Comment: Yes

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In reply to comment: Protocols can be changed (see in situ)


You are right that the protocol can change technically.

But I'd say you're wrong about why it's *unlikely* to change. It's not because a change would undermine all confidence in the currency. It's because a majority of people will probably not support changes that are non-beneficial.

Take the 21 million coin limit, for example. Here, of all places, it should be obvious why having a set non-inflationary/non-changeable limit is desirable by people holding a currency.

Let's say someone proposed a protocol change to double that to 42 million. Do you really think a majority of people will agree to inflate the currency they own so that their holding is worth half its value? That doesn't make sense. In other words, the reasons people like bitcoin is for the rules it already has.

Next, the reason he said another protocol version replacing Bitcoin is "Highly, highly unlikely" is not because he's trying to "pump" anything backed by nothing but words. He is using logic. Bitcoin as I said attracts people because of the rules it has, and an economy and infrastructure is already being built up around it (there is even a stock exchange!). Something would have to surpass Bitcoin in this regard by being better somehow for people to switch horses. I believe that's highly unlikely.