I know you have daddy issues with the FED, but I simply used it to illustrate why mining more BTC makes the BTC you hold worth less. We can also infer from this that lowering the total of BTC mined (printed) would reduce the supply of BTC on exchanges, thus twerking the supply/demand equation just right & making the coin you hold be worth more. But you can't do that, because predefined, like clockwork, like a V1 rocket. Nothing can be done  |
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... And you still haven't answered my question. The question remains the same: Why doesn't the FED print money faster? Printing presses worn out & need a rebuild? Regardless of how you feel about the FED (Satan's pad), who controls it (the Jews!), the US deficit (BRB, moving to Somalia!), or any of those fun topics, answer the question. Or no more XBox for you, young man  Theoretically if the Fed prints more money, it will devalue the US dollar ... There! Finally! There's hope for you yet. Do you still need me to answer your question, or have you spotted some similarities & actually learned something today? ...
But what would the number of coins mined per day have to do with the declining price?
... [spoiler]the number of coins mined is analogous to the amount of USD "printed"--they both do the same thing: debase money[/spoiler] |
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...It would be considerably less efficient to use cryptography in a centralized model.
Why? Remember, it doesn't need to be a proof-of-work coin, so doesn't need to rely on burning tons of electricity on high-speed thumb twiddling. No reason for V2.0 distributed ledger to be wasteful  |
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all people i know ask me about bitcoin and they want to invest...
Make them do so The more users, the better for everyone. It'll even make the price go up as you're buying  You realize that all pyramid schemes work great as long as there's new money coming in, right? |
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Most people in this thread seem desperate for the price to crash so they can buy cheap coins.
Not cool people.
HODL what you have, limit supply & the price will rise.
BUY
DON'T SELL
Yes?  |
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... lots of traders are expecting -300 but as everyone is expecting that prices, maybe we're not going to arrive, hehe. Nah, ~70% chance we will. Taking a while, tho. |
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Using the USD to demonstrate inflation and infer bitcoin is bad, when bitcoin has exponentially reducing inflation is a bit of a stretch even for trollchop!
The point is Bitcoin's money supply is increasing at ~14%/year now, and not enough new money is coming in to support the price. The USD supply, on the other hand, is adjusted by real live people--that's why BTC has lost over 60% of its buying power in the past year. This is so obvious! If it was a snake, it would'a bit ya |
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Let's try this again, with text effects: ... I know how exciting it is for you to trot out your hobby horse & show off for the grownups, but... You' haven't answered my question.
Now concentrate!*And don't you dare start watching those pornographic "Money As Debt" vids before finishing your homeworks, or I'm blocking your YouTube That question again: At the risk of asking you to think: What does the FED's printing of millions of dollars have to do with the value of USD? Why not print it twice as fast & PROFIT!!! ? I do try to make it fun for you, but you're beginning to try my patience Uhmmmm....Devalue the dollar? Fed is a corrupt criminal organization not backed by gold, not tied to any entity, only tied to guns and tanks of the US military, since the Government (which doesn't control the Fed), NEEDS this precious fiat to wage more wars. Here's an article from a reputable site you might recognize more: http://www.forbes.com/sites/charleskadlec/2012/02/06/the-federal-reserves-explicit-goal-devalue-the-dollar-33/2/They sure as hell ain't in it to help us. The more they print, the more devalued the US Dollar becomes, the more the US deficit grows, the more of that debt is passed onto us. Bitcoin doesn't get "printed" more, it actually inversely decreases in amount over time, until the max 21 million BTCs is met. Thanks for proving my point!  And you still haven't answered my question. The question remains the same: Why doesn't the FED print money faster? Printing presses worn out & need a rebuild? Regardless of how you feel about the FED (Satan's pad), who controls it (the Jews!), the US deficit (BRB, moving to Somalia!), or any of those fun topics, answer the question. Or no more XBox for you, young man |
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Let's try this again, with text effects: ... I know how exciting it is for you to trot out your hobby horse & show off for the grownups, but... You' haven't answered my question.
Now concentrate!*And don't you dare start watching those pornographic "Money As Debt" vids before finishing your homeworks, or I'm blocking your YouTube That question again: At the risk of asking you to think: What does the FED's printing of millions of dollars have to do with the value of USD? Why not print it twice as fast & PROFIT!!! ? I do try to make it fun for you, but you're beginning to try my patience |
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...
But what would the number of coins mined per day have to do with the declining price?
... Umm... Coffee. For someone invested in a currency relying on limited supply, you sure don't understand the basics. At the risk of asking you to think: What does the FED's printing of millions of dollars have to do with the value of USD? Why not print it twice as fast & PROFIT!!! ? Ai yi yi! Now you backed yourself in the corner. You shouldn't have mentioned the Federal Reserve. The Fed has nothing to do with the government, is a private entity, a Central banking cartel that prints "continuous debt" dollars at will. ... Who said anything about the government? I know how exciting it is for you to trot out your hobby horse & show off for the grownups, but... You' haven't answered my question. Now concentrate! *And don't you dare start watching those pornographic "Money As Debt" vids before finishing your homeworks, or I'm blocking your YouTube |
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The anti-fragility of simplicity cannot be questioned.
Bitcoin dogma ~disruptive paradigm shifting tipping point black swan technology, now 60% off! |
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He won't answer this because ... So consistently wrong... |
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Which part of "BTC can't [drop block rewards] with a hard fork--miners wouldn't mine the fork in which the block rewards are lower" do you find difficult to grasp?
