Tick Tock Tick Tock

[cbeast]

This is for the naysayers and FUD spreaders. Bitcoin has survived its first halving and will soon see its fourth birthday. If you have been sitting on the fence waiting for Bitcoin to fail, time is running against you. The price may fluctuate slightly, or wildly, but it will go up up up. Apparently our good Bitizen Casascius will soon be bringing us an escrow tool. Bitcoincard is imminent. Mr. Andresen and team are charting a course for Bitcoin's future. All systems are go five squared. A confluence of development is emerging that will shake the global markets. Fear is not an option.

[chriswilmer]

This is for the naysayers and FUD spreaders. Bitcoin has survived its first halving and will soon see its fourth birthday. If you have been sitting on the fence waiting for Bitcoin to fail, time is running against you. The price may fluctuate slightly, or wildly, but it will go up up up. Apparently our good Bitizen Casascius will soon be bringing us an escrow tool. Bitcoincard is imminent. Mr. Andresen and team are charting a course for Bitcoin's future. All systems are go five squared. A confluence of development is emerging that will shake the global markets. Fear is not an option.

+1

[RodeoX]

But, but... it's not backed by the government. 

[Frequency]

This is for the naysayers and FUD spreaders. Bitcoin has survived its first halving and will soon see its fourth birthday. If you have been sitting on the fence waiting for Bitcoin to fail, time is running against you. The price may fluctuate slightly, or wildly, but it will go up up up. Apparently our good Bitizen Casascius will soon be bringing us an escrow tool. Bitcoincard is imminent. Mr. Andresen and team are charting a course for Bitcoin's future. All systems are go five squared. A confluence of development is emerging that will shake the global markets. Fear is not an option.

+2

[Yuhfhrh]

But, but... it's not backed by the government. 

[SkRRJyTC]

...Bitcoincard is imminent. ...

Its only 4-6 weeks away!

and dont forget about the Ellet!

 

[smoothie]

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

[Yuhfhrh]

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

[byronbb]

Bitcoin fail =/= price fall

Hence price can fall to $1 and bitcoin would still live...just miners would be very unprofitable.

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

GPU miners would return. Distribution of hashes is more important than total hash-rate imo. Hard to imagine a network at 25Thash operating at minimal block reward generating 3600 coins a day in transaction fees. (The current situation at 25BTC reward.) I think a bitcoin network that could be supported by lay-persons at their homes might be more secure than large entities controlling large segments of the hash-rate privately.

[Technomage]

If miners are unprofitable, lots will quit and the difficulty will go down and then eventually they may be profitable again, even at $1/BTC. But the bitcoin network itself would be at a higher risk from a 51% attack because of the lower difficulty, so it could be seen as more likely to fail?

The safety of Bitcoin should be seen as relative to the size of the economy. Currently all bitcoins are worth a little more than $100 million dollars. The network, as I see it, is very safe relative to that. If the price was $1 the economy would be radically smaller and a lot smaller hash rate would be adequate to ensure safety.

Remember that it's impossible to achieve total safety. There is always some risk. It's just important that the risk remains small.

[cbeast]

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

[SkRRJyTC]

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

[420]

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

[notme]

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

People who will mine for cheaper.

[420]

as the reward goes down and difficulty up, miners turning into fewer, what's stopping there to be a transaction fee war were people's transactions aren't accepted into the block without paying high fees?

People who will mine for cheaper.

so even if that's only 1/10th of the blocks? have to wait 10x the amount of time for confirmations?

[Crypt_Current]

It IS only a matter of time and it is awesome to have seen the beginnings of one of the most important paradigm-shifting technologies unfold before my eyes.

Excellent synopsis, OP.  So now:

Is Bitcoin "too big to fail" yet??

 

[Yuhfhrh]

It IS only a matter of time and it is awesome to have seen the beginnings of one of the most important paradigm-shifting technologies unfold before my eyes.

Excellent synopsis, OP.  So now:

Is Bitcoin "too big to fail" yet??

 

Its awful close.

[cbeast]

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

Maybe by then there will be a time-locked escrow tool with which to make a 2-party wager. 

[SkRRJyTC]

As usual, the naysayers don't respond to the OP. Their tired old arguments don't stand up to 4 years of practice. Their fear is based upon imagined threats that have not come to pass.

Ill respond in 4-6 weeks.

Maybe by then there will be a time-locked escrow tool with which to make a 2-party wager. 

Ill hold my breath until it gets here...

[byronbb]

But, but... it's not backed by the government. 

The amazing thing about this quote is out of the mouths of most people it's a dead-serious statement.