The Hard Forks That Didn’t Dilute Bitcoin

Some time ago, one of the more thoughtful critiques of Bitcoin went a little like this:

“Sure, bitcoin is scarce in its supply, but since it’s effectively costless to clone the software and fork it, it’s not scarce overall. Forks constitute effective dilution and render the Bitcoin system’s commitment to a hard cap irrelevant.”

This wasn’t altogether a terrible point. For a moment in 2017, it seemed like Bitcoin was being forked on a weekly basis. I’ll confess to feeling a twinge…

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