The speculation is a relatively recent phenomena in bitcoin.
As far as I can remember, the speculation was rampant in 2011 and 2012 as well... There was a time when I even had to pull out my wizard hat in order to chase off the fake honey bees. |
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What I have seen in the past two years is an endless stream haters and attackers. Despite their efforts bitcoin is stronger now than ever, and still growing stronger.
The only thing that's growing stronger are the bid walls... Look at this one... She's a beauty, ain't she?
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You can't change Bitcoin in that manner you can only fork it.
And what does one need to fork a bitcoin block chain?  |
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The actual cost of producing a bitcoin is currently around $90/BTC and climbing as more ASICs hit the market.
Sure, but only if you're still using legacy mining rigs... What are the speculators for if not to help you keep your mining equipment current? |
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Miners, as promised, here's a nice bid wall for your taking... It is now completely up to you not to miss this great opportunity.P.S. And please, do consider joining me at the negotiation table... Don't make me reach for the poison pill.
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Hint: miners have no control over the rate of generation, the exchange rate or the velocity of the bitcoin economy (which is comparably high).
Looks like your beehive should be the next one on my list to visit... So, tell me, just how succulent are your honecombs and what flowers are used to enhance your fake honey with such exquisite flavor? BTW, do you still remember the bid walls of 2011 crash? Didn't they look something like this? |
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Go ahead and send me all your worthless coins and I will see to it that they are disposed of. Let's just hope you'll be faster than the next guy to catch OP's bitcoins on the downslopes. P.S. Apparently, I'm not the only one working on the vaccine against the GOLD 2.0 bug.  |
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Supply of bitcoins, supply of bitcoins... Think "supply of satoshies" as a solution to your bewilderment. The satoshies are there for other reasons than mere divisibility.
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The problem is that not many businesses (or local businesses) accept bitcoin which is a shame.
That's because, as a miner, you are not giving the merchants a good enough reason to accept it... Remember, speculative bubbles are mainly designed for the speculators, not merchants! Fortunately, there is an approach that can benefit both parties to a transaction, all thanks to the speculators: the original VCs of bitcoin economy. The only problem is that we have to wait for the vaccine to do its magic first, don't we? And if the vaccine doesn't work, there's always a poison pill we can fall back on. |
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You can earn bitcoins simply by providing goods or services which are valuable for other BTC owners.
If you want to take fiat out of equation, replace BTC owners with miners. (You can earn bitcoins simply by providing goods or services which are valuable for miners.) Then enlarge this set by everyone who sells something to the miners. Then enlarge this set by everyone who sells something to anyone mentioned in previous sentence. ... Repeat until you are happy.
Well said... concise and precise!
If you are still unhappy then I guess you ask and yearn for a system of some fair distribution of bitcoins not determined by individual egoisim and greed of above mentioned iteratively growing set (enlarged by people "rich" in fiat).
Or if you prefer the mothership, you start working on the vaccine against the GOLD 2.0 bug. |
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Don't tell me what to do with my bitcoins.
Are you a bitcoin miner? If you are, do you mind sharing how does it feel to be a central bank of bitcoin economy? How can you compare a single miner (if he was) to being a central bank?? That comparison is out of order. "a" central bank, not "the" central bank... Together, they represent the miners cartel. |
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Don't tell me what to do with my bitcoins.
Are you a bitcoin miner? If you are, do you mind sharing how does it feel to be a central bank of bitcoin economy? |
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I'm going to Side with The Austrians and Kick Keyne's points and OP to the curve  Doesn't anyone notice that my thinking is not driven by neither Austrian nor Keynesian economics? When interpreting my hints, try not to lead with the economic viewpoint that's familiar to you. Focus on the roles that the miners play in the context of bitcoin-based economy. |
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+1 you hit the nail right on the head. I don't know what this "BTConomist" guy's deal is, but he's certainly not much of an economist  That's correct, I'm not an economist... there's BTC in place of "ec"! |
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HAHA no. Columbia is the most violent place in south america.
Columbia — maybe. But not Colombia. |
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2) The supply is fixed at 21 million, but bitcoins themselves are not permanent. People die all the time without wills. People die with btc on a computer/flashdrive that no one knows about, they're gone. People don't make backups, their computer crashes, they're gone. You might think this is great, because now your btc are more valuable. But for a currency, it's not such a good thing, to have the supply eroding over time. Theoreticly, the amount of btc could eventually go to zero.
This discussion should help explain why you shouldn't be concerned about bitcoins getting lost forever. |
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 (Couldn't resist.)  |
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For $3000 I would sell the baby.
If the difficulty increases at its current rate you will not make that much in block rewards.
Forget difficulty... There's a more serious wave approaching from a distance. |
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... those people will most likely be looking to the bulletin boards for work all the time.
See if you can change the emphasis from "looking for work" to "looking to buy", as the latter would suggest that people in bitcoin town produce something so economically valuable that there's a growing demand for their labor. Otherwise, it will be just another town, with nothing to show other than passion for a better future. |
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