From where the entire forum is sitting you failed to answer brg's arguments...
Speaks volumes of the entire forum, don't it  |
|
|
|
^  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. How much was the block reward 2 years ago? How high was bitcoin inflation 2 years ago? Did bitcoin manage to maintain the exchange price? 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. |
|
|
|
Slow drift back upwards continues. What are the bets by monday we are at or higher than 333?  brg 1: lambchop 0 Lambchop you write eloquently but sadly your content is lacking. You would be a far more convincing troll if you actually countered arguments with thought out answers, rather than trying to sound superior and ducking the difficult bits. There are no difficult bits, just same old same old. Asked and answered many times. Your inability to understand/stubborn unwillingness to accept the answers is amusing, but otherwise irrelevant  |
|
|
|
^ 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. |
|
|
|
^ A tangent? Sure, hard forks are possible, but not the ones which are needed. Addresses the red boldface text. |
|
|
|
...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 |
|
|
|
...What don't I know?
Hard for me to say, stranger. What you should know is that, for the first time in a coon's age, we had two consecutive difficulty drops. Two. The only way for difficulty to drop is for hashrate to drop. The only reason for the hashrate to drop would be miners taking their gear offline. The only reason for miners to take gear offline is ... ? ..is it has become unprofitable for them. I get it No, it has become unprofitable for some. Mining is a man's corporate game nowadays. What's happening is the hobbyist are being driven out because they can't compete in the big leagues. FTFY Centralization will continue until morale improves. |
|
|
|
...
No, it's called a negative feedback loop and should probably respond like any other damped oscillation.
... Not all negative feedback loops result in damped oscillation. Oscillators, for instance, are simply a negative feedback loop with a time delay. This is sorta important to remember, and the reason not everything should be modeled on pendulum of a run-down clock. Well, the time delay arises from the properties of the system. And it's true that not all negative feedbacks result in damped oscillations, those are unstable systems which has not been evidenced in either the price markets or the mining markets. There is also little evidence to suggest that damped oscillation model is useful in modeling markets or Bitcoin mining. *shrug*. I see it quite often. Usually those TA people like to call it triangles or somesuch but I am not a TA guy so I could not attest to how "useful" it is. But I am not arguing for its usefulness for modelling, merely making observations. Yeah, I see it often too & have as much faith as you in TA. Waiting for the reward halving* & watching 1/2 of the mining gear go offline. Ready-made 51% attack in the making *If Bitcoin survives. Just one of the possible scenarios, but something to think about. |
|
|
|
.@ChuckBuck  |
|
|
|
... Yea, Bitcoin's stuck in mud and isn't programmable. Wait, what's that?!! It's open source?!!  Nevermind. Why is it people here use the phrase "open source" as if it was "abracadabra!" Open source is not magic, a hard fork offering lower block rewards will not be mined
Bitcoin has been forked twice I believe, in 2010 and 2013, so it's not unprecedented. I think Gavin had proposed forking Bitcoin recently once again in the near future, to allow for scale as daily transactions grow infinitely each year: http://www.coindesk.com/gavin-andresen-bitcoin-hard-fork/He even replied frequently here in this Bitcointalk thread to explain and back his stance: https://bitcointalk.org/index.php?topic=816298.0Hard forks are possible, but the ones which would help Bitcoin are not. See red bold text. |
|
|
|
How much resources does it take to start using a payment processor for select digital content, with barely any PR--a few blog posts? If you're suggesting that Microsoft made a mistake, that's possible too tho. I'm on the fence re. this, convince me Not a mistake. It's called foresight and having a vision. Something you so evidently lack. So Microsoft, having decided to let a payment processor pay it in $$$, is now a visionary? But brg444, you said open source...  Baby steps  You know they can decide to hold whatever % of BTC they choose right? "Microsoft has a long-term vision for bitcoin, BitPay and the blockchain. Starting with digital goods in the US is the logical first step, however, they want to expand to Europe and globally and add support for other products as part of that rollout." Lol, do understand that Microsoft flatters you only to get into your pants wallet. |
|
|
|
The inelastic supply seems to be an issue then. If people demand less, we should be producing less instead of flooding the market so quickly? This must be what creates the volatile bubble-bust cycles. Just like silver
It really isn't all that critical as long as it's predictable. The point is it *is* critical--it is the basis of all modern economies. All. |
|
|
|
The wittle wamb is so hungry and we insist on feeding him  We like you, ssmc2. We'll keep you alive to watch your friends perish.   ~your Beneficent Reptilian Overlords. |
|
|
|
Modern money is more complex. It depends on elasticity of supply, which, in turn, depends of having IRL people at the helm.The Luddite need to undo centuries of innovation to return to cowrie shells seems attractive--everyone understands how cowrie shells work, and simple must be good, amirite? Why spend years studying economics when a bit of horse sense is enough? The problem's it ain't  Anything that depends on humans and centralized planning is a failure waiting to happen... /human race  |
|
|
|
How much resources does it take to start using a payment processor for select digital content, with barely any PR--a few blog posts? If you're suggesting that Microsoft made a mistake, that's possible too tho. I'm on the fence re. this, convince me Not a mistake. It's called foresight and having a vision. Something you so evidently lack. So Microsoft, having decided to let a payment processor pay it in $$$, is now a visionary? But brg444, you said open source... |
|
|
|
...
