Bitcoin Forum

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

I haven’t read it in years but I am pretty sure it talks about it in the white paper. He says that every 210,000 the block reward will be cut in half. There is also some mathematical formula to prove all of this.

Why is the halving bad? Are you a miner? Most welcome the halving because it reduces the selling supply because less issuance and less sell pressure.

If Op was a miner he wouldn't be in so much doubt or I would say grieve? Maybe yes or no. Op may just be an investor who's not feeling excited with the fluctuating manners of the bitcoin values. Haha.
He could just want the halving to come maybe so he could accumulate more to how holding or he wants the halving to just pass by so the price of bitcoin could skyrocket following the bull run so he could make some huge amount of profits with his holding.
I think I've heard of such aggressive bitcoin holders.

Op, we're all aware that halving comes in every 4 years but doesn't have a specification day for its kick rather we should understand that the trigger of the halving is usually based on the velocity dispatch of miners.

So what if it doesn't mention it? It's bullshit for you to say it's a scam because it doesn't explicitly mention halvings in the white paper. What are you expecting? That we call you a genius for saying that nonsense?

Do you have any logic in your post?

Suppose Bitcoin is a scam just because Satoshi did not mention the word "halving" in the white paper. In that case, every other crypto project is a scam because they did not mention many other updates in their white paper, which they made after launching their token/coin. Take Ethereum, for example. Vitalink never said in the whitepaper that ETH would move from Proof of Work to Proof of Stake. I guess we can call him a scammer because many GPU miners lost their investment because of this. Nah? Why not weirdo?

The halving is not discussed in the whitepaper nor mentioned or used but Bitcoin halving is openly discussed in public and even has the schedule announced.  I may missed something but I did not even read on the whitepaper that Bitcoin will half its supply every 210,000 block reward bu regardless, everything is not published on the whitepaper especially when the development is actively and continuously done on the system.  It is best to have the bitcoin github[1] as reference since all the updates and upgrades are mentioned on that repository.

I believe Whitepaper is only a means to introduce the project since it discusses the projects purpose and its abstract.  It does not states the actual development of the project nor the upgrades and development integrated into the system.


Information about Bitcoin halving is not hidden, it is openly discussed so it is not correct to say that the halving of Bitcoin is a dirty trick hidden in the source code. Let alone the source code its self is openly accessible to the public.


Well there   is at least a steady addition of Bitcoin which is constant in 4 years, and is constant to reduce into halve every 210,000 blocks rewards (estimated every 4 years) and is a constant that can be only claimed/gained through mining and solving the block difficulty.


But it is openly discussed in public, it is not a hidden fact to be an issue, IMO.

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[1] https://github.com/bitcoin/bitcoin

Dirty? trick? hiding?!!!
The block rewards and the distribution plan has always been one of the most obvious and well known features of Bitcoin. It is also part of the principles of Bitcoin through the way its capped supply is defined.

It is not misleading, you have to read the entire paragraph not just some words. If you do, you'll realize that it is talking about reducing the amount of supply being created. "...a way to initially distribute coins into circulation...Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free."

It is also not suppose to mention or explain every little detail of the Bitcoin protocol. White papers are not meant to do that, they are an abstract idea giving the reader the general idea behind the innovation (that's what documentation does). There are dozens of other major things about the protocol not mentioned in the white paper and a million different details that wasn't even pointed to.

But, but, but.... it has happened even before so why complain? You just have to embrace it as it's a feature that has been mentioned by the creator himself. I get that maybe you're looking and pointing at it with the POS = proof of scam and maybe you're not literally pointing it out to Bitcoin but with some other projects that has that POS algo.  :D
Anyway, it's not a dirty trick and if the miners complains about it, they should have done it long time ago but no, maybe a few of you but not in general that most of the miners doesn't like it but they're already aware of it.

A little trick will be allocating thousands of Bitcoin to the creator or something else which Satoshi will somehow benefit from, the halving does not offer him any benefit at all, but benefits the entire network.

This is not the gotcha moment you thought it would be, just shows you need to do some more reading.

If OP was a miner, he would have understood that halving would cut their block rewards in half which would devastate him but would not make him doubt it.


