OpenRuby.com

04 Dec '12, 3am

Why is the supply of Bitcoin not pegged to its demand?: If it's supposed to be a decentralized currency, then wh...

GDP (and most other stats you would think to use for this) can't be accurately determined by the network without trusting someone. The network can only see the movement of BTC; it has no information about non-BTC currencies, goods, or services. For GDP, some centralized organization would need to figure out the the real amount of spending in the BTC economy. The network can't just look at the total BTC transaction volume to figure this out, since someone could send BTC to himself in an undetectable way in order to inflate the volume stat. One of Bitcoin's primary goals is to be decentralized, so it can't rely on a central authority. Therefore, the money supply needs to be set according to some algorithm that looks only at raw Bitcoin transactions and blocks. Satoshi chose to make the supply asymptotic because he thought that this was basically how gold worked, and gold has...

Full article: http://bitcoin.stackexchange.com/questions/5584/why-is-th...

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