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Sticky ? I like the comments below:
Quote
Gavin Andresen PERMALINK
December 11, 2011
It seems to me it is a little early in Bitcoin’s life to be drawing any large-scale lessons from it. There’s a reason I say that Bitcoin is still an experiment.
For example, right now, the Mt. Gox exchange handles something like 80% of currency trades in and out of bitcoin, but I’m about 70% sure that in… oh, five years it will handle less than 20%.
And in 5 years I wouldn’t be at all surprised if most mining was done using the peer-to-peer pools that are just getting started, because fees will be much lower. Then again, I wouldn’t be at all surprised if 5 years from now most Bitcoin mining is done by huge companies in places where electricity is cheap or the heat generated by Bitcoin mining can be put to good use.
I bet most of today’s Bitcoin Oligarchs will NOT be the big power-players 5 or 10 years from now. That’s the beauty of a truly free market, and the reason I’m excited about Bitcoin– anybody anywhere in the world with an Internet connection can be tomorrow’s Bitcoin Baron if they have a great idea, the willingness to work hard to make it happen, and the luck of it being the right idea at the right time.
If I’m wrong and in 5 years Mt.Gox and the DeepBit mining pool rule Bitcoin then feel free to gloat and remind me of how right you were.
December 11, 2011
It seems to me it is a little early in Bitcoin’s life to be drawing any large-scale lessons from it. There’s a reason I say that Bitcoin is still an experiment.
For example, right now, the Mt. Gox exchange handles something like 80% of currency trades in and out of bitcoin, but I’m about 70% sure that in… oh, five years it will handle less than 20%.
And in 5 years I wouldn’t be at all surprised if most mining was done using the peer-to-peer pools that are just getting started, because fees will be much lower. Then again, I wouldn’t be at all surprised if 5 years from now most Bitcoin mining is done by huge companies in places where electricity is cheap or the heat generated by Bitcoin mining can be put to good use.
I bet most of today’s Bitcoin Oligarchs will NOT be the big power-players 5 or 10 years from now. That’s the beauty of a truly free market, and the reason I’m excited about Bitcoin– anybody anywhere in the world with an Internet connection can be tomorrow’s Bitcoin Baron if they have a great idea, the willingness to work hard to make it happen, and the luck of it being the right idea at the right time.
If I’m wrong and in 5 years Mt.Gox and the DeepBit mining pool rule Bitcoin then feel free to gloat and remind me of how right you were.
link please?
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