Exactly. Satoshi made it purposefully and the limited supply causes more demand therefore the price reaches new all time highs in which investors are happy about.

I think whitepaper is just a summary, so it's not very detail. While the source code is everything that make Bitcoin run, probably there's other thing that didn't mentioned in whitepaper besides halving.

POS = Proof of Scam, stay away from POS coins/tokens.

To be more accurate, on lines 1752-1763.

The bitcoin white paper only contains the basic knowledge of bitcoin and the problem it solves. It never talked about bitcoin circle, because bitcoin was still new and nobody will be able to know what will happen to bitcoin in future. It is as time passes by that people started studying bitcoin movement, also with miners, that they came to realize that the miners reward is always divided into two in particular period of time. So as time passes by, the value of bitcoin increases and people will want to know why is it like that.

Satoshi never also mentioned anything about the bear market and the bull market. Bitcoin is very complex to understand it in just 2 years. So I don't see why you sound this way, when nobody knows what will happen tomorrow. It is people that studied bitcoin, together with miners that noticed the halving and saw the bitcoin price movement repeats history due to past records. I don't see anything like scam.

Well shit dude the white paper doesn't mention things like store of value and inflation hedge as well. What now? Bitcoin is a scam? Lmao. The halving terminology wasn't coined by Satoshi but the point is that the concept of it has already been baked into the code since forever.

Not that the Bitcoin White Paper will dictate everything, as Bitcoin halvings have been organized since 2012. In no way will e-Bitcoin become Islam because there are thousands of big institutional investors in Bitcoin, if Bitcoin had such a weakness investors would never have invested. We are seeing every halving bitcoin price reaches its maximum target.

Simply, if you think bitcoin is a scam, just sell all your bitcoins if you are holding them and leave this market. You are the one who needs bitcoin because you want to make money from it, but bitcoin has never needed you. In addition, what is bitcoin, scam or not, has been evaluated by billions of people around the world because it is open source and public to everyone. And you, who are you? You are nothing.
Also, don't you feel pretty stupid saying bitcoin is a scam on a pure bitcoin forum?

I don't know if there was a traumatic experience when you invested here in Bitcoin or what, but I am pretty sure that all the complete details about Bitcoin were in the whitepaper
from the beginning. I respect your opinion; if that's what you think, there's no problem.

But you must also show concrete evidence that this Bitcoin is indeed a scam. Because if that's all you say, surely no one will believe you because you haven't shown any strong evidence.

Whitepaper isn't full or accurate detail of Bitcoin technical details. It's not like the whitepaper ever talk about address type, scripting or block size either. Besides, majority of Bitcoiner also aware what is halving, so obviously it's not "dirty little trick".

I think OP is just baiting us.

Whitepaper doesn't mention difficulty adjustment, or 21M BTC limit either, but who is the victim of scam in this and who is the scammer? How is that scammer benefiting from this?

Code is literally open source that you can review and that's changed from time to time and everyone can participate to development and all the changes need to be approved by majority of the miners. So did you lose money because you just found out that there's limited amount of bitcoins and you bought a miner, or what? Because if you did, maybe it's your fault that you didn't look at the development that happened in last 15 years. I mean would you invest to microsoft now, based on press release from 2008, without looking at any delvelopment after that? And then if anything had changed, you would call it a scam. Even constitutions get modified for christ sake.

White paper of Bitcoin was written to introduce this p2p payment system and that's why the halving was not mentioned in it. OP, if you're part of Bitcoin community then you might know that Bitcoin has gone through some changes overtime like introduction of Segwit addresses in 2017 to the source code. Satoshi Nakamoto hasn't introduced that address but it was introduced by other developers and Bitcoin community supported it.

Similarly the halving event was not mentioned in Bitcoin whitepaper but it was already part of Bitcoin source coin from the start and overtime people learnt about it and community supported it. It's the halving event that has allowed Bitcoin to gain value overtime and I don't think anything is wrong in not mentioning it in the white paper. I think it wasn't even needed to mention it in white paper and that's why Satoshi avoided mentioning it.

The whitepaper does not talk about Segwit, Taproot, RBF, CPFP, trading bitcoin and so many other things, and therefore it should be a scam! What a stupid kind of logic you have there, OP 🙌
You surely don't deserve bitcoin. Go back to the cave you crawled out from.

