with the Bitcoin protocol. If and only if a change makes sense to all users and those users independently decide to adopt it can a change ever be implemented.

Code-Financial

He’s got that ‘I just took my first Computer Systems course in college’ arrogance.

hatsuseno

All the technicalities are a distraction. Press them on who ‘they’ are. ‘They’ are the miners and if someone, or a group of people, ever gets 51% of the miners under their control *thats* when we have a finger-pointable ‘they’ that could do these things.

Newbie123plzhelp

I don’t need to respond the comments handle this pretty well.

This idiot is trying to sound smart by getting into superfluous details whilst seemingly misunderstanding entire design of the protocol.

ZedZeroth

The “they” who have control over fiat have a very different kind of control to the “they” who have control over bitcoin.

benhammy

This feels like an understandable logical mistake made by a lot of people. If we complain about rampant inflation, why would there be mechanisms to infinitely divide Bitcoin into smaller and smaller units? The assumption is that infinitely dividing a fixed amount is exactly the same as infinitely increasing the supply. Both methods serve the purpose of greasing the wheels of commerce but with some noticeable differences.

1) everyone (primarily those running nodes, who have a say in the consensus network) participates with Bitcoin’s network implicitly or explicitly aware that the issuance schedule is predetermined. In an inflationary environment, you have no transparent knowledge of exactly how much money is being added to the system.
2) the increase in workable units of currency (dividing a $1 or $10 Satoshi so that it can be used in smaller increments) would benefit all market participants equally. Currently in a fiat system, those closest to the money printer get the maximum value as it trickles into an economy.
3) a decision like this would require a majority vote in the network to change the rules. There’s no FED or IMF or WEF pulling levers “for our best interest”. So go run a node, help decentralize the network. Maybe in 20 years this problem actually causes issues, and you can vote with your node on the best solution.
4) dividing a pizza into smaller and smaller slices is very different than baking more pizza when you think the people want more pizza. Dividing the pizza doesn’t change the amount of the pizza, it just makes it more shareable. Any value assigned to a slice gets made by the person eating it. If they’re still super hungry and want 2x of the smaller slices, that’s up to them.

theabominablewonder

Easy question back – who is “they”?

Developers have no say on the number of bitcoin unless the majority of miners agree by consensus to adopt any code changes.

Miners need a majority, and changing the supply of bitcoin destroys Bitcoin as a network. Why would the majority of miners want to destroy their cash cow?

Unless they can argue a reason why a diverse set of miners would all want to destroy their own business model, then there is no argument here.

kenlbear

This person does not understand the blockchain. This 21 million limit is in the source portion that is part of the blockchain and verified in every new block. Any change would result in a fork. The new fork would die off as the original fork extended. So no, no one can quietly change the limit.

Toger

Sure, the bitcoin protocol could be changed to add bitcoins. Just have to get a majority of the network to agree to that. Good luck…

Broineverysentence

If the bro is so smart he should run his own modified version of bitcoin and see it will turn out.

cryptocraze_0

Anyone can rewrite then constitution. Just get a pen and write on top of it.
It was written with old ink that can be erased easily. You could even bring your own paper.
The constitution is not secure .

Thao-kai

Lmfao, that’s like saying “You can increase M1 money by introducing a $0.001 coin”.

No, a dollar in this case is still worth a dollar, even though we now go from having X amount of the smallest denomination to 10x of the smallest denomination.

In the same way, increasing the amount of satoshis, the smallest denomination, 8192x doesn’t change the amount of the largest denomination, bitcoin.

​

For added laughs, the reason we’ll never see a $0.001 coin is because fiat gets weaker – which is why for example Canada got rid of the penny a few years ago – the penny was getting too precise versus the value of the dollar. On the other hand, the reason we may eventually need to further subdivide satoshis, is because it’s scarce and becomes more valuable with time as bitcoin are lost (through burned or lost wallets). The whole world’s economy could run off a single satoshi if we really needed it to, which I think is a wonderful show of BTC’s resiliency.

SilencingNarrative

Changing the code to raise the block reward is one thing, convincing people to deploy that code onto their node where it would matter is another.

Argyrus777

I’ll respond with “k”

ShogunSpirit4

Too bad the world is full of uninformed chaps who deploy buzzwords and clickbaits to sound smart. Unfortunately, they get believed.

aaaaaaaarrrrrgh

The easiest and best way to respond to it is: not.

The parentheses around source code are basically a kind of scare quotes, usually used to suggest that whatever’s inside is part of the Jewish world conspiracy… and the float stuff is utter bullshit, showing the guy has no clue.

cambo666

What a fuckin idiot.

Not you, the poster.

urmomsspaghetti

I don’t know how someone can be so stupid yet so confident.

In addition to everything everyone pointed out (btc is not capped because of some data type limitation), I just want to marvel at how he thinks you don’t need decimals in addition and subtraction. It’s just icing on the cake of all the stupid shit he said.

Dormage

Most pointed out the issue with binary encoding and arithmetic. But even if that part was correct, the important peace is who is “they”. You can go ahead and make such a change, see who downgrades their node to yours.

manyQuestionMarks

Didn’t even read the thing. You can change the code all you want, make it draw flying unicorns on your desktop when your balance hits a prime number, increase your balance if you cigarette addition is slowing down, whatever.

In the end, others don’t agree so you’ll be mining on your own chain. Yey!

RRjr

Don’t even bother, my man.

The guy is a paranoid antisemite who clearly has absolutely no clue about Bitcoin or how it works. That’s why he throws around random gibberish, to try and sound smart. Everything he wrote there is just utter nonsense. The racist remarks are just the icing on this lovely cake of human trash.

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