Bitcoin Forum

I mean, they are so rich, they can start to mine Bitcoin, even if they lose some money they shouldn't care, they are ok with all those money they already have.
Am I wrong?
If you became rich and you are doing the dream life that everyone wants is thanks to Bitcoin, don't let him die.

I think you have misunderstood something. The rich people are rich because they have managed to get people like you to buy their Bitcoins at a high price. That means they are now rich, and you are stuck with a Bitcoin that you can't use for anything and also cannot sell with profit because of the high transaction fees. You have made them rich. They will not help you.

Why aren't rich people trying to mine to help bitcoin? Same reason as why not all rich people donate money to charities. Some are just simply not interesting in helping others. Also, calm down. Bitcoin isn't dying; it's definitely currently sort of crippled, though.

I know it's not dying, this is just a correction that we needed and BCH, but still, someone have to do something

Mining is not for everyone. Then you gotta consider many of these Bitcoiners are just long term holders with no actual interest in its technology.

There should be a voting mechanism in the bitcoin community with regards to its direction.
Nowadays, miners have been too powerful in vetoing certain changes that will affect their bottom line.
Resulting to hard forks that further dilute bitcoin value.

Hard not to see BTC still go down in value in the next weeks. FOMO subsiding nowadays.

its very simple Bitcoin holder for  long time are the ultimately gainer so they just keeping and don't try to improve it.

Mining at a loss is not the solution to solve the transaction problem. We have to think of better solution.

Improving it is not for the bitcoin holders to do. It is for the developer community along with the miners (as they maintain the network) to do.
Since consensus is always hard to achieve, that is where the problem on the pace of improvement is coming from.

I think people who get their bitcoin are not stingy because they get a lot of money from bitcoin.
rich people from bitcoin will not choose floating because fortunately a little bit, either joining a bounty campaign is fortunately bigger than a floating one.

If they improve it they will want to improve for their own interests. That happens with Bitcoin forks. Those developers trying to overcome Bitcoin with their new Bitcoin versions are doing this what you are saying, they are rich and try to "improve" Bitcoin, but they don't have acceptance from most investors that still prefer to keep supporting the original version of Bitcoin.

Also, Bitcoin is money and people will move themselves to any other currency if they think it's more profitable and worthful. There aren't sentimental feeling for Bitcoin that will make people put their own financial interests apart to don't let Bitcoin die.

Yes , you are!!!
Because rather than asking why the "rich" guys aren't fixing BTC you should start learning who bitcoin works.

More miners would have no real impact on the confirmation speed. The time between blocks will decrease for a while but with the difficulty adjustment it will go back to 10 minutes a block.
One miner or 1 million it doesn't matter, it's not like sending 100 more trucks to carry gold from a mine.


 
Mining at a loss?
An s9 is going to ROI in two months even with 10 cents per kw and you are talking about mining at a loss?

I meant that there are more profitable coins to mine I guess

You can't mine "other" coins with bitcoin mining gear.
You can mine only sha256 coins.

Most of them are crap and if one big farm tries to mine it it will never cover the electricity costs.
What are you going to do with 1000 Mazacoins reward per block?
That's 0.8 $ (not even a full dollar) every 2 minutes.

The only one that counts is BCH but the reward is still 1/4 compared to BTC.
So not all miners are going to switch to BCH.
 

one thing about "getting rich" is that it's never enough. people with a lot of money tend to want more and more. the richest people i've ever known have also been the cheapest/stingiest, unwilling to spend money on anything. that's partly why they became rich.

it's also not easy to just start mining bitcoin. with the difficulty trend and unreliability of prompt shipping of miners, you need to be extremely well capitalized. you'd probably need to dump several million $$ into a well planned mining operation to be viable. in order to do so, you'd also need to sell a shitload of your BTC to cover overheads, and you'd have to pay capital gains taxes on all the gains.


fortunately, there are some good souls who are early holders. see https://pineapplefund.org.

You can only speculate that they have sold a lot of bitcoins, cause if that's not the case, their actions goes against logics.

However, don't forget that we have very talented people doing a good job improving Bitcoin, like Adam Back, core developers and people building stuff to the ecosystem.

BCH is also an interesting case because of the covert exploitation of asicboost, which was addressed by segwit in BTC. that amounts to a 30% cost advantage over other miners, discouraging decentralized mining. this is why the vast majority of BCH hash power comes from unidentified miners. it's presumed to be mostly bitmain's hash power. if you're mining BCH and you're not bitmain's patsy, then the only other explanation is that you are extremely bullish on BCH vs. BTC.