Bitcoin white paper misled holders to have more money and they become a millionaire. Halving is not good because it reduces the mining supply and which can make bitcoin scarce and increase in demand which can cause further increase in price and value of the coin. Can you see how wrong you are.

Segwit, Taproot, RBF and CPFP were introduced after bitcoin has been created, but halving was created with bitcoin and not a soft fork. I mean halving is part of the fundamental part of bitcoin. But you are not wrong that not all will be talked about on the bitcoin white paper.

White paper may not mention halving, but i want to believe that everything we are having today with the use of bitcoin has gone far beyond the constituents of what the whitepaper contains, people invest, hold, make profits, sells and buy, miners got half of block rewards, halving occurs and the likes, all within the system, the white paper may only contain about the protocol of how you can use bitcoin safely with its integration with the use of blockchain.

Yesterday, one user was on about how BTC has no use case, today we are talking about how the BTC halving was not mentioned in the whitepaper and it has misled bitcoiners. I don't know if you are trolling like the other user i just mentioned, and what does your thread title even mean: 'Bitcoin = Proof of scam', what scam are you talking about, BTC is an open source network, and you can verify everything yourself. The halving has always been in the BTC protocol, and any bitcoiner who did their research about the network would know about it.

Lets say even if it didn't mention it in the White Paper, how is it a "dirty little trick" and how does that change much of anything?  There are quite a  lot of changes that have been made to bitcoin and bitcoins blockchain code that have gone in to effect ever since Satoshi left the project entirely.  Does that make all changes made a scam?  I think you're grasping at straws here and seemingly just trying to find any way to bash bitcoin.

Misleading white paper? for me not. The white book explains clearly how Bitcoin works as an electronic cash system that makes it easy. I want to quote a small part of the conclusion that the simplicity of the structure makes this network strong.

Not a misleading white paper, but your understanding to understand the entire contents of white paper that is too complicated.

Just ignore the OP.
You can't even call him a Troll.
Trolls are supposed to live under bridges and today the homeless people that are forced to live under bridges have standards and would not let him stay there with them.

He has been here for well over a decade and the halvings have been well known since the beginning.

-Dave

Whatever you think about Bitcoin should be with you. We don't care about your opinion whether you like to invest in Bitcoin or not.
Bitcoin has been in existence for more that 10 years now and those that called it a scam are still regretting it because they missed the opportunity that would have been a huge profits from them to make money from the market instead of complaining that Bitcoin is a scam and does not have a true value. Keep your opinion to yourself and don't buy at all.

That is not something to debate about whether or not bitcoin halving is mentioned in the white paper or not, but the thing is that, bitcoin halving is not a way to add more coins to the bitcoin network since even in practice,  bitcoin halving takes bitcoin off the network.

Since the block rewards for minners get divided into half each time bitcoin halving  cycles occurs.

I am wondering why the OP scarred about Bitcoin. What's wrong with you at all? Nothing is hidden or dirty in Bitcoin code. It's open source; you can do everything if you are a developer. How are others forking the Bitcoin blockchain unless they don't know the source codes? Halving was planned as well, though it wasn't written on the whitepaper. Satoshi set up a system to reduce block rewards and determine how long it would take to mine the last bitcoin. So it's a normal processor; nothing dirty here, nor is Satoshi getting any advantage from the halving. 

Whitepaper is only used to introduce bitcoin to people which the basic information about bitcoin are there and it is not hidden or anything because it is open source. I'll tell you what, if it is hidden then we wouldn't have known that there's a halving going on every 210 000 blocks and the average time that a block will get mined. If you think that bitcoin is a scam then that means Satoshi Nakamoto is a scammer. How I see this is that you are trolling people here that bitcoin is a scam.

It is about fairness to the people of earth. (Especially all those on the internet)

1. Not everybody is a programmer.

2. New programmers find C incredibly hard to understand.

3. Critical financial information was left out like:

3.1 Bitcoin halving (nasty supply shock after 4 years, repeats each 4 years, leaves late comers fighting for bread crombs)

3.2 Maximum supply (no more new/cheap supply for future generations, unfair/time discrimination)

3.3 Difficulty adjustment (while mentioned, too vague, drives up cost for future generations/unfair)

4. Early adopters received more coins then late adopters (unfair)


How would you feel about new crypto projects if these "details" were left out ?

