I am pretty confident we are the new wealthy elite, gentlemen.

[Possum577]

I will be happier in the long term if bitcoin just finds a value and stays there. In the short term I want to get rich from bitcoin, in the long term I want an alternative to centralized slave money.

It found a value...the problem is that the value is less today than it was yesterday. What if Bitcoin found a value of $10 per BTC, would that still make you "happier in the long term"?

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[bitteractor]

Bitcoin: The best house in an awful neighborhood.

Ask a litecoin or  . . .pfft . . . . Paycoin owner how they feel tonight.

[picolo]

I will be happier in the long term if bitcoin just finds a value and stays there. In the short term I want to get rich from bitcoin, in the long term I want an alternative to centralized slave money.

It found a value...the problem is that the value is less today than it was yesterday. What if Bitcoin found a value of $10 per BTC, would that still make you "happier in the long term"?

Bitcoin needs to have a huge market cap for the users to be able to store a lot of wealth in Bitcoin and move large sums of currency. A larger market cap increase the chances to have less volatility.

[QuestionAuthority]

I will be happier in the long term if bitcoin just finds a value and stays there. In the short term I want to get rich from bitcoin, in the long term I want an alternative to centralized slave money.

It found a value...the problem is that the value is less today than it was yesterday. What if Bitcoin found a value of $10 per BTC, would that still make you "happier in the long term"?

Bitcoin needs to have a huge market cap for the users to be able to store a lot of wealth in Bitcoin and move large sums of currency. A larger market cap increase the chances to have less volatility.

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

[Come-from-Beyond]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

[BayAreaCoins]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

I really really enjoy PoS tbh.  

Only started messing around with them since Just-dice started taking CLAM.

It seems to me it prevents a lot of economy leakage through electric bills and ancient miners (seriously when I look at a miner now days it reminds me of a 1970's printer.)

I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  

Seems silly to expect BTC to go global and WANT to give that much money to the fat cat electric companies rather than reward your own kind.

I "mine" about a Bitcoin a day using PoS right now completely eco friendly and no huge electric bill.

[QuestionAuthority]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

I really really enjoy PoS tbh.  

Only started messing around with them since Just-dice started taking CLAM.

It seems to me it prevents a lot of economy leakage through electric bills and ancient miners (seriously when I look at a miner now days it reminds me of a 1970's printer.)

I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  

Seems silly to expect BTC to go global and WANT to give that much money to the fat cat electric companies rather than reward your own kind.

I "mine" about a Bitcoin a day using PoS right now completely eco friendly and no huge electric bill.

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

[pereira4]

The people who bought sizable quantities of BTC when this thread started did indeed become rich men. How I wish I were one of them.

Not really, some lost the lot with mtgox, some with bfl and the like, it's a case of grass is always greener.

Well if you had half a brain you should have known MtGox was really unthrusteable way before the disaster happened.
If you are holding big amounts of BTC in exchanges you know what can happen.

[SirChiko]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

I really really enjoy PoS tbh.  

Only started messing around with them since Just-dice started taking CLAM.

It seems to me it prevents a lot of economy leakage through electric bills and ancient miners (seriously when I look at a miner now days it reminds me of a 1970's printer.)

I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  

Seems silly to expect BTC to go global and WANT to give that much money to the fat cat electric companies rather than reward your own kind.

I "mine" about a Bitcoin a day using PoS right now completely eco friendly and no huge electric bill.

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

So you are basically telling us that btc will loose it's value if it will stay pow?

[picolo]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

The Bitcoin network is very safe because it's paying miners to mine.

[pawel7777]

...
I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  
...

Mining hardware manufacturers would be the ones with the real butthurt.

Miners - not necessarily. If you give them enough transition time (say 2 years) they could play on accumulating coins, so after 2 years they'll be doing essentially the same (generating new coins + earning tx fees) but without the huge costs.

[BayAreaCoins]

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

Agree.

This is where altcoins will play a big roll for "research".

I'm not sure if PoS is the correct system either because I see the flaws in it as well.

Bitcoin should stay the way it is for now while others duke it out... that's the main reason crypto needs 5 years to figure its self out.

