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minorityreport
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August 31, 2017, 04:48:51 PM
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I am new to this forum. However, I have concerns over supply against speculation. This maybe answered or dealt with in another thread and would be grateful to someone to point me to that thread.

However, their is a difference between supply against speculation.

How is the supply of the bitcoin controlled/regulated to prevent inflation?

The problem I have is I see this huge racks of miners, but it appears that miners are being used jointly to generate supply as well as speculation. There may be internal dynamics here, but I see this huge farms of "miners" to actually be against the concept of bitcoin - which was seen as a decentralised p2p currency. Maybe its me, but centralised miners seem to be in contradiction to the original principles of a decentralised p2p currency.
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The block chain is the main innovation of Bitcoin. It is the first distributed timestamping system.
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VRobb
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August 31, 2017, 05:10:30 PM
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Keep reading, you're WAY OFF!  Wink

hint: Bitcoin supply is set.

I don't believe in superstition because it's bad luck
In Hotels, I prefer the 13thF1oor6CAwyzyxXPNnRvu3nhhYeqZdc
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August 31, 2017, 05:38:40 PM
 #3

And also dig up and read a copy of Satoshi's original paper on Bitcoin. Massive miner farms and speed increases resulting from technology advancing were all foreseen by him. Nowhere does he mention or care about the concept of home miners in the long term goals.

For bitcoin to succeed the community must police itself - Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats
How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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August 31, 2017, 10:18:26 PM
 #4

I am new to this forum. However, I have concerns over supply against speculation. This maybe answered or dealt with in another thread and would be grateful to someone to point me to that thread.

However, their is a difference between supply against speculation.

How is the supply of the bitcoin controlled/regulated to prevent inflation?

The problem I have is I see this huge racks of miners, but it appears that miners are being used jointly to generate supply as well as speculation. There may be internal dynamics here, but I see this huge farms of "miners" to actually be against the concept of bitcoin - which was seen as a decentralised p2p currency. Maybe its me, but centralised miners seem to be in contradiction to the original principles of a decentralised p2p currency.

BTC is beautiful, BTC is revolutionary, BTC empowers people, BTC is forkable and last but certainly not least BTC is working as intended for the most part (IMHO)!

BTC is not centralized, BTCis not borked, BTC is not going to make you fabulously rich by hooking your PC up the the network.

Whenever I see the whole "centralized" argument I usually think of a person that missed out on the early days and wants to be able to mine 50 coin blocks on a GPU rig in the basement.  Because in reality when enough people see BTC as centralized it will fork...  Try forking the USD!  Grin

With the moon in the rear view mirror its an amazing time to be part of the  BTC community.  Hang on enjoy the ride, make some profit and don't panic.  BTC has a way of working everything out, after all its reportedly been dead a million times and still here...

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September 01, 2017, 01:06:12 AM
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The white paper really isn't as long nor complicated as most people think it is and it sure saves a lot of time and answers many questions like the one you have. Try reading it- it really changes your perspective on Bitcoin if you haven't, even if you are a seasoned member of the Bitcoin community. Also helps you understand what some people are talking about during the scaling debates.

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