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December 29, 2013, 03:36:47 PM |
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Well, investing in BTC means that the investments are going to mining. I think that this is stupid, because BTC doesn't need a bigger mining network that it already has. The security benefits of the mining network don't outweight the disadvantages of resources wasted. If everyone would solo-mine, then maybe the security advantages would justify itself, but the mining is pooled together into certain points, so the amount of mining doesn't enhance the security much. So I think that the future is in Proof-of-Stake or something new that will surface. The current marathon for more hash rate is a fools game that will crash hard when people finally see it being as wasteful as it is. It's a smart idea to invest in services rather then BTC itself, since most of crypto value is in payment opportunities. Also, if bitcoin fails in the future and another crypto will take over, then with running a service, it is easy to just switch crypto and keep on doing business as usual. But you also have to have knowledge to start a working service company and you actually have to do real work. Most of the BTC community consists of people who just want to buy low and sell high, without actually knowing anything or actually doing anything that could be considered work. Buying some mining gear and letting it run for 24/7 is what most consider doing real work. For the past weeks, I have began to believe that BTC will be doomed because of the immaturity of the community. Everywhere I look, I see "Choo Choo to the moon", and people will actually get very upset when I try to question the reality of their get-rich-quick visions. This has made me to believe that BTC is only the start of an idea, that will eventually be the evolutionary step in finance, and I think that it is unlikely that BTC actually has a future beyond a year or two. Progress is just too slow when everyone are fixated on making money the easiest way possible.
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