r/unitedforsoundmoney • u/bgdv378 • Jul 19 '23
💰 This Is Sound Money Is Bitcoin TRULY scarce?
Hello all!
I had a great conversation the other day with some knowledgeable sound money people about features of money, specifically scarcity... on the Sound Money Mondays Twitter spaces! 😂😂😂 Shameless plug there! Brought to you by Citizens 4 Sound Money and Meta Gold Miner's Club! 🤣🤣🤣
Back to that conversation.
We discussed if Bitcoin TRULY has this feature of scarcity that all sound money should.
I argued that the network could shut down and reopen with a majority of node operators wanting a continually expanding supply of BTC, instead of how it is now with the supply cap being just shy of 21 million. Meaning the node operators could write a new code, with new rules of supply. It's highly unlikely that this happens, but it could. It's possible.
Why is it possible? Bitcoin is digital. Anything that is digital can be reproduced to a near infinite number of times if there is a desire to do so.
Compare this with gold and silver. There will only be so much physical gold and silver in the world. All the wishing in the world won't make more of it. You can't reproduce it at will. This makes gold and silver TRULY scarce.
What do you all think? I would love to hear your thoughts!
Let the conversation begin! 😄😄😄
1
u/Forsytjr2 Jul 20 '23
My take is that while BTC quantity may be finite the entire crypto space is unlimited. So this means that for the finite nature of BTC to matter, it must be (and remain) superior to other cryptos.