Was it in there from the start or later added ?

CW also used the Whitepaper to assert that Bitcoin has now lost its value, so he created Bitcoin Satoshi Vision (BSV). However, everything was cleared up after the emails between Satoshi and Sirius were released: Satoshi believed that BTC could be used in many different ways: a means of payment, message storage (inscription) ..., completely without any specific or limited vision for the potential of BTC.

Halving and many other BTC issues are similar: just because they are not mentioned in the Whitepaper does not mean that they do not have the right to exist or are not part of Bitcoin's development roadmap. We should accept everything openly!

Anyway, this topic is quite interesting to refer to and discuss :)

The white paper is more of a rough explanation on how it works. If you want technical details on how Bitcoin actually works at the development level then: the code is open source. Which means anyone can take a look at the inner mechanisms. You can find it on Github. I won't provide a link because for how you insulted Bitcoin. Also, someone already provided the link in this thread.

This post by you is honestly pointless. How is this a dirty little trick? The halving of rewards is one of the greatest inventions and features of Bitcoin to ensure a limitation in the total supply.

This apply to all cryptocurrency, even when the implementation use different programming language.


Aside from what other member said, the whitepaper comes out first before source code. It's possible Satoshi didn't think about the detail when Satoshi write the whitepaper.


They also take more risk/uncertainty. And such statement applies to various technology and investment.

Isn't this kind of behavior similar to a company with a fixed amount of stock?  If there is a finite number of stocks and there is no release of new shares, the company's stock value will surely skyrocket.  Just like the ecosystem of Bitcoin supply.   The same with the company with a fixed number of stocks, latecomers have to pay more when buying the remaining stocks than the pioneers.  This simply shows, life is never been fair, it is always the first comers who reap the best benefit.


The Bitcoin whitepaper stated that:

So I do not think that it is too vague, one can easily think that the more miners the heavier the competition, the heavier the competition, the harder it is to mine gold.  Since mining of Bitcoin is analogous to gold, we can clearly think that the resources needed to mine Bitcoin will become more expensive as more units are participating in mining Bitcoin.

Not everything must be in the whitepaper. Halving exists, it's a fact, and it's meant to be this way. Also, I think halving is a great mechanism that helps make Bitcoin even more desirable because fewer and fewer coins appear as the time passes. Not to mention that cycles are just nice and natural to us humans, they help keep track of the flow of time and how things are going.
Everyone knows (or can learn if they want to) about halving, so there's nothing hidden, dirty or shady about it.

Try if you buy Bitcoin in 2018 or 2022, surely you are now and enjoy the fact of the halving or you will scream I won, I did, Bitcoin ideas and tricks are genius and sure.
Because you didn't buy it at that time, it looks like you are disappointed and blaming yourself, actually it's not a dirty halving, your mind is dirty, because you judge in a silly way.

I don't find any error in it, proof: Bitcoin Whitepaper: Explained (https://www.fool.com/terms/b/bitcoin-whitepaper/)

Where is the proof of addition, what is that nonsense you have.

It's up to you to judge, in fact: big companies, countries and big investors are already targeting Bitcoin for their future.

If we say that the price of Bitcoin is not going to halve by itself, we have to say it with enough evidence. Although many kinds of questions come in our mind, but finally we give priority to the fact that investing, buying and selling in the market is mainly due to all these things that decrease the value of Bitcoin. Those who are very big investors can change the market a lot. For example a big investor sold all his bitcoins at the peak of the market but naturally the price of bitcoins will dump a lot and when the price of bitcoins dump they will buy again bitcoins and sell at higher price. That is, through their activities, they are profiting, but ordinary investors are suffering financially. About what I said but we don't have concrete evidence yet we always feel that way.

If it wasn't mentioned it is because it wasn't important at all, halving is optional in the code, it depends if you want to make from the coin a finite or an infinite element, we have seen examples of coins who doesn't have halving and they work fine. A good example of this is Dogecoin.

