Bitcoin reset?

[Oscilson]

There is no need t reset the bitcoin  block chain.  If you want to realize your ideals, just create a new coin and see if others will support your ideas.

[RawDog]

Can we reset the Bitcoin mining process to redistribute wealth?

Oh - you mean everyone has been working hard for 7 years to develop their holdings and you didn't do shit?  So now you want to declare an algorithm that forcefully takes money from those people who worked hard for it and give it to people who didn't contribute to the system? 

You are no less than a bank robber.  'redistribute wealth' is just a nice way to say take shit from those who earned it and give it to those who didn't.  Fucking joke.

[franky1]

while we are at it
in america there is $15,400,000,000,000 ($15.4trillion) in personal bank accounts

lets make it so that at midnight of each night, its reset. so that every man, woman and child gets $44,000 each..
no matter if they spend it all. or keep it.
no matter if they receive $4,400,000 from 100 people, by selling goods/services... at midnight.. its reset back to $44,000 each

the end result is that $44k would only have a living cost value of 1 days food or bills.
then people wont want to work because they are guaranteed $44k tomorrow.
so next there would be no bills because there are no workers at the nuclear plant keeping the lights on..
eventually people will resort to trading physical products because there is no electric to power bank databases, internet, ATM's..

so now you know that doing such a thing to a highly dependant FIAT.. would result in returning to the middle ages..
what benefit would it be to do the same to bitcoin..

tell me exactly how people would continue to value bitcoin, if its reset?

[leex1528]

That seems like a stupid idea?  We can't reset the network with the amount of problems that would cause.  Basically what I hear from you is, I messed up at the start and didn't mine when I could, now I want to get stupid rich because I could mine a lot of coins for nothing and get free money.

[franky1]

That seems like a stupid idea?  We can't reset the network with the amount of problems that would cause.  Basically what I hear from you is, I messed up at the start and didn't mine when I could, now I want to get stupid rich because I could mine a lot of coins for nothing and get free money.

but he wont get rich..
bitcoin would be worthless..

imagine it 15million coins redistributed to 15 million people..

coinbase coldstore balance would disapear.. bitstamp, bitfinex, all exchange balances would disapear.
people would start sueing businesses.. and never trust bitcoin again..

instantly bitcoin would tank to $1.. and then those 15million people with 1btc each would sell the bitcoin in fear of the drop to 1cent..
the possibility of wanting to 'hold' bitcoin would vanish as there would be code to just make it move out off addresses without owners consent.

all because some basement dweller(op) thinks sitting on his hands and not earning bitcoin deems him worthy of getting free bitcoin..

he has no logical understanding of economics or how to even earn bitcoin bitcoin the regular way.
(work as an employee of a bitcoin business/start a business offering products or services)

[cohnhead]

Personally I would prefer every single person (or at least 1 out of 10) would own a device that supported this technology we are using to determine one's wealth/control/power/influence.

This may end up to be more of a reality than not....that millions of people will own devices that mine bitcoin, albeit in minute amounts.

21's grand vision is to puts its chip into everything is underway....and before you say not economically feasible... realize nuclear fusion and incredibly cheap power are only a couple of decades away.

I don't think Lockheed Martin is given to hyperbole

https://www.youtube.com/watch?v=UlYClniDFkM

 

[ProfessionalGoogler]

Personally I would prefer every single person (or at least 1 out of 10) would own a device that supported this technology we are using to determine one's wealth/control/power/influence.

This may end up to be more of a reality than not....that millions of people will own devices that mine bitcoin, albeit in minute amounts.

21's grand vision is to puts its chip into everything is underway....and before you say not economically feasible... realize nuclear fusion and incredibly cheap power are only a couple of decades away.

I don't think Lockheed Martin is given to hyperbole

https://www.youtube.com/watch?v=UlYClniDFkM

 

Yup... 

[odolvlobo]

There is no need to redistribute bitcoins. There is no need to force anyone to give up anything. There are lots of people willing to help you acquire bitcoins. Anyone can get as many bitcoins as they want. Just buy some.

If you want to own more bitcoins than 99.9% of all the people in the world, then go to a faucet and get some dust. If you want to be in the top 10% of all bitcoin owners, go to an exchange and buy 10 bitcoins.

It is that easy.

Anyway, people that advocate a "fair" distribution of bitcoins are confused about the difference between money and wealth.

If all the money in the world were redistributed, then each person would get about $200 in the form of money. If bitcoins were redistributed, then each person would get about 0.002 BTC, worth about $0.65.

That's not going to change anything.

[Velkro]

Can we reset the Bitcoin mining process to redistribute wealth?

No, that wouldn't make sense because bitcoin would be worthless then and there would be no wealth to redistribute.

[xhoneyael]

Can we reset the Bitcoin mining process to redistribute wealth?

The idea of Bitcoin where anyone could mine and support the network of course died with ASIC technology.

Is this great concept of Bitcoin just dead forever?

Personally I would prefer every single person (or at least 1 out of 10) would own a device that supported this technology we are using to determine one's wealth/control/power/influence.

But not for profit and every person who wanted to be part of the network owned an equal share.

Only in a perfect world right?

Well in the end of Bitcoin if it doesn't change, perhaps the internet Gods (Google, Yahoo & Bing) will unite to create solar powered satellite Bitcoin miners spread all over.

To own Bitcoin just own the most computing power. Well I guess at least the people we will trust our money now should be tech savvy right?

Banks are slow and outdated, I still cry when I see someone write out a check.

reset just for you get some wealth?
those who hold lot of bitcoin right now didnt get it for free
they invest a lot of time and effort and money on it and put lot of faith on it
so i think it will never happen

[Possum577]

Personally I would prefer every single person (or at least 1 out of 10) would own a device that supported this technology we are using to determine one's wealth/control/power/influence.

So your comfortable with a very small minority (10%) of bitcoin users having control, access, or ability to use bitcoin mining technology? Good, that's basically what we have today!

Bitcoin is a wonderful application of capitalism...those that work get paid. Those that risk have the opportunity to get paid more (but not the obligation or promise).

The reality is that this is how fast the maturity of an industry can move and change the way things were done in the beginning. There are other ways to get involved that can be very profitable.

[n691309]

By resetting it means that the profit that was before to be removed and distribute the bitcoin to new miners!! It is impossible.

[Oscilson]

When the Soviet Union collapsed in early 1990s, the state properties were distributed to citizen equally. People were equally rich at that time. But shares of companies changed hands, powerful people got more shares by buying from other people. They are richer.

If we rest the bitcoin, the result is the same.