Bitcoin really digs a tough path. It would have to be a huge farm. Many people have acquired a lot of property by accident. They bought BTC as cheap and just kept it. Lucky.

Why do you think there are no one who is trying to improve it, I think there are at least 5 teams working on that. Lighting network also is very close.

You are wrong. Almost all the millionaires and billionaires that you see everyday are never going to be satisfied with the money that they already have. First laws of ambicius.


About what dream life are you talking about? It seems that you are another guy who wants to get rich by using bitcoin for a few weeks and then became rich just for doing some bullshit task or just by investing five bucks.


And no, do you see Mark Zuckerberg or just Warren Buffet trying to improve bitcoin? Of course not.

Mining is not as easy as it sounds. They are too much hassle. Requires proper maintenance everyday. And why would someone do something that would make him lose money? That utterly stupid thing to do. Even though they have money, why would they waste it?

I'm sure those rich people wants to do mining as mich as they could so that they will have more opportunity of earnings bitcoin but mining is not an easy thing whether how rich you are if your place as well as equipment are not good enough for mining you are only wasting your time and possibly lose a lot of money. I thinks instead of mining rich people would rather go to trading and investment.

Do you know how rich people become rich? They work hard every day, they manage theirs money and count everything they spend. Thinking that they should help to everybody and give people money cuz they are rich and somebody no is so wrong

Rich people have nothing to do with the core of bitcoins. Not unless they are part of the development team. Rich people are just a big part of the market price volality and not the slowing of transactions and transaction fees. In my own opinion rich people are just holders of amounts in btc or making profits out of it and they may cause a big dump upon selling their own btc.

Rich people are not mining as they don't want to do that's it. It is not necessary for people to go for mining if they are rich and it all depends on one's interest and thinking. If people are being rich by investing and trading then why they would prefer to go for mining as mining is little bit harder game than trading. And don't worry bitcoin is not going to die, there will be up's and down's, you just need to be holding with patience for getting profit from it.

Bitcoin is not dieing at least not today. What is being faced now, are just challenges that I.believe would pass just for the core.developers to do something about it and we are good again. The reason for the increased hostilities.towards bitcoin is.largely due to the increase in the price of the forked version of bitcoin which I don't see as the lasting solution to the continued over bloating of the network just for us to keep up the faith.

Because since they are rich, what they want for their money is to earn, not to lose some part of it. So instead of investing their money in bitcoin, they invest in in more reliable partners that they can ensure that they will earn profit by just investing to it.

The core developers have had a lot of time to think about it. If they had acted early, we wouldn't have seen Bitcoin's dominance drop from 80% at the beginning of the year to 40% now. If the problem is ignored even now, the slow migration to alts will continue. Beyond a point, it will become irreversible.

What is the relation between rich amd mining to improve bitcoin? I think it has no relation in my opinion.
Mining is not improve bitcoin itself, mining just help to confirm the transaction. Mining does not help bitcoin to improve but they do mining because they like to get income from it.

Well most of the rich people who have earned from bitcoin will not even care to help others. All they want to do is to enjoy what they have earned from bitcoin. Mining on the other hand, won't help the problem right now in bitcoin. The technology itself needs an improvements.

Kind of true, there is a lot of rich people that get rich just by spending other people's money. That is how they stay rich.

You are overestimating people nature. When you have tons of millions of dollars you do not care about other people and their problems. There are always '' decent '' exceptions in every field, but there is not yet so generous one in this field, I suppose ;D

I think rich people doesn't care about such things as mining of coins. Surly they could spend some money for such investment. They prefer more sure ways for investment such as oil and buildings, but I will not surprise if they invest in crypto as well.

because they are holding it and maybe they are lazy

Yes normally bitcoin is one of the best technology we have now.. the early you adopt the early you'll retire early they spend a lot of time traveling enjoying their life to the fullest we in crypto nation needs to be better and help our family and relatives to change their life to the fullest.

Everyone thinks that for someone rich, losing money is never serious, on the contrary, they are very careful never to lose, which makes them rich people.

Some are holding and working on writing a new BIP or are in the core code. Some don't have the technical background and just want the coin to improve itself.

Honestly I wouldn't want every 'rich' person committing code to the repo but that is just me.

What are some things that one can do to improve bitcoin? here's what I can think of:
  donate to the foundation
  create a node, improve the network
  be active in the community

The crippling could lead to its death if not treated properly in a proper time,that is the biggest concern,the exposure of bitcoin is huge and these difficulties are the ones presented to a new user which will deter him to use it in the future,the only thing that attracts him is the ever increasing price,
when it comes to the OP,the rich with a lot of bitcoin will do what to help bitcoin,if you have a solution i would like to hear from you.

