Logical and mathematical truth of bitcoin

[dohh]

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

It's not pure luck. It is how the system is designed. Why can't you suggest a better way of handling it? If you think you can solve the problems of bitcoin, you're free to create your own shit? What's stopping you?

No, I cant, because blockchaining is not mathematically viable solution for cryptocurrency transactions.

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

You seem like some from r/btc now. Those are the typical idiots who think that way without any logical explanations.

My English is poor, logic is very much there. Miners do mining, because they think BTC is has real future and they think it, because they are unable to understand the mathematics behind mining.

a) why is BTC quantity limited with 21 millions? What limits it?
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

a) Call that a lucky number? If it wasn't limited, would it have any value? Do company shares are unlimited in supply ?
You didint get my point, I asked what limits it, because the answer is absurd. Nakamoto told, there is 21 million coins and they are released in exponentially decreasign amounts.
b) Hyperinflation never occur in the stock market?
It does.
c) Irrelevant
Agreed, not relevat in context of mathematics.
d) Most of us do? As long as you know how the system works, you don't have to understand every core file of it.Abstraction!
Most of You fail to understand the VERY core concept of mining. Which is a scheme.
e) They might be? How would you know?
https://www.bloomberg.com/features/bitcoin-bulls-bears/  You are welcome to read average judgement to BTC. Dont be mad at me, Im just a messenger. It will be over soon. I would bet 0n 1 or 2 qt 2019.

[dohh]

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06

This was situation a month ago. Telling You once more: finito by same time next year. By "finito" I mean at least 90% price drop from now.

[-Sinner-]

Those who want to believe in BTC at all cost, should avoid this topic.
To help some people, who started to think about the core concept of bitcoin, my judgement is:

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

Before You attack my opion, try to give logical answer to these questions:

a) why is BTC quantity limited with 21 millions? What limits it? 
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Maybe it wasnt planned so, but BTC is the most genious scam in the history.

Previous doesnt mean, You absolutely can not make any money in it. The same goes for ponzis and pyramids. If You go in or out right time, You will earn and at some cases earn well!

a) why is BTC quantity limited with 21 millions? What limits it?  it could be 25 millions, 30, does not matter.. the important thing is that is limited ( btw there is a reason, and someone will tell you for sure )
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation. Just because we don't still have much volume, that's why it is so volatile.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?  maybe because it is all clear what happens?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool? we understand better than you probably
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?  they are doing it, and obviously the richest will not tell you if they buy.

[Seriousbizz]

 Well you sound pretty convinced with all you are saying about BTC, and again anyone willing to take your advice is free to do so, But everyone venturing into cryptocurrency knows the risks and that includes its high volatile nature. nOT sure how you got here but it must have been out of your own will, so did the others,personal decison making is what matter, if you don't believe in the value of BTC the sit back and watch, you might just get disap
pointed, if not i suggest you keep the negativity to yourself.

[dohh]

Well you sound pretty convinced with all you are saying about BTC, and again anyone willing to take your advice is free to do so, But everyone venturing into cryptocurrency knows the risks and that includes its high volatile nature. nOT sure how you got here but it must have been out of your own will, so did the others,personal decison making is what matter, if you don't believe in the value of BTC the sit back and watch, you might just get disap
pointed, if not i suggest you keep the negativity to yourself.

I got here, because I searched for discussion about BTC. This is the biggest community. Until You let me give opposite opinion about the whole thing, I will do. Or if it happens, that I will change my opinion, Im man enough to admit it.

Its not negativity, its just alternative approach to BTC madness and next running year will prove, how needed it was.

[dohh]

https://www.elitefixtures.com/blog/post/2683/bitcoin-mining-costs-by-country/

Smart people make their conclusions themselves.

[Taylora]

You clearly missing the point here. I'm not attacking, it's your right and all, but:

Bitcoin wasn't created as investment. It's main plan was to act like currency, but people started investing when some guy posted he lost millions just because he sold and didn't hold. Taken this opportunity, smart people started to invest it, while over started to learn about it and by time they did, there was huge FOMO (fear of missing opportunity) So some idiots started to sell houses and whatnot, and lost it all, possibly, that's their problem. We are, people, designed like that, if we see we can earn money easy way, we do it. So no Bitcoin isn't scam, we created current situation and it will never change. I use Bitcoins when they cost around 200$ and never dreamed it will go to 20,000$.

[dohh]

You clearly missing the point here. I'm not attacking, it's your right and all, but:

Bitcoin wasn't created as investment. It's main plan was to act like currency, but people started investing when some guy posted he lost millions just because he sold and didn't hold. Taken this opportunity, smart people started to invest it, while over started to learn about it and by time they did, there was huge FOMO (fear of missing opportunity) So some idiots started to sell houses and whatnot, and lost it all, possibly, that's their problem. We are, people, designed like that, if we see we can earn money easy way, we do it. So no Bitcoin isn't scam, we created current situation and it will never change. I use Bitcoins when they cost around 200$ and never dreamed it will go to 20,000$.

