Twitter user, Matt Luongo, founder of Fold, a Bitcoin payment app, was the one who recently sparked the heated debate about wether Bitcoin's maximum supply should be increased one day.
At a Satoshi’s Roundtable event last week, Matt Luongo, was the one who said that 'one day, we might have to raise Bitcoin's maximum supply of 21 million coins.'
I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me. https://t.co/ysqHHdcggf— Matt Luongo (@mhluongo) February 4, 2019
According to Bitcoin.com, Luongo responded to a discussion about the anticipated adoption of the Lightning Network.
With the block reward halving every four years, and onchain transaction volume likely to be low in the future, there will be little incentive for miners to secure the network. This could lead to 51 percent attacks that would undo the trust instilled in the Bitcoin network over many years.
Read more: Is Bitcoin at $1 million really possible?
The suggestion of raising BTC’s total supply is intended to incentivize mining in a future where there are minimal block rewards and minimal onchain volume.
Of course, knowing that there will only ever be 21 million Bitcoin in existence, is what gives the currency its digital scarcity. Raising this cap, even by a fraction, could plummet the value of everyone’s holdings overnight.
Needless to say that such suggestions spark intense and even heated debates. Crypto Twitter shows that it is still alive and kicking.
Nick Szabo, a blockchain, cryptocurrency, and smart contracts pioneer, said that Bitcoin security would not be irreparably degraded if hash power decreased over the long run. But did add that it may require recipients of very-high-value transactions to wait more blocks before relying on them.
Bitcoin Cobra, co-owner of bitcoin.org and bitcointalk.org took off like a lighting rod, telling Luongo that there will only ever be 21 million bitcoins. 'If you have a problem with that, get the fuck out of our community because you aren’t welcome', he said.
There will only ever be 21 million Bitcoins. If you have a problem with that, get the fuck out of our community because you aren't welcome.— Cøbra (@CobraBitcoin) February 5, 2019
Tushar Jain defended Luongo's suggestion by saying that the 'inability to even consider adapting to possible scenarios is a huge weakness' for the Bitcoin community.
The way Bitcoiners are responding to @mhluongo it seems like he committed some sort of 1984-esque thought crime...— Tushar Jain (@TusharJain_) February 5, 2019
The absolute rigidity of Bitcoin is seen by maximalists as a feature, I think inability to even consider adapting to possible scenarios is a huge weakness. https://t.co/CobEm2acnR
Bitcoin Cobra wasn't having any off it. 'Piss off' he said.
Piss off. This has nothing to do with idiot maximalists. Anyone who dares suggest we raise the supply of Bitcoin should be ostracised and chased out of the community. 21 million Bitcoins will be minted, no more.— Cøbra (@CobraBitcoin) February 5, 2019
Matt Luongo replied and said that he doesn't think 'we should chase off people who "dare" to discuss ideas... that's been rough for communities trying to stay competitive historically.'
He went on to say that he never made a proposal, just a 'speculative discussion about the predicaments we might find ourselves in down the road.'
This discussion was about a hypothetical approach to an unlikely fee market situation that could develop many years from now.https://t.co/Nu3hFFQB19— Matt Luongo (@mhluongo) February 9, 2019
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