Bitcoin will eventually become another monopoly of currency

[SeanArce]

It's expected because mining difficulty will be too high and only the elite with super hashing power will be saturated with value, and people will eventuality move to alt crypto and so on and so on. I feel good about the versatility this leaves and the balance of power between the people in general. Evil mr burns capitalist has all the bitcoins, people will just move onto lite coin and the trading power of mr burns goes down. When lite coins difficulty becomes too high, people will just move onto something like phenix coin. Goods and services flow in an equilibrium. There's a certain gravity pull economically and a sound logic too this

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[wopwop]

Ah I feel better now holding this bitcons..

[Snail2]

You can "rent" some hashing power from the evil capitalists, investing into their demonic ASIC miners and getting dividends or trading your shares is also a good way to cheat those devils 

[leopard2]

That is like dissing gold because only a few large miners control most gold mining

Rubbish 

What counts is that there is enough BTC for everyone to use, not to mine, and that it cannot be created from thin air to enslave people, like fiat can

The only potential problem would be, if miners decide to monopolize BTC transport so that transaction fees grow extremely high.

[Spaceman_Spiff]

That is like dissing gold because only a few large miners control most gold mining

Rubbish  

What counts is that there is enough BTC for everyone to use, not to mine, and that it cannot be created from thin air to enslave people, like fiat can

The only potential problem would be, if miners decide to monopolize BTC transport so that transaction fees grow extremely high.

Hear hear.

Why would people move to a new cryptocurrency with the associated volatility and growing pains that will have taken bitcoin 10+ years to go through?  
No, if anything they will demand greater taxation of the rich or something like that, much more convenient.

[PerfectAgent]

I don't understand the obsession with mining. You can earn Bitcoins by selling products and services that people find to be worth some amount of Bitcoin.

[🏰 TradeFortress 🏰]

Mining is just one part of Bitcoin.

[LostDutchman]

It's expected because mining difficulty will be too high and only the elite with super hashing power will be saturated with value, and people will eventuality move to alt crypto and so on and so on. I feel good about the versatility this leaves and the balance of power between the people in general. Evil mr burns capitalist has all the bitcoins, people will just move onto lite coin and the trading power of mr burns goes down. When lite coins difficulty becomes too high, people will just move onto something like phenix coin. Goods and services flow in an equilibrium. There's a certain gravity pull economically and a sound logic too this

I have been predicting for some time that BTC would become a currency of the elite and it has indeed become just that.

My $.02.

[illpoet]

i think we might be getting a little ahead of ourselves here. I think bitcoin's fine, just in transition. within six months anyone who wants an asic will be able to get one from a 7 thousand 400ghash to a 100 dollar 330 mhash.   The same ppl who were mining it before are going to be the same ppl who are going to be mining it in the future.  Lets not lose site of the fact that mining crypto currencies is still a hobby.

[LostDutchman]

i think we might be getting a little ahead of ourselves here. I think bitcoin's fine, just in transition. within six months anyone who wants an asic will be able to get one from a 7 thousand 400ghash to a 100 dollar 330 mhash.   The same ppl who were mining it before are going to be the same ppl who are going to be mining it in the future.  Lets not lose site of the fact that mining crypto currencies is still a hobby.

A HOBBY???!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

With over $100K USD that I have invested in mining, that's some HOBBY!

WHEW!

My $.02.

[monkofnothing]

Please go on and tell me more about mining shares I'm very interested.

[LostDutchman]

Please go on and tell me more about mining shares I'm very interested.

Mining "shares" or "bonds" are simply a way to buy a given amount of hashrate for a given period of time, which may be for the life of mining or a set period at which time more investment would be required.

This can be very good for people who lack the tecnical skills, investment money for their own mining equipment or who have no place to run miners.

It's also a lot easier than mining yourself as the headaches associated with mining are left to someone else.

My $.02.

[monkofnothing]

Please go on and tell me more about mining shares I'm very interested.

Mining "shares" or "bonds" are simply a way to buy a given amount of hashrate for a given period of time, which may be for the life of mining or a set period at which time more investment would be required.

This can be very good for people who lack the tecnical skills, investment money for their own mining equipment or who have no place to run miners.

It's also a lot easier than mining yourself as the headaches associated with mining are left to someone else.

My $.02.

Thanks ill head over to the mining thread and see who is offering this service. Do you have a recommendation?

[LostDutchman]

Please go on and tell me more about mining shares I'm very interested.

Mining "shares" or "bonds" are simply a way to buy a given amount of hashrate for a given period of time, which may be for the life of mining or a set period at which time more investment would be required.

This can be very good for people who lack the tecnical skills, investment money for their own mining equipment or who have no place to run miners.

It's also a lot easier than mining yourself as the headaches associated with mining are left to someone else.

My $.02.

Thanks ill head over to the mining thread and see who is offering this service. Do you have a recommendation?

LabRat has a pretty good deal getting set up and you can trust him implicitly.

I have spoken with him many times in chat and believe him to be 100% reliable!

He just announced yesterday I think.

Check it out!

My $.02.

[QuantPlus]

It's early in the game...
But the world will be saturated by math-based currencies 10 years from now...
Issued by Govt, Banks, Corporations, etc.

The incredibly wasteful and bizarre mining "proof of work"...
Will be an anachronism replaced by more sophisticated network "consensus" schemes...
Leaving Bitcoin as a decent Tier Two store of value.

High volume miners are monopolists at heart...
And some of the most arrogant assholes I've ever met in real life.
 

[LostDutchman]

It's early in the game...
But the world will be saturated by math-based currencies 10 years from now...
Issued by Govt, Banks, Corporations, etc.

The incredibly wasteful and bizarre mining "proof of work"...
Will be an anachronism replaced by more sophisticated network "consensus" schemes...
Leaving Bitcoin as a decent Tier Two store of value.

High volume miners are monopolists at heart...
And some of the most arrogant assholes I've ever met in real life.
 

Now just because I have over 150 GPUs pointed at a crypto does that arbitrarily make me an asshole?

Just askin'!

[BitAddict]

Mining is just one part of Bitcoin.

And not the most important.

[LostDutchman]

Mining is just one part of Bitcoin.

And not the most important.

What is the most important?

[BitSmile]

Mining is just one part of Bitcoin.

And not the most important.

What is the most important?

Network honesty, but that also includes miners, so mining is part of the most important part of bitcoin.

[polarhei]

I don't think so as all people know how to make one.

There are more models after the bitcoin successfully deployed, which represents like Chemical chart (Periodic table).

If you think the bitcoin is bad, then find a way to improve.