Bitcoin is A joke and will never last.

[Nathonas]

You fail to understand that the nature of cryptocurrencies is that they CAN and DO change through continued development. The bitcoin system has changed a lot from its inception in 2008 to now. Bitcoin definitely has several key technical disadvantages at the moment, both those that are limiting all cryptos (ease of use, for example) and those that some other coins have remedied (like transaction speed). But it will solve these problems as development continues.

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[bluemeanie1]

You fail to understand that the nature of cryptocurrencies is that they CAN and DO change through continued development. The bitcoin system has changed a lot from its inception in 2008 to now. Bitcoin definitely has several key technical disadvantages at the moment, both those that are limiting all cryptos (ease of use, for example) and those that some other coins have remedied (like transaction speed). But it will solve these problems as development continues.

if we accept this then we accept that Bitcoin does NOT have a natural advantage in the milieu of cryptocoin technology.

-bm

[SirChiko]

OPs existence is a joke and his argument won't last.

[bluemeanie1]

OPs existence is a joke and his argument won't last.

thanks anon, your advice has been so valuable over the years.  You've always been there through thick and thin.  Thanks.

-bm

[jonald_fyookball]

The average consumer is not going to partake in bitcoin when transactions can take hours or even days (currently waiting 3+ hours to move money between accounts). Bitcoin is a fad and will never be a real currency due to the massive draw backs that are built into the currency itself and can not be counted. One of the reasons to use Bitcoin was due to the low fees. The fees will continue to raise as mining cost increase and people have to pay higher and higher fees just to get their bitcoin moved to a new location.

You will never be able to walk into a shop and just pay for an item. You will have to wait untill the transaction is confirmed which is currently taking hours and will eventually take days/weeks.

Bitcoin will fail once a better digital currency is introduced.

and it will fail after the initial investor insiders exit the system.

you're 100% right there is NO WAY that we can affordably sustain all this Proof of Work nonsense for much longer.  They may have to include Color Coins in order to(try to) stay on top of NXT but this will make things MUCH more complex and will not solve the basic problems that have been discussed many times.

-bm

This is straight up FUD (you're all over every thread trying to pump NXT)

Proof of work has been "working" for 5 years and is the only proven,
demonstrable, time-tested method for achieving distributed consensus.

If NXT is half as great as you say it is, it will stand on its own without
overhyping it or trying to bash bitcoin.

[bluemeanie1]

to be clear Im not a NXT shill.  I'm a cryptocurrency expert.  I got involved with NXT fairly recently.  The NXT model is far more lucrative than Bitcoin.  I've also been involved with the PPC community and I've worked on other algorithms in the past.

PoW has not been 'proven' to do anything.  It's just that we've never seen it be exploited to any significant degree.  And it's possible to purchase this protection for so long as the insiders can afford to monopolize the hashing power, or the reward for hashing honestly is higher than the reward for hashing dishonestly.  That monopoly is very close to being broken.  In addition, as block reward gets smaller, the hashers must pay for electricity via transaction fees.  In a recent earlier post you displayed an ignorance of this fact.  It's very very important.

Bitcoin will continue to 'work' only for so long as the block reward continues to be valuable enough(in real terms) to offset an attack.  We are very close to this threshold and color coins just might push it over the edge.

go and have a look at NXT for yourself, then decide.

-bm

[bitsmichel]

to be clear Im not a NXT shill.  I'm a cryptocurrency expert.  I got involved with NXT fairly recently.  The NXT model is far more lucrative than Bitcoin.  I've also been involved with the PPC community and I've worked on other algorithms in the past.

No offense but PPcoin is not a well chosen name. If you want an altcoin to succeed it needs a good name.

Bitcoin will continue to 'work' only for so long as the block reward continues to be valuable enough(in real terms) to offset an attack.  We are very close to this threshold and color coins just might push it over the edge.

What do you mean by very close? Its at least 5 years more.

[bluemeanie1]

to be clear Im not a NXT shill.  I'm a cryptocurrency expert.  I got involved with NXT fairly recently.  The NXT model is far more lucrative than Bitcoin.  I've also been involved with the PPC community and I've worked on other algorithms in the past.

No offense but PPcoin is not a well chosen name. If you want an altcoin to succeed it needs a good name.

'forging' is not exactly great either... but these things weren't created by marketing people they were created by engineers.

-bm

[bitsmichel]

'forging' is not exactly great either... but these things weren't created by marketing people they were created by engineers.

Sure, but a coin needs adoption by people for it to have value.

[jonald_fyookball]

to be clear Im not a NXT shill.  I'm a cryptocurrency expert.  I got involved with NXT fairly recently.  The NXT model is far more lucrative than Bitcoin.  I've also been involved with the PPC community and I've worked on other algorithms in the past.

PoW has not been 'proven' to do anything.  It's just that we've never seen it be exploited to any significant degree.  And it's possible to purchase this protection for so long as the insiders can afford to monopolize the hashing power, or the reward for hashing honestly is higher than the reward for hashing dishonestly.  That monopoly is very close to being broken.  In addition, as block reward gets smaller, the hashers must pay for electricity via transaction fees.  In a recent earlier post you displayed an ignorance of this fact.  It's very very important.

Bitcoin will continue to 'work' only for so long as the block reward continues to be valuable enough(in real terms) to offset an attack.  We are very close to this threshold and color coins just might push it over the edge.

go and have a look at NXT for yourself, then decide.

-bm

I'm sure you are a cryptocurrency expert,
and obviously you're smart as sh*t, i'm
not trying to take any of that any from
you.

However, i'm not dumb myself so I would
appreciate you not insinuiting that I
can't grasp basic math and economics.
Claiming that I'm displaying ignorance
in another thread is pointless.

Obviously the bitcoin economic model
assumes adoption over time, an increasing
unit price, and decreasing revenue from
fees.  (this is nothing new).

Let's look at your claim about electricity
costs.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Competitive efficiency is running between
1 and .1 Watt/GhS, and in the future likely
will tend to the latter (or even surpass it)

The average price for electricty is about
10 cents per killowatt hour.

basic arithