Follow

Bitcoiners should be careful not to let the failure of inflationary fiat result in turning into nothing more than a new, non-inflationary* fiat.

This is a risk as people who don't necessarily care about decentralisation flock to Bitcoin for safety.

* for now (nothing prevents a non-inflationary fiat from adding inflation later)

@lukedashjr what does this look like, practically speaking, for non-devs?

selling all forked coins seems like a good first line of defense

@skells To differentiate between "real" bitcoins and "forked coins", you need a full node of your own.

A risk of decentralised networks, is that they're vulnerable to takeover by centralised actors if too much of the economy trusts those centralised entities to verify their transactions.

A minority selling forked coins won't likely be enough to prevent that.

@lukedashjr depends on the stacks of the minority

but I see your point, thanks

@skells Yes, minority/majority is weighed by economic influence (not just stack size)

@lukedashjr hypothesis:
as long as a large enough segment of the population refused to accept forked coins, people would be getting burned by accepting them.

people would spend their forked coins as fast as possible (like counterfeit cash) and get wise about how they accepted coins in the future.

"bad money drives out good" but it's very easy to identify bad with a node, so you'd quickly train people to check their change

questions are:
1) what percentage of "intransigent minority" is required to effect this?
2) what are the incentives for inflationary cash and who are most tempted by them?

my sense is that most people would prefer to hold the real McCoy even if they tawked otherwise

@gchaincl @skells It's the same thing as not using a full node, yes.

@lukedashjr I have wondered about this. How could it be prevented?

Also, I remember hearing the suggestion that unmoved coins of a certain age be considered for distribution to miners after block subsidy ends, and that sounds like it could be a social attack vector when combined with certain surveillance mechanisms

@RealFake Insist new bitcoiners use their own full nodes.

@lukedashjr ah. so, that's a consensus defense. but what about a change to the software?

@RealFake There may or may not be hardforks that could make it difficult to run a light wallet, but I'm not sure the community is open to that.

Sign in to participate in the conversation
Bitcoin Mastodon

Bitcoin Maston Instance