Russo's avatar
Russo 2 years ago
So if some new satoshi appers and sets a “new bitcoin” isn’t creation of new money too? 🤔

Replies (2)

You are describing the other coins attempting to be money. Thats not bitcoin. Bitcoin has a set supply, and increasing demand, others have tried to replicate bitcoin for 14 yrs now. Call me “satoshi” & assume a money shortage: i can grow lettuce and use it as money to exchange for goods & services but its elastic supply will always meet demand at the lowest possible margin of cost. I will lose my savings either to decay or a larger producer. I didn’t create money, i created a good that can be temporarily exploited to gain more resources. Furthermore who will accept 10 truckloads of lettuce for a car that they produce. Just because i “satoshi” produced it does not make it money.
Bitcoin was created with a price of zero. Price came afterwards, after the network was established. If a “new satoshi” appeared, what are the chances the coin would launch with a price of $0.00 and have no insider premine? Even if that happened, the new coin would then be in competition with Bitcoin, and what are the chances it would contain some property so valuable that it would outcompete bitcoin’s network effect AND not suffer a fatal attack in the meantime?