Halving was necessary to limit the maximum supply, and it was a smart solution. If it wasn't mentioned in the whitepaper maybe it wasn't important to mention it for Satoshi.

What is really worrieing me at the moment is the term "halving".

When I asked some people what it ment they thought it ment the price was going to be "halved".

The lack of proper documentation about it probably makes it much worse then needs to be.

Imagine if the chinese or russian were speaking of a "halving"...

News media report, "halving" is a google trend at the moment in the Netherlands.

Clearly people are trying to find information about it and trying to understand it, for many it's probably an unbelievable concept ! ;)

I could not believe it myself at first, I had to see source code to really believe it ! ;) :P*

Somebody has finally explained the code, 5 days ago:

https://www.youtube.com/watch?v=-wB6Si4jZYc

Initially I wanted to respond to your question in a very normal way, despite finding your topic title quite disturbing. But It seems that you are only looking to ignite some senseless discussions around Bitcoin and get attention. While it’s valuable for anyone to explore and ask about the intricacies of blockchain technology, it’s also important to base our discussions in verified information and rational arguments, as sometimes you are answering with much knowledge about the blockchain then again asking some dumb questions.
Having read your previous topics telling me that you like circus shows. If Satoshi were indeed your computer science teacher, perhaps you could ask him directly about the halving and why it wasn't mentioned in the white paper.

Why does it have to be "fair" in your standards? Now it sounds like you are just jealous of early birds here. Most people who were aware of bitcoin never bought it in first years if ever. Was it unfair against them too as they "didn't get the idea"

And are you implying that distribution is unfair because not everyone can read the code? How would you fix this so that your inclusion would cover everyone? There are people without access to internet or computers, so how would those get their share? How would they even know if they wanted that? There are people who haven't born yet. so how do we include them to this fairness plan? There are people who aren't aware how this benefits to them so they will sell at the start, so how we make them understand that they shouldn't do that. This is unfair against illiterate and ignorant people as well, as it is unfair against Amish people.

You can find information about 15 years of development of Bitcoin all over the internet. But assuming some people would be investing to btc purely, because they read only the original whitepaper is just weird. If they only read that, how they would even know what fork would they need to buy?

It just takes a minute to search for the 'halving' term on Google and find its meaning. It's normal some people may think the term refers to the price of Bitcoin being halved, if they are naive or uneducated on economical, financial and crypto matters, but it's not something hard to understand and interpret once you access the real meaning on different websites disponible on the internet talking about this topic.

It's not something to worry about, because it's just too simple to get it... You can even explain what halving means to people who you were talking about, and they should have no difficult finally assimilating the real meaning of the term. And once they do understand, they will help explaining it to other people who also might have gotten it wrongly. I think this whole discussion is a big storm in a teacup after all...

Bitcoin’s White paper was made almost two decades ago.

It only talks about the fundamentals of bitcoin but does not specifically get into every detail about the network nor the mechanisms used. Meanwhile, Halving was introduced way later on to control the supply of bitcoin maintaining itself as an attractive asset due to its scarcity.

Due to many people taking interest in bitcoin, I am sure there would be many more systems and innovations that would be soon implemented that we can not add to the white paper anymore.

The burning and supply control of bitcoin have been maintain and have been the leading project in the market. Implement on solid strategies and also do well to enable ourselves become confident in the system more especially when dealing with bitcoin. I know it's not easy but we should always grab good possibilities of earnings and also trapped our stands in the space. Bitcoin halving have always dominated and takes charge when it comes to the bullish season, though it do occur occasionally, probably after 4 lengthy years.

Satoshi Nakamoto Bread Making Machines:

Produce 1 million breads per 4 years.

Hidden feature:

Produces half the amounts of breads after each 4 years ! =DDDDDDDDDDDD

Now you need double the amount of machines after each 4 years to make your existing customers happy. Where have I heard this before ?! Oh yeah the king, the chess board and the math guy.

Anyway....

Problem with this is potentially that people don't like unfairness and possibly unfair systems in general, thus long term bitcoin is probably doomed, people will switch to more fair systems.

The funny thing is:

The banks are unfair, invest money into scammers (loose the money and get saved by Craight Wreights tax paying dollars:))

Craight Wreight might be the inventor of bitcoin and decided to counter-scam the banks, with his own scammy bitcoin... which is a little bit less scammy than the banks.

