Higher cost of mining rises the amount of dollars that miners need want to take out of the market.
FTFY If the cost of mining is $10 trillion per day and the cost of 3600 bitcoins is only $1 million. Miners will only be able to re-coup $1 million of that $10 trillion cost. They need it if they wouldn't want to operate with a loss. And I can't imagine anyone wanting to operate with a loss. As said before, some people can operate a little longer with paying for the losses from their own wallets and some people less. But eventually everyone will face the inevitable. If an coin would cost 10 times less to mine, then there would be 10 times less the need to convert the coins to dollar. That coin wouldn't be so addicted to constant growth and it could handle stability during times when the flow of new money is scarce. PoW mining is artificially making something expensive that should be cheap, by adding the cost of useless work. Useless work shouldn't be rewarded. The future of money is in efficiency, and PoW mining is far from it. Re. "useless work": Bitcoin is butting up against the main problem of algorithmically-determined inflation--it's hardwired, and thus by definition can't adjust to change. Mined coin=inflation rate of Bitcoin's monetary supply. When Satoshi chose the block reward halving rate six years ago, he had to guess the future state of Bitcoin economy. Literally guess. The real economy, fiat economy, constantly adjusts the inflation of the monetary supply. I'm not sure how many here fully appreciate the gravity of this shit. |
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was the hooker your mom?
This is exactly the sort of disruptive, outside-the-box thinking we need here! A winner is you. |
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Hey twentyseventy. It seems some folks are looking for your friend ABitInterested, the one with the legit offline business.
Care to help them?
Or?
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Contact TwentySeventy. He does  Gentlemen!  From now on, do your laundry in your sink. As always, ~Happy Investing! |
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Don't blame yourself, bro. Not like there was anything to suggest this was a scam, amirite? I mean, sez right in his sig: "LEGIT OFFLINE BUSINESS," but ur telling me it's not legit? Huh. If only some kind soul, maybe, warned you... Anyhow, I'm sure TwentySeventy will take care of this--after all, he vouched for the guy  ~Happy Investing! |
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Syria isn't third world dumb nuts. Syria before the civil war had a higher income per capita than a second world country like Ukraine.
Lol @"before the civil war." Ukraine wasn't even a country before 1990. Really you are a moron...
Mind your manners.  |
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...the value grows as we speak, and this will be expressed on the exchanges when those people get their fingers out of their asses, and place bids.
As we speak, millions of shitstained fingers are reaching for the "buy" button. You May Have Already Won! |
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Starter homes in my area start at $1 million
... First-world problems  Indeed. Before the civil war, 2/3rd of the homes in Syria were illegally constructed and a lot of these homes were very sturdy and beautiful. Homeless in the sense of people living on a cold paved sidewalk is something that only exists in the first world. Homeless people everywhere just build their own homes. Yeah, we can all learn how to live and prosper from the third world. I'd say fuck your over-regulated, 1-mil-minimum hoity toity hood. Move to beautiful Syria, bro! |
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Starter homes in my area start at $1 million
... First-world problems |
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... You're right there, but Wall of Troll sounds more poetic. Even though I've never heard Lambchop singing...  ... >rhymes on the last syllable >poetic  |
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Bitcoin is not about pump&dump between rich people.
... Wasn't always, but that's exactly what Bitcoin has turned into. |
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I think that's wildly excessive. It's 24x less than the ATH.
Yeah, but only 6.6x less than today's high |
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This is a speculation forum, to discuss Bitcoin trading. Not to brag about idiotic financial decisions, like selling a house for BTC.
I'm surprised this thread wasn't moved to OT.
Incorrect. This is a speculation forum to discuss bitcoin speculation. Jesus. >gives circular definition Here, let me help:  http://www.investopedia.com/terms/s/speculation.asp |
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This was my recommendation for the guy.
But hey, what do I know. I'm just a troll like anyone else who won't join with the mindless cheerleading around bitcoin.
Hey now, you aren't a troll for not joining in with mindless cheerleading around bitcoin. You are a troll because you frequent a website called bitcointalk, filled with bitcoin enthusiasts, and only ever make negative bilious bitter comments about bitcoin and the technology. Except when you buy back in of course. This is a speculation forum, to discuss Bitcoin trading. Not to brag about idiotic financial decisions, like selling a house for BTC. I'm surprised this thread wasn't moved to OT. |
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^This really is sad. +1  Instead of bawwing and +1s, try to contribute?  Yeah. Speculate about the nature and consequences of Bitcoin. Like so:  |
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^This really is sad. +1 Instead of bawwing and +1s, try to contribute? |
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Sometime around spring 2014, I discovered that guys like rpietila are actually the true face of bitcoin the currency (not the technology). About then I started to dislike bitcoin the currency.
+1, but fall of 2013. |
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I think printing money is the last resolution the gov chooses to get away from the economic crisis. The pros and cos should be balanced. QE was adopted by fed to booster economy from the 2008 deep economic crisis. Do you see the result that the dollar are losing value?
The USD is doing better than most currencies, and most certainly better than BTC, which has lost more than half of its value vs. USD in less than a year. |
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Yup.  |
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