I'm trying to explain the basics of contemporary economics to you Bitcoiners, as if you were five.
I've got plenty of patience, but you must be willing to learn.
Fantastic attempt to deviate from the obvious fallacy in your argument. The block reward was twice as high 2 years ago yet Bitcoin managed to survive. Can you explain  Sure. The demand was higher, amongst other stuff. That's called "changing economic conditions," the very thing elastic money supply with IRL people in charge was created to address. Good question. You're welcome |
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But what would the number of coins mined per day have to do with the declining price?
... Umm... Coffee. For someone invested in a currency relying on limited supply, you sure don't understand the basics. At the risk of asking you to think: What does the FED's printing of millions of dollars have to do with the value of USD? Why not print it twice as fast & PROFIT!!! ? |
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some big player who don't know about bitcoin before will have a look into this and might be give it a try chuckle.
FTFY |
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^JimboToronto, mind undone by years of erectile dysfunction pill abuse, turns to bestiality |
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^ A tangent? Sure, hard forks are possible, but not the ones which are needed. Addresses the red boldface text. Which tangent? Block rewards wouldn't change for the miners, just transaction fees. A hard fork would address many so called issues with scale and transactions per second limited by the current 1mb size per block. Let's take this one step at a time. 1. The block rewards are too high--too much coin is being produced, Bitcoin is unable to maintain price @ 14-15% monetary base inflation. 2. A real currency like USD, with IRL people at the helm, would limit issuance in such times to counter the falling price. 3. BTC can't do it with a hard fork--miners wouldn't mine the fork in which the block rewards are lower--see red text. 4. You posted a fork which does not change the block reward & does nothing to address this issue. The proposed hard fork is intended to be tested and possibly released within the year, before the year 2016 block halving, in which the block reward would be 12.5 BTC instead of the "too high" 25 BTC... But the change isn't needed in a year. It's needed now. Hence the falling price. IRL money can adjust for this in a timely fashion, and you're compiling wishlists for possibly doing something in more than a year's time. This is exactly what I mean by "driving a car by consensus"--there's a good chance you'll come into positive & constructive engagement with a telephone pole before then Not sure what the price has to do with hard forks or the Bitcoin code??? ... It has nothing to do with development, it has much to do with the number of coins mined per day & showing up on exchanges. I'm going to make myself another coffee, overcoming this much ignorance is going to take a while In the meantime, you can reread my post about clockwork guidance systems. V1 had one of those, BTW |
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...If bitcoin fails then it shows that they all will fail...
That... That's so inane it borders on brilliance. What in the world made you say that? 1. Bob made a coin that didn't work well. 2. ? ? ? 3. Therefore, all coins made consequently aren't going to work well either. Bitcoiner logic. Bitcoin is trust. The only relevant trust that exist in crypto atm is in Bitcoin. If Bitcoin fails than 95% of the trust in crypto fails. When that happen good luck picking up the scraps and piece back together patchworks of trust. No, if Bitcoin fails then Bitcoin fails. The math behind the code doesn't fail, and other crypto can be built on the ruins of Bitcoin. Like a new plant taking nourishment from the rotting remnants of the ones that came before it. Things will work out, brg444, the day's yet young I see you didn't address the trust issue. You know.. "that confidence thing" is much more important than the math or the code If Bitcoin fails the whole ecosystem suffers enormously. The mainstream doesn't give a shit or make a difference between your shitcoin and Bitcoin. If Bitcoin fails then in the eyes of the public all cryptocurrency is a failure. Sure the idea might survive in the long run it will take tremendous innovation and efforts to rebuild the public's confidence. Currently, fiat money has the first-mover advantage & confidence behind it. If Bitcoin is going to compete, it's going to be on the strength of the code. You're also unjustly limiting cryptocurrency. Cryptocurrency doesn't need to be just another reitteration of Bitcoin code, it doesn't need to be "trustless" or even decentralized. If it is backed by a major firms like Google, people will trust it--TRUST ME  |
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326 USD on coindesk.
What's with all the excitement?
the candlestick... its big green, definitely rebound to 350. Quoted for current and future amusement |
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^ A tangent? Sure, hard forks are possible, but not the ones which are needed. Addresses the red boldface text. Which tangent? Block rewards wouldn't change for the miners, just transaction fees. A hard fork would address many so called issues with scale and transactions per second limited by the current 1mb size per block. Let's take this one step at a time. 1. The block rewards are too high--too much coin is being produced, Bitcoin is unable to maintain price @ 14-15% monetary base inflation. 2. A real currency like USD, with IRL people at the helm, would limit issuance in such times to counter the falling price. 3. BTC can't do it with a hard fork--miners wouldn't mine the fork in which the block rewards are lower--see red text. 4. You posted a fork which does not change the block reward & does nothing to address this issue. The proposed hard fork is intended to be tested and possibly released within the year, before the year 2016 block halving, in which the block reward would be 12.5 BTC instead of the "too high" 25 BTC... But the change isn't needed in a year. It's needed now. Hence the falling price. IRL money can adjust for this in a timely fashion, and you're compiling wishlists for possibly doing something in more than a year's time. This is exactly what I mean by "driving a car by consensus"--there's a good chance you'll come into positive & constructive engagement with a telephone pole before then |
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