Exactly! Instead of throwing money out of the window by mining, a better solution would be to fund a (research)team who could work along the volunteers, like Mozilla or others.

no offense but your idea with rich people are wrong.
First of all they are not charity and most of rich people work their selves to get where they are and lastly you can't force them to always help the community and the reality is some of them just always thinks the return they will get if they invest into something.

I think they just don't care and they just enjoy spending their money earned from Bitcoin.
There are many developers that don't care about money they just want to improve the Network and help other users.
But Bitcoin will not die if rich people do not invest their money to improve it.

I don't understand your statement, They are so rich so they must make more bitcoin? It's all decided by person, their planning

Many of those rich people don not believe in crypto currencies for them this is just a bubble and they did not waste time discovering what are the capabilities of bitcoin and since government does not give full support to bitcoin they are also afraid that they might losing so much money just in cae they invest on it and it didn't turn out to be successful. But I think in the coming years they will realize how good bitcoin is and how it can really make them more richer

I think that people truly committed to the ideals behind bitcoin are no longer there, or have not found a way to agree to solve all this problem around bitcoin. I would not expect anything from those who have become rich thanks to bitcoin. These people only became interested in speculation without any moral principle because capital tends to take away from people the proper use of sound judgment.

Why rich people think only about profit ? Because that's the spirit that made them rich

Just because they are rich people doesn't mean they shouldn't care about losing some money. People take good care about their money thats why they become rich. Buying mining hardware and setting up is already expensive. Bitcoin won't die easily because there many people who use it and it has also many investors such as those rich people. The changes in price of bitcoin is natural so expect that it will rise again soon.

Bitcoin is not dying but it is really very complex. More and more with the time. I think that the men with money are trying now to organize some other projects related to cryptocurrencies. But this is not the problem, just business.

some people no care about fiat ,, bitcoin to them more important and i understand this way because even me too i am also like this way when i think about bitcoins . to me if real investor you are then why you sell only because price go up
this no what real investor do , only gamble idiots do this one who go to casino and spend one hundreds dollar to slot machine and they will say to someone that they are investor no this one is only gamble
even you go to bush and find monkey who will be able to do this same gamble practice that you conduct like this
no , to me bitcoin is more important than anything fiat currency ,, bitcoin is something not for spend today but for spend in 20 year time , if you do like this it is your famaily who will enjoy it

The answer to this is they are simply not that greedy. On a more serious note, if all the bitcoin in the world will go to only one person, do you think people will still value it, knowing that only one person has it all? I don't think so. Bitcoin will lost it's value if it's only owned by one person.

I know for myself, I got into btc quite early, but I have very low tech ability, I use maybe 10% of the capability of my smartphone.   

I know even less about ethereum, but I know that the bitcoin profits I have taken this year, when put into ETH are already and will pay off quite well in the coming year(s).

For the simple reason that rich people are only interested in their money and not interested in Bitcoin's fate in the future, if I am rich by Bitcoin I will try to get other people to achieve it. like me and more,

The investors of Bitcoin are already rich men so the main is thing that what your thinking level is. Many rich men are rich due to their in heritage. They are not too intelligent to increase their money in more. But they are little bit lazy too that they feels that the money they have is enough for their lives and they don’t need to increase their income and resources. The people of this thinking are very rare, the mostly people are already in the community of Bitcoin for their better future.

Why is this guy "freightjoe" is always anti-bitcoin? The answer is must of the rich people that you are seeing investing in bitcoin don't have the technical knowledge about bitcoin. But don't worry the bitcoin lightning network is about to change everything by solving the bitcoin problems. Once the lightning network is implemented the bitcoin transactions would be faster and smoother than ever. 

You do not know everything what they do. Most rich people will regard information as their most valuable possession. So if they divide it, it's the same as battling the treasure. You do not know it's behind the scenes, they finance bitcoin miners with all the resources they need and, in return, they get a few percent from the miners. well, Who knows.

We will never know what is the rich people thought. Maybe they already have great plan about their bitcoin. But we just see that they are not even try to improve it. It happens because some reason that only the rich people know. we just can predict it. maybe they already satisfied with their money or they have their own strategy.

If Bitcoin became dependent on altruism then it's failed. I'm all for people putting something back, but if that becomes a necessity then that's not a good sign. If it had made me a quadrillionaire I'd probably go around dropping it on people and blowing their minds.