[Possum577]

Are we still the "new wealthy elite" at ~$260 per coin? (I do realize this post was started at lower prices)

[Guido]

Are we still the "new wealthy elite" at ~$260 per coin? (I do realize this post was started at lower prices)

hodl and buy more

[MarketNeutral]

Are we still the "new wealthy elite" at ~$260 per coin? (I do realize this post was started at lower prices)

If your average cost per coin is sub $5 or $10 or $100 or even sub the current spot price, then.....well....maybe.

Many noobs forget that for many of us, Bitcoin topping $25 or $50 seemed an utter miracle at the time.

[QuestionAuthority]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

I really really enjoy PoS tbh.  

Only started messing around with them since Just-dice started taking CLAM.

It seems to me it prevents a lot of economy leakage through electric bills and ancient miners (seriously when I look at a miner now days it reminds me of a 1970's printer.)

I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  

Seems silly to expect BTC to go global and WANT to give that much money to the fat cat electric companies rather than reward your own kind.

I "mine" about a Bitcoin a day using PoS right now completely eco friendly and no huge electric bill.

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

So you are basically telling us that btc will loose it's value if it will stay pow?

Of course not. The security system has very little to do with a coins value other than providing peace of mind. It provides a trust in the system that insurance gives to credit card fraud. Credit card/bank fraud happens all the time but people don't care because they trust that they will always get their money back. A cryptocoin's security system is supposed to be trustless. If well designed it ensures that transactions happen the way they're supposed to without issue. Fraud is obsolete in cryptocurrency IF the security system is well designed. All of the discussions you see about a 51% attack happen because there is a flaw in the security system that could allow fraudulent activity. The systems architect (satoshi) anticipated this problem and believed that the system would self correct. I disagree.

[Come-from-Beyond]

The Bitcoin network is very safe because it's paying miners to mine.

No, it's paying to electricity companies via miners. Money flows out of your pocket (inflation). Get rid of necessity to pay for burned electricity and you will get Proof-of-Stake.

[huntercerebellumr]

Are we still the "new wealthy elite" at ~$260 per coin? (I do realize this post was started at lower prices)

If your average cost per coin is sub $5 or $10 or $100 or even sub the current spot price, then.....well....maybe.

Many noobs forget that for many of us, Bitcoin topping $25 or $50 seemed an utter miracle at the time.

couple of years ago still like many today people thought Bitcoin would be like facebook, Microsoft or Google but now they realise that it more like Linux.

I estimate 2 years from now BTC price will be as low as the average altcoin price what ever that may be, These are the final days for people to skim off the last profits from BTC

being first does not always mean being the best, in my opinion the biggest surprise in crypto coins will come from the least expected place.

[QuestionAuthority]

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

Agree.

This is where altcoins will play a big roll for "research".

I'm not sure if PoS is the correct system either because I see the flaws in it as well.

Bitcoin should stay the way it is for now while others duke it out... that's the main reason crypto needs 5 years to figure its self out.

That's right. Let the better system prevail. The great solution to system forking is the power of the users to choose a direction and vote on it with their money. That holds true for competing coins too. People will choose the winner and all the preaching on all the forums in the world won't stop it. 

[podyx]

It needs more people using it everyday as a payment system instead of miners dumping the coin as soon as they're mined.

Exactly. This is why PoS coins without inflation are not falling that much now and even rising BTC-wise.

I really really enjoy PoS tbh.  

Only started messing around with them since Just-dice started taking CLAM.

It seems to me it prevents a lot of economy leakage through electric bills and ancient miners (seriously when I look at a miner now days it reminds me of a 1970's printer.)

I imagine you'd have a large number of Bitcoin miners who would be seriously butthurt about PoS.  

Seems silly to expect BTC to go global and WANT to give that much money to the fat cat electric companies rather than reward your own kind.

I "mine" about a Bitcoin a day using PoS right now completely eco friendly and no huge electric bill.

Yeah, the PoW system is looking more nutty to me every day. It's not just the wastefulness, scalability, or the equipment cost in upgrades and failures but the fact that eventually it has to become centralized. I have been here through every 51% scare starting with Deepbit and understand this system just can't be controlled with "goodwill" anymore. The arguments for the wasteful energy use are always beaten down with the claim that the modern banking system uses at least that much energy or more to move money around. Aren't we trying to be better than the current system though? The "we're the same as they are" argument just seems stupid to me. I don't know if PoS is the answer but something needs to change.

PoS coins, as good as they are, don't work long term though

They are too unsafe