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lsparrish comments on Bitcoins are not digital greenbacks - Less Wrong
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That does overcome the in-principle argument that bitcoins are limited, deflationary, and thus too volatile to be used as cash. However, considering that the network (comprised of bitcoin holders, presumably) would have to decide they are okay with diluting the supply and changing the rules, I feel that is somewhat unlikely.
Bitcoins are released on a fixed schedule. If the new protocol enables them to maintain this schedule indefinitely, it will not have a shocking dilution effect.