The network majority decides everything, including how transactions work, how many coins there are, what the block size is...
The prospect that there's only ever going to be 21 million Bitcoin is ensured by nothing except majority opinion. It's not inconceivable that this will be relaxed in the future and Bitcoin will have a "Bitcoin Classic" fork where old rules are enforced. This could happen if, for instance, transaction fees don't make up for miner majority rewards.
Agree. Crypto currency is small and has never had to deal with major financial fallouts like 2008 mortgage debacle. The idea that the number of bitcoins can never be changed for example due to the need to respond to national or international problems is silly. Ultimately any rules are but code decided by human factors. Therefore it's not impossible that there are several forks running several crypto versions at the same time depending on what people think represents the best response. A few guys buying coffee on BC or investing in BC is one thing. Running a nation on it is a much more dynamic thing. It's for some of these reasons the US Treasury controls money supply. There are also connections between national indebtedness (treasury bonds) and money supply suggesting that enforcing rules setup up X years ago may not weather the first storm.
> The network majority decides everything, including how transactions work, how many coins there are, what the block size is...
The informal consensus of network full (non-mining) nodes enforce that. Full nodes are economic actors, such as people who sell goods and services, who fully verify the chain. They simply refuse accept inflated Bitcoin.
A Bitcoin full (non-mining) node only takes 5GB storage space and 128MB RAM to run.
> The informal consensus of network full (non-mining) nodes enforce that.
It does that now, but there is no guarantee that this consensus holds. Maybe it's quite likely that it holds, but nothing guarantees it.
> Full nodes are economic actors, such as people who sell goods and services, who fully verify the chain. They simply refuse accept inflated Bitcoin.
They can refuse to accept inflated Bitcoin, but somebody has to mine new blocks. If the vast majority of miners decide to do something, the remaining miners will have trouble mining new blocks and the entire system is heavily disrupted.
As you say, they are economic actors, so when faced with the decision of having a severe service disruption and giving in to miner demands, the choice may well be the latter. After all, why would they prefer to use a "original Bitcoin" that only has 1% of the hash rate? Because it has the original brand?
It's ironic that even modest monetary inflation is considered bad by so many Bitcoin proponents when that inflation is what pays for the Bitcoin network. Perhaps some day, transaction costs will make up for it, but that is not a given.
> A Bitcoin full (non-mining) node only takes 5GB storage space and 128MB RAM to run.
It's completely irrelevant how many non-mining nodes there are. The only thing that matters is who runs them (exchanges, merchants, actual users).
> As you say, they are economic actors, so when faced with the decision of having a severe service disruption and giving in to miner demands, the choice may well be the latter. After all, why would they prefer to use a "original Bitcoin" that only has 1% of the hash rate? Because it has the original brand?
Why would anyone mine Bitcoin that merchants don't accept?
Not quite -- the 21 million (or more accurately, 2.1 Quadrillion sat) is a hard line. Any coin not enforcing this rule is not bitcoin. There of course will be forks that dont, but they are not bitcoin.
That’s a definition you can use, sure. And, I do tend to value using words in a consistent way over time.
But definitions are choices. People are free to choose what definitions they think of as “the definition of <x>”. Some such choices are likely to cause more confusion when they interact with others, but this is not always sufficient to discourage/prevent some faction of people from choosing some definition that differs from that used by some other faction.
Under the definition you are using for bitcoin, such a thing would not be the thing that you currently would consider bitcoin. That’s fine.
This doesn’t mean that people wouldn’t use the name “bitcoin” for it.
Perhaps 2000 years from now, the word “bitcoin” will instead refer to apples instead, due to random linguistic drift. (Or, a fruit which resembles apples. Will they technically count as apples, according to our current notion of apples?)
The prospect that there's only ever going to be 21 million Bitcoin is ensured by nothing except majority opinion. It's not inconceivable that this will be relaxed in the future and Bitcoin will have a "Bitcoin Classic" fork where old rules are enforced. This could happen if, for instance, transaction fees don't make up for miner majority rewards.