They will die out once people realize what a scam some of them are.
People know that casinos (online or B&M) will almost always win in the end, but they still go there to gamble. |
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When are we getting NLHE STT and MTT?
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good. then calculate the likelihood of something like that happening in your lifetime, and there is your risk for gold.
The rate of change in technology and society is increasing, its more likely than you think. Its beginning to sound more plausible the more we continue these discussions. The salt analogy is really a striking one. Roman soldier were paid in salt. Here's an interesting story: Mahatma Gandhi led at least 100,000 people on the "Dandi March" or "Salt Satyagraha", in which protesters made their own salt from the sea, which was illegal under British rule, as it avoided paying the "salt tax". This civil disobedience inspired millions of common people, and elevated the Indian independence movement from an elitist struggle to a national struggle. Sound familiar? |
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Almost at payout!  |
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Get in there! HURRY PEOPLE  |
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Entered |
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Are you affiliated with Tradehill in any way?
Just curious.
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Assuming this is legit, I'm really sorry for your loss. security problems are going to be the end of bitcoin. I agree. Some of you need to relax. Do you think bitcoin is the first financial system ever to experience hacker attacks? Check your security and give it a rest. |
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There are a lot of factors in play, yes, but we need to keep in mind that there's no direct pull on a BTC buyer to pay more because Joe Miner only makes 2 BTC/day today, whereas he made 4 BTC/day last week.
The SAME NUMBER OF BITCOINS are produced every week, regardless of how many miners participate in the bounty.
Print that out, put it on your wall. It cuts to the essence of this "difficulty" controversy.
Thats fine. But as a miner, if my hardware is paid off, I DO ... NOT ... HAVE to sell my coins.... EVER! Miners don't control the price.....lol....you watch us if the price gets too low. |
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The best part about this blog is 1 million visitors per month and 50,000,000 since 2007. yeah there is that possible all electricity in the world goes out situation
Bitcoin does not need to die even with an extended power outage (talk about a doomsday scenario!). With bitcoin phone apps or dedicated wireless bitcoin gadgets (with proximity auto-sync), the bitcoin network might still be able to propagate its connections, albeit at an extremely slow rate. |
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As the adoption of Bitcoin increases, and the prices rises, the incentive to protect them against loss or theft will increase proportionally. This is something that I don't see people taking into account when they say that loss and theft will be a huge problem.
This will be an interesting experiment. |
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Assume 1% lost coins per year. Probably, it was a lot higher initially, but we're talking from now on.
That means it'd take 229 (log(0.1)/log(0.99)) years before we lose one decimal of precision.
Assume? What about malicious attacks, viruses, natural disasters, power failure, & plain old stupidity. We just had an exchange get hacked, where 7% of all bitcoins in existence were being manipulated by a single attacker. |
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Do we worry that someone will buy all the coffee in the world and then resell it for much higher prices? This would only be even remotely worth worrying about if bitcoins were so dominant that using other currencies was impractical.
Bitcoins don't grow on small shrubs all over the world. And yes, there are individuals who's job is to worry about monopolies in commodity markets. The motive behind this hypothetical attack would not be one of profit anyway. Surely you understand this. |
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It would be magnitudes more difficult to control the world today.
I argue the opposite is true. 1. Communication is instant and at the fingertips. 250 years ago it took 3 months to relay a message from one continent to the other. 2. One can circumnavigate the globe in hours. 250 years this took the better part of a decade. 3. Thermonuclear weapons can vaporize millions in seconds. 250 years ago their lethal weapon of choice was a single-shot smooth-bore firearm. 4. Despite the age of information, it has never been easier to propagandize the whole world. Never before in history has it been possible to lie to billions of people in one moment, and get away with it. 5. It has never been easier to accumulate massive amounts of wealth to be used in the creation of oppressive power structures. |
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In other words, Bitcoin is INFINITELY divisible, therefore the loss of even 99.9% of all bitcoins is not a problem?
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Can you be more specific please?
You made the analogy to burning dollars. This is obviously a very poor analogy. We can always print more dollars unless you also destroy all the ink in the world, and all the printing presses. Not to mention the fact that only a small fraction of dollars actually exist in physical form. In fact, if I burn a billion dollars, that may theoretically impact the economy in a positive way, since commissioning the printing of a billion dollars in cash will create economic growth.
Does the answer to the hypothetical sabotage lie in creating a new blockchain, or Bitcoin 2.0?
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I will be delighted if it turns out my hypothesis is incorrect.
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well, the idea is totally absurd. it's like saying "let's buy all the gold in the world, and blast it into space!"
If an exchange attacker could hijack a lot of coins at once (totally absurd, right?) this could quite conceivably happen. Don't make it sound like its horrendously expensive to destroy the only link to the hypothetically hijacked coins. It isn't. Its called a hard drive shredder. Please answer my question. I sincerely want to know the answer. |
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