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Author Topic: What weird shit do people fixate on when they criticize bitcoin?  (Read 1944 times)
kgo
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July 04, 2011, 06:25:11 PM
 #21

Now when I talk to people, I always explain up-front that the mining payout is a side-effect of securing the block chain.  The payout isn't the purpose of mining.  

Who are you kidding? The "purpose" of mining is, in reality, whatever incentive is provided to have people commit time and energy to it. And that is to get BTC not, securing the block-chain. You are a fool if you think otherwise.


1. The purpose of mining is to generate a valid block chain.

2. A reward of 50 BTC is generated to the lucky miner who gets a block.

3. The reward acts as an incentive for many people to mine.

4. This incentive creates a large network which reduces the possibility of a single user compromising the system.

The purpose of mining is to generate and secure the block chain.  The side effect of paying out coins acts as an incentive to meet this goal.  The reason most people mine is to get bitcoins, but it's not the purpose of mining.
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Shinobi
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July 04, 2011, 06:27:33 PM
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Given that the community is largely made up of teenagers with establishment angst, misanthropic "libertarians" and various other geeks - most with various levels of autsim - you can't expect much. Just look at the "commercials" that people like Atlas are trying to fund to bring exposure to Bitcoin.

Most people want to join something because it is convenient, not because it espouses some fringe ideology.



The terrible community surrounding it.

Sometimes I really think that if the community had any tact at all Bitcoin would have a chance of appealing to the real world.

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July 04, 2011, 08:06:00 PM
 #23

Given that the community is largely made up of teenagers with establishment angst, misanthropic "libertarians" and various other geeks - most with various levels of autsim - you can't expect much. Just look at the "commercials" that people like Atlas are trying to fund to bring exposure to Bitcoin.

Most people want to join something because it is convenient, not because it espouses some fringe ideology.



The terrible community surrounding it.

Sometimes I really think that if the community had any tact at all Bitcoin would have a chance of appealing to the real world.

Luckily most forums don't represent the community-at-large. I'd never be so vain to consider otherwise. I'm sure there are plenty of people involved in bitcoin who don't have to suffer through these threads.

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July 04, 2011, 08:10:00 PM
 #24

The intrinsic value of Gold and Silver is that they have other applications (jewelry, medicinal, electronics, construction, etc.) other than as a bartering and trading medium.

But what most of the critics of Bitcoins do not realize is that the intrinsic value of Bitcoins is that it can be traded back and forth in an near instance and at speeds which your Gold and Silver cannot. Can you send Gold or Silver through the internet to someone you've never met? It's quite difficult. This is where Bitcoins have the advantage over physical assets. To ignore this inherent trait of Bitcoins and to dismiss it has having no value is like saying that the internet has no value because it's not physical either.

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July 04, 2011, 08:12:35 PM
 #25

My favorite are those who talk up the magic of the free markets, then cry like a baby when the market freely eats their lunch.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
vectorvictor
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July 04, 2011, 08:38:29 PM
 #26

The whole "OMG finding hashes is wasting computing power" argument.

Guess what jackwagons, if there wasn't any WORK required, the blockchain would be completely useless. The fact that the miners are securing MILLIONS of < Insert currency > by doing their 'useless work' doesn't even occur to these fools.

Anything worthwhile requires effort, a simplistic 'efficient' system can be gamed and exploited. It annoys me to no end that articles and glib blog posts trot out the hashing == waste thing. It's convenient, I suppose, if you don't understand bitcoin nor want to make any effort in doing so.



We need to gather some accurate statistics on how much energy is expended in the mining of real gold.  I bet it's a lot.

The amount of energy going into the Alberta tarsands oil production is staggering.  They're burning tons of natural gas to heat water from precious pristine rivers.  They're talking about build a nuclear power plant just to produce heat for oil sands processing.

Energy is money, and bitcoin might be very economical in comparison.

Let's gather the facts, have them verified, and stuff them down the throat of the unthinkers.



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fascistmuffin
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July 04, 2011, 09:17:42 PM
 #27


God, haven't seen that anti-meme for a while. Good laugh out of it.   Cheesy
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