Bitcoin Restriction

ChipArgyle >  As demand increases, the servers will create new Bitcoins 

Its not true. That's a myth. Every "Bitcoin-server" is running on Open Source software with open code. And every "Bitcoin-server" has hard-wired VERY STRICT restriction on how much there's gonna be Bitcoins.

Moreover this restriction is SO PRECISE that I can say exactly how much there will be Bitcoins in the world 10 years from now, how much Bitcoins there will be 20 years from now and so on. See for yourself:https://en.bitcoin.it/wiki/Controlled_supply

You can read about this restriction in many sources, and probably you already heard so many times "There's only 21 million of Bitcoins", but perhaps you were to busy being angry on Bitcoin that you skipped that part.

> There's no reason for that not to happen, because they're arbitrary items that have no inherent value.

The whole invention of distributed databases (blockchain) would be useless if this restriction rule would be impossible to enforce.

The whole idea of Bitcoin as a currency would be really silly, and I would sit here all days long explaining to strangers why it is so.

The whole idea of Bitcoin as a currency would be really silly, if any government easily could manipulate any even random account.

Bitcoin is the revolution. And Bitcoin is so great just because we know how much Bitcoins there will be EXACTLY.

For the cases of more density of wealth concentration within Bitcoin ecosystem there's opportunity to divide 1 bitcoin to 1 million bits, or to 100 million satoshi.

But when you divide Bitcoins it doesn't mean that you're printing new Bitcoins, you're just having system where less and less Bitcoins needed to represent wealth.

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Blockchain could be used to make stealing anything 100% not interesting.

Robbery is a big problem for many things, that's why such expensive things as cars are registered in government agencies.

Throughout the history governments around the world proven, that they can't protect things from being stolen. Robbery still exists.

What if I told you that blockchain holds promise for perfect ownership proving & transferring mechanism?

What if every bicycle would have encrypted public key manufactured into each detail? What if the public keys are will be engraved the way it would be really hard to counterfeit? (E.g. let's say its bicycle - you just engrave your public key in many places on the most important parts of bicycle frame).

When you purchase your bicycle, store sends 1st transaction to main public key of bicycle. Within transaction the store includes public key of new owner. Next time owner wants to sell his bicycle, he can broadcast 2nd transaction to the main public key of bicycle.

What task blockchain solves in this scenario? In this case blockchain is used as a ledger for registering ownership.

The most awesome thing is that while government itself can't register things smaller than cars, but with blockchain you can register within such blockchain such small things as even pencils, pens, computer mouses and keyboards, etc.

If every pencil, every hard disk, and every stuff in everyone's house would be marked in blockchain, then I doubt it will have any sense to break into house and take anything, because person who steals it, can't sell it without your permission, because you're the only one who hold your private key of last transaction in public key specified on that item.

And even if you lost your item, someone who found it can contact you by sending contact message on public key specified on that item.

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You can send your Bitcoins to dead human (if dead human kept his private key in brain)

Basically this is serious topic, I bear in mind 4 goals -

1) I've heard about traditions where people are giving people some gold, some cash after someone is passed away. Does that virtually could become valid tradition once cash is replaced?

2) How about ethics? On the one hand its the common process (just burning Bitcoins the way its done in OpenBazaar), but on the other hand - what's gonna happen if a lots of cultures will adopt this? Can we statistically run out of Bitcoins if every person on the earth will take their Bitcoins to the heaven?! (i.e. transferring Bitcoins to God). And by the way, if burning Bitcoins is transferring them to God, maybe logically its the only legal form of paying that 10% tithe? (Don't offer attaching those tithes to sidechain because its again transfers money from poor to wealthy)

3) What if dead person somehow is going to use his Bitcoins on heaven? Does that means that relatives will automatically get psychological trauma?

4) I personally believe that dead people can move their funds from heaven. I'm just talking spiritually. For example do you think it will be ethical to program my wallet to deliver different kind of goods to alive people and freaking them out? Actually this is going to be my last question - e.g. if I have 1 million dollars in my wallet, is that a good budget to freak out remember about me everyone who knew me? What ideas do you have to freak people out? (E.g. I can setup programming platform which can send messages over social network on event of my death, e.g. I can send messages like "Hi, this is John, I'm writing you from heaven, there's a new movie called <PARSED_INFO from MOVIES_WEBSITE> are you going tonight? Here's the tickets I bought for you and Lucy using my Bitcoins, meet you there!"

What kind of automatically setup services would freak you out the most? I want to pay for this stuff! Isn't it nice if your Bitcoins keep you in your good shape after you dead? :D

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