Heated debate: Should Bitcoin's maximum supply of 21 million be increased? – Chepicap


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.’

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.

Read more: 9 Bitcoin price predictions for 2020 by crypto experts

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.

Bitcoin Cobra wasn’t having any off it. ‘Piss off’ he said.

Read more: Why it’s good you’re still in cryptocurrency in 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.’

Do you think Bitcoin’s supply should ever be increased? Let us know in the poll below.

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