The economic model behind Bitcoin is flawed

[deisik]

I'd like to hear more about this.  In general the false dichotomy of "bad guys" and "good guys"  is not always so useful, but if your goal is not being robbed - then using a tool which makes it harder for bad guys to rob you seems like a good idea.  Wouldn't you say?   

How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...

We can only guess what real ends its maker(s) can be pursuing

[1715685676]

1715685676

[1715685676]

1715685676

[funkenstein]

If you rob me of my CC, you may get some goodies (buy some gift cards & sell them in the 'digital goods' section of this forum, for instance), but I can simply report this to the CC company and be out 0 BTC.

If I rob you of your "USD" notes, no such luck.

ftfy

I had my wallet stolen the other day, but my keys were backed up and encrypted so.. hey lost nothing except the wallet. 

After moving the funds to a new wallet I also knew with 100% certainty that nobody had secretly diluted the supply leaving me with less value. 

[funkenstein]

How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...

We can only guess what real ends its maker(s) can be pursuing

Well here's one I can answer  We know that Bitcoin is such a tool because we can look at it and see everything about it.  It is public.  All transactions - all blocks and network communications - are public and plain text.  Just take a look and see!  

As to who is behind it, that's only important historically and in terms of whatever stash they might have, which could be as much as 8% of all [current] coins it is said.  Who is behind arabic numerals, and what was their motivation?  Who was the first to refine gold?  Anyway, in this case you can go read Satoshi and draw your own conclusion.    

[deisik]

How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...

We can only guess what real ends its maker(s) can be pursuing

Well here's one I can answer   We know that Bitcoin is such a tool because we can look at it and see everything about it.  It is public.  All transactions - all blocks and network communications - are public and plain text.  Just take a look and see!

Just a few days ago you were talking bullshit. Later you seem to have accepted that you had been talking bullshit. What makes you think that now you started talking sense?

All blocks are public, i.e. for everyone to see, right?

[1aguar]

Here is a history lesson for you; the cover story is an excellent essay and if you are such an expert then you will surely not hesitate to read it.
http://www.phoenixsourcedistributors.com/950307.pdf

With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.

I am posting here to ask the OP if he has read this essay that I recommended and if not then why not?

[Blue_Tiger73]

Hmm. I'm not sure we're anywhere near finding what Bitcoin's actual economic model is. It could take the form of several things or be something totally unexpected.

The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.

Yeah. Where did you find Bitcoin's economic model? Don't just go around saying this kind of shit, if you have no proof to back it up. Also, what did they leave out of the economic model?

[deisik]

Here is a history lesson for you; the cover story is an excellent essay and if you are such an expert then you will surely not hesitate to read it.
http://www.phoenixsourcedistributors.com/950307.pdf

With knowledge comes intelligent action, so the first step is to realize one's own situation by remembering history.

I am posting here to ask the OP if he has read this essay that I recommended and if not then why not?

Obviously, I didn't. But since you posted the link again... well, it piqued my curiosity and I looked through it (here's a more readable version, by the way)

My name is Marquart (Mark) Ewing Phillips, born May 17, 1943 in Nashville, Tennessee, I have no criminal record and I have never been adjudged insane, I am not a scholar, professional writer, or mental health physician. While I lack the official published academic credentials, I am recognized internationally by mental health and law enforcement professionals as an authority on the secret science concerning external control of the mind

No, I don't read belles-lettres and fiction these days (short version: waste of time)

[HabBear]

First, who's apologizing for Bitcoin? You reference "bitcoin apologists"...

Second, you don't offer any details on what these people are forgetting, care to elaborate a lot on your point?

Bitcoin apologists and supporters often recklessly claim that a controlled supply with the 21 million coins cap is good and beats the shit out of fiat monies as well as cryptocurrencies that don't have a limit on the number of coins mined...

Why is there any question at all? It's in the code. You can't change that; it's a systematic part of the entirety of Bitcoin. Otherwise, inflation occurs and everything goes to crap, just like FIAT currencies. Well... it's just that people haven't noticed that things will get out of control with FIAT yet. That, or they're reliant on them.

They forget a few things, though

I think you created this thread to boost your post count with the Bit-x campaign.

[deisik]

Hmm. I'm not sure we're anywhere near finding what Bitcoin's actual economic model is. It could take the form of several things or be something totally unexpected.

The hard limit is quite extreme and may eventually lord over all other virtues. Time will tell.

Yeah. Where did you find Bitcoin's economic model? Don't just go around saying this kind of shit, if you have no proof to back it up. Also, what did they leave out of the economic model?

You may want to read the thread before asking

[ridery99]

Bitcoin is the future of money. Bitcoin will replace fiat.

[funkenstein]

How do you know that Bitcoin (since you obviously refer to it in your appeal) is actually such a tool? We don't even know who is behind creating it in the first place, lol...

We can only guess what real ends its maker(s) can be pursuing

Well here's one I can answer   We know that Bitcoin is such a tool because we can look at it and see everything about it.  It is public.  All transactions - all blocks and network communications - are public and plain text.  Just take a look and see!

[bs snipped]

All blocks are public, i.e. for everyone to see, right?

Yes all blocks are public.  Bitcoin is a public coin.  The money supply, all (on-chain) transactions, all coinbase transactions - detalis of all relevant algorithms - current address of every existing satoshi - are publicly available.  This is not "an economic model" nor something to be debated: it's just how the thing works. 

Merry Christmas to you!     

[PakistanHockeyfan]

Most models behind most projects in its prime are usually flawed. Bitcoin is only 6-7 years old.