Comment by osigurdson
20 hours ago
Right but some number of humans can collectively decided to change literally anything about Bitcoin. It isn't some fundamental constant of nature. The question really is who are the humans that could actually decide this, what are their incentives, what would make them decide to change it? If only you and I are running the original Bitcoin code then it isn't really Bitcoin. "Real" Bitcoin is a function of human decisions and has fundamentally very little to do with the code. Purchasing Bitcoin is simply a decision to trust this group of humans.
This group of humans is anyone else who decides to run the same version of Bitcoin as you
Yes, but who actually decides? I doubt it is as egalitarian as it seems. Perhaps to put it in monetary terms, how much money would be required to incentivize this group to double the number of Bitcoin? Would $999T be sufficient?
If anyone creates a different bitcoin version with double the number of bitcoins, that new network would be worthless.
Not only would no-one have confidence that the same thing wouldnt happen again, but the value of the bitcoin in this new version would be half that of the old system. No one who holds bitcoin (the people who count here) would agree to use the new version. It would be dead in the water.
Even if it did manage to gain traction (which it wouldn't), the people still using the old version would prevail due to their use of harder money, just as bitcoiners are prevailing over fiat-holders.
It's like trying to change the text of the bible - something of that order of difficulty but still much, much harder due to the enormous incentives to carry on using the previous harder version.