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Matonis: If Bitcoin XT Succeeds You Can Kiss 21 Million Cap Goodbye

Sunday 28th, June 2015 / 14:44
Matonis: If Bitcoin XT Succeeds You Can Kiss 21 Million Cap Goodbye

Jon Matonis sat down for an interview on Wednesday to clarify his recent statements regarding possible increases to Bitcoin’s 21 million supply cap. He is the Founding Director of the Bitcoin Foundation, former CEO of Hushmail, and a contributor to Forbes and Coindesk.

Matonis believes it might be possible to preserve the 21 million bitcoin cap, but only if Mike Hearn and Gavin Andresen withdrawal their attempts to hard fork bitcoin by propagating Bitcoin XT to existing nodes.

Bitcoin XT is attempting to fork the core code by propagating it through the existing nodes. I would urge Gavin and Mike Hearn to withdrawal the Bitcoin XT propagation starting today. (If Gavin and Hearn succeed) it will eventually lead to a 21 million cap change.

If two rogue developers can manage to increase the Bitcoin block size without the consensus of Bitcoin’s core development team, Matonis believes it might then be time to kiss the 21 million Bitcoin limit goodbye.

When we get to July 2016 someone else could propagate software so that the block reward wouldn’t go down to twelve and a half. That’s entirely possible. That is no different than what we’re seeing now with the block size.

But Jon never mentioned that Gavin controls Bitcoin’s Alert Key. Making him the only Bitcoin developer with the power to send out security alerts and upgrade notices to every single Bitcoin core client. That power should never be underestimated or forgotten.

Will it be possible to stop Gavin and preserve Bitcoin’s 21 million supply cap? Could Gavin use the alert keys to “persuade” bitcoin users? Log in below using your favorite social network and weigh in on the discussion.

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