No, it's called a negative feedback loop and should probably respond like any other damped oscillation.
... Not all negative feedback loops result in damped oscillation. Oscillators, for instance, are simply a negative feedback loop with a time delay. This is sorta important to remember, and the reason not everything should be modeled on pendulum of a run-down clock. Well, the time delay arises from the properties of the system. And it's true that not all negative feedbacks result in damped oscillations, those are unstable systems which has not been evidenced in either the price markets or the mining markets. There is also little evidence to suggest that damped oscillation model is useful in modeling markets or Bitcoin mining. |
|
|
|
...
Why would a multi billion dollar conglomerate like Microsoft have to pander to such an insignificant currency as Bitcoin and such a small minority of users like us Bitcoiners?
Because it costs them nearly nothing, far less than they hope to get from (admittedly) nearly-irrelevant contingent like you Bitcoiners. So they're using a payment processor. So what? They immediately convert fiat, we know!  They're definitely not hurting or needy for these measly sales. I'm pretty sure they're way smarter than you, and know a thing or two about tech and business, than NotLambChop. Large profits result from series of small profits. That's how money is made. Now go play your new vidya. So answer me this, NotLambChop. Why bother adding it as a payment? Apple, Amazon, and Google haven't done it yet. Because the companies you've listed think Bitcoin is too embarrassing? What point are you trying to make here? Very curious of company as successful as their's to just add it. Adding Bitcoin won't make them any real profit, Why add it? Think deeper, this is a Multi Billion dollar company, and please don't retort with "it costs them nothing".  A rational agent should take profit, no matter how trivial, when no risk is involved. So yeah, it cost them nothing & they make money. Not sure how this could be made any simpler. Now run along & play your vidya. Nothing? It cost them resources & time that could theoretically be used for more profitable ventures than the thrills of a couple Bitcoiners buying Xbox Ones on their website. Surely you're not thinking they're making any significant profit with Bitcoin as it is right now How much resources does it take to start using a payment processor for select digital content, with barely any PR--a few blog posts? If you're suggesting that Microsoft made a mistake, that's possible too tho. I'm on the fence re. this, convince me |
|
|
|
|
@ChuckBuck
Such butthurt on such a delightful morning...
|
|
|
|
... Yea, Bitcoin's stuck in mud and isn't programmable. Wait, what's that?!! It's open source?!! Nevermind. Why is it people here use the phrase "open source" as if it was "abracadabra!" Open source is not magic, a hard fork offering lower block rewards will not be mined |
|
|
|
[poops a little]
Oh, grampa What are we gonna do with you... This old chestnut again?
I'll say the same as I did 6 months ago or a month ago.
We'll probably reach our old ATH by mid summer, and hit anywhere from $7000 to $12,000 before crashing down to $2000-$2500, possibly before year's end.
We should be above $10,000 for good by this time next year.
Unless something comes along to break Bitcoin before then.
|
|
|
|
|
Show Posts
