Bitcoin was never pegged at a price, this is precisely what price discovery does, on top of this only miners were rewarded with coins and it was ALWAYS proportional to their contribution to the security of the network. Do you get it yet? these guys were PAID to run the Bitcoin network. There was never a free lunch and never a monopolistic clique that planned it. Nor was if for "fun", it was a job, and these guys got compensated for their hard work, hardware, and electricity. The software was released January 2009, free, available to all. If they got paid more than the latecomers, it's because they propped it up long enough and well enough so that others could get on board and help bear the weight, we should be worshipping these people, KnightMB is a hero in my books, he accrued over 300k in Bitcoins, because he used a cluster of CPUs he borrowed from Amazon (a guy you'd probably deride as an opportunist etc. etc.) and he also was instrumental in helping fix early problems that Bitcoin had
https://bitcointalk.org/index.php?topic=823.msg9524#msg9524, he claims he already spent much of it but I sincerely hope he has a spare 50k lying around because he fucking deserves it.
You do realize that only one person mining could've kept the network running, right? Try understanding the protocol first. And before you cry 51% attack, get real - securing the network was not the primary reason people mined, you're delusional - and any sort of attack would've been circumvented easily.
http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.htmlAnd lol @ that guy blowing 300k worth of coins, some "apostle" he was if he spent that much that early. We're in the what? 4th year of bitcoin? You have your values seriously screwed up if that's the kind of guy you're worshiping, considering everything.
Actually we did know, and most of us are still here. The "proof" is because you're pissy that a vast number of early adopters are "endangering" the value of the coins you own because they hold too many. Logic. Funny, it was never marketed as anything less than a digital cash payment system, they weren't marketed as "internet points", and the second I discovered Bitcoin I was treating it like a cash system too, because like everyone else I had to mine to get them and that meant work, when CPUs were only just still fashionable I actually went and BOUGHT a computer just for mining because I wanted Bitcoins, they certainly weren't passing them out like flyers at a store, I knew I was getting something of value that was difficult to get. So did a lot of other people like Hal Finney,
http://www.mail-archive.com/cryptography@metzdowd.com/msg09975.html.
You're completely unfamiliar with how this started and what it was at first. You got here after it was already pegged to the USD.
You want gradual buildup, go to litecoin, theres your out, use it. Liquidate your BTC into LTC and bask in the market stability such a system bestows upon it's users.
Litecoin has the same curve as Bitcoin, it has the same problem.
Price discovery and adoption will stabilise the market, not manipulation of the supply. How would that work exactly? Does the system know when the market is stable and when it is volatile so it can spit out the "right" amount of coins. Which markets? which currencies are more influential than others? Should we prioritise currencies based on their political stability? Adoption follows sentiment, and sentiment can only be gauged by price discovery, not some trickle that will slowly turn into a damn flood. Even Satoshi saw that distributing most of the coins quickly was better than any other option
, and 4 years is hardly a short amount of time I might add.
Notice that Satoshi said "seems like the best formula". Doesn't sound like he was as convinced as you are, of course, in your own little world you must think you're smarter.
"[Bitcoins will] be distributed to network nodes when they make blocks, with the amount cut in half every 4 years. [...] When that runs out, the system can support transaction fees if
needed. It's based on open market competition, and there will probably always be nodes willing to process transactions for free."
http://sourceforge.net/mailarchive/message.php?msg_id=21312004When you speak of "Satoshi's Grand Design" you quote the source, otherwise you look like a fool.
Lol, some source you quoted. That has no relevance to the fact that transaction fees were designed to be 0.01 and not 0.0005 as they are now. Blocks are already getting full as per the original design, so even 30 years from now, if the same limits were kept as now, miners would still only make 0.6 BTC from fees for every block they mine. They would've made 12 BTC otherwise, which would've been more than the subsidy a lot earlier than at the cutoff.
"Meaningful" hu? All I've heard from you is the sound of a baby having a fit. Miners from two years ago ARE your betters that ensured Bitcoin survived long enough so you could enjoy it. I'm incredibly grateful, and I also hope Satoshi has a sizable portion of Bitcoins because he damned well deserved every one of them. So did the early developers that got on board, and the early testers, and the ones that helped stimulate the economy by beginning the first exchanges, and the ones that jumped in on mining with their CPUs, GPUs, etc. so that the network remained secure. They ALL deserved every skerrick of value that their Bitcoins now derive.
Here you go again with the miner point, see #1. You're making miners look bad by defending them so much - seriously. I never accused miners of anything, I just pointed out how the system could've been designed to make more economic sense.
Price discovery and greater adoption will spread more coins into more hands. Stop having kittens over the price, sounds to me you've overreached in your investment in Bitcoin so cash out to something that will allow you to sleep at night.
Go re-read all of your replies and see how you're attacking me while I'm simply pointing something out without attacking anyone (unless provoked). I haven't overreached my investment and I don't have problems sleeping at night. Calm down.