No it wasnt. I was created like pyramid, just more intelligent, than medium one.

1st year released coins:             $$$$$$$$$$$$$$$
5th year:                                          $$$$$$$$
10th year                                               $$$


then...                                nothing to mine, wont mine for free:(

the sooner You accept the reality, the better it is.

[iagyei259]

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

[dohh]

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

Ok, tell me, which one of these is false:

1) number of bitcoins released in return to mining decreases exponentially (divided by 2 each halving).
2) mining is needed for crytocurrency to work.

if both are true, its a scheme.

[samvel86]

The logic is that I earn money in an honest way. It is possible that there is little or no disagreement, but without a deep analysis I have a certain amount of money earned by bitcoin.

[ArnoldChippy]

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

Most of the people have the same situation, they do not understand bitcoin and even do not want to, but still they are making good money from bitcoin investment, they are only lucky because they have a good amount of money from which they can make good profit, i think that investment can be more fruitful if you know and have good knowledge about bitcoin.

[Patatas]

snip

* Please quote the posts correctly.I know dissecting every part of it is a strain but helps keep the conversation going very smoothly.
- You almost agreed with all the points that I had, I don't see why you'd be against the entire system then? It is just really a virtual reflection of the stock market with more fluctuation.

- If you're against mining, say it. I like how the system rewards people for running their machines by keeping the payments decentralised. How else would you incentivize the process?

[somebadger]

it something difficult to say but i am more than sure in that everyone is here only for one purpose, the money, and you can not deny this

[gilangIDR]

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

Most of the people have the same situation, they do not understand bitcoin and even do not want to, but still they are making good money from bitcoin investment, they are only lucky because they have a good amount of money from which they can make good profit, i think that investment can be more fruitful if you know and have good knowledge about bitcoin.

People who do not want to understand bitcoin well then they will never experience a success. To be able to invest and know the various analysis then we need knowledge about bitcoin. It must be known because our knowledge of bitcoin will lead us to success.

Bitcoin is not something that can be mathematically calculated. Bitcoin needs far more than that.

[Patatas]

it something difficult to say but i am more than sure in that everyone is here only for one purpose, the money, and you can not deny this

I disagree. Over the period it has changed but not everyone was/is here or in the entire bitcoin scenario just for money. People made money as good as they make with bitcoin now but the process have become much faster due to bitcoins. Moreover, OP isn't exactly targeting bitcoins but the nature of blockchain system itself.

[kofibee12]

"if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?" It is not every investor that has the understanding of what blockchain works. And I can bet you that about 80 percent of investors if they can understand blockchain technology will make it as their priority investment.

[dohh]

snip

* Please quote the posts correctly.I know dissecting every part of it is a strain but helps keep the conversation going very smoothly.
- You almost agreed with all the points that I had, I don't see why you'd be against the entire system then? It is just really a virtual reflection of the stock market with more fluctuation.

- If you're against mining, say it. I like how the system rewards people for running their machines by keeping the payments decentralised. How else would you incentivize the process?

Sorry, new to forums, try better in future.

I actually didint agree to anything but the comparison blockchain and public/private key was irrelevant. I was just more polite to You, than to others, as You were more polite to me, than average here.

I ask one more time: when all 21 million coins are released, how will be people paid for tunning their machines? In money? Then transactions will be ridiculously expensive.

Blockchaining WILL NOT work for money  transactions, because, if it is a decent, viable money, it moves around in such a huge number of transactions, blockchaining will be ridiculously expensive. Its only for speculative income, which would had been OK with me, if the core product behind was viable.

[dohh]

Is unfortunate you don't understand the principles in which bitcoin operate so you are concluding it to ponzi scheme. Bitcoin uses electricity to generate it as banks need a service to generate transactions.

Precisely. Bitcoin uses electricity, to generate itself. And for that electricity people are paid 2 times less after each halving. First people in, or scheme masters produced thousands or even more coins with their home PC, now people form groups and buy specialized hardware to do so.

Please note this: from activation 2009 until now, there was released 17 million coins, from now to 2040, mere 4 millions. more than 2 millions per year up to date and less than 0.2 millions per year from now on. If we looked it year by year, the difference would had been even more dramatic.

Whats that in Your opinion? Its a clear pyramid, where people pay with electricity instead of money and late joiners end in net loss.
https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06

As You see, in most countries people are running in loss already. Its over soon.

[makatia]

Technology development is completely we can support.that want to be developed further, At that time goods and services are not extremely rare objects, but they exist. For example, electricity. You are paying for it, but you can not touch it.