Thus giving a choice between:

Very Scammy Bank/Fiat systems
versus
Less Scammy bitcoin system.

People choose the less scammy system.

Here is a better system:

vite

Go get it ! =D :P* =D

Oh yeah one last thing to the people thay say the whitepaper is only an introduction !

Give me and us all an f-ing break, is it really that hard to include 1 line of text to include the explanation of the halving, which is pretty damn crucial for mining equipment...

It may have been left out intentionally, and I believe it was... because look at the effect of it...

So now you continue to defend the potential scammer of Satoshi Nakamoto.

One more thing though about the COPA case and the denial of Satoshi Nakamoto on twitter: "I am not Craight Wreight".

Who runs COPA lawsuit ?! The same guy who ran Twitter ?! Is it possible that this say guy wrote that same tweet ?! Absolutely.

The funny part is Craight Wreight is as scammy as this bitcoin system, it fits the bill ! LOL =D

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This shitty paper without algorithms, without (pascal) pseudo code is only 9 pages long ?!

https://bitcoin.org/bitcoin.pdf

Where did your delusional reading start on what page ? You claim it's there, I don't think so, a simple in-document search turned up nothing, I am not going to bother reading this scammy document again, it's up to you to at least give me a page number so I can cut my reading into 1/9.

Others have already stated, they also saw nothing mentioned about halving...

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Perhaps this planet is one big circus show ! =D (matter of perspective) In that case, Welcome to planet Circus ! =D

(I happen to be listening to this music, which fits perfectly with this "conclusion/observation"):

https://modarchive.org/index.php?request=view_player&query=205885

(Click "play" to listen to it)

Yesterday something else happened, as I was listening to another piece of music, it mentioned "9" and the windows screen saver accidently rendered a 9 with it's lines, so coincidence ? does ? exist ? :) Or was it ment to be ? ;)

The whole idea was to emulate the scarcity of Gold, so there were no hidden agendas to implement the Halving of the Block reward. The Bitcoin protocol is also Open source and the code is availlable for Peer review by other software developers.

So, nothing was hidden... it is all there to see and to disect by the public. The White paper just make it simple for the less technical people to understand the concept behind it.

Yes it is a steady addition of new coins with a division factor to prevent an infinite supply. What exactly is your problem? We're not mining Dogecoin here.

Just because it's not mentioned in the whitepaper doesn't mean that Bitcoin is a scam - the halving is simply the result of the development that the dev core did on Bitcoin. Because everything doesn't have to be based on the white paper and must be developed according to what is mentioned there. There is something called an update to make the Bitcoin ecosystem relevant and able to answer various existing or future issues. It's the same as your house, is it always based on the blueprint made by the architect? You can add rooms outside of the blueprint, that's the logic.

This is "inversed exponential" :P

Legend has it a math guy tricked a king once with grain.

Now it seems Satoshi found a way to trick the world once again, though in a reversed way, but ultimately same way.

Perhaps 1000 or 2000 or 3000 years from now a tripple math trick will be invented instead of this double trick (half the coins,double the machines/electricity)

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To answer my own question:

Using deepgit 4.3 on Windows 7 german laptop with 2GB RAM, pagefile.sys/vmram 2 GB:


Who or what is sirius-m, in short SM.

Is it really Satoshi Moto ?

There were some shenigans along the way/changes/"going deeper"

One attempt to change 210000 block halving to 150 block halving, not sure why, maybe for halving testing purposes, or preventing miners from getting too many too early.

If you don't understand on somethings which normally happen in bitcoin then you could do a lot of research about halving. Lots of information posted about it and this is not secret at all. So for you not to get bothered then read some helpful article about this topic so you can help yourself to learn.

Here are the sample article that can help you

https://www.ishares.com/us/insights/what-is-the-bitcoin-halving

https://www.investopedia.com/bitcoin-halving-4843769

https://www.coindesk.com/learn/bitcoin-halving-explained/


And a lot more information about this is posted in internet so help yourself to read so that you will not call bitcoin as scam for nonsense reason.

Don't let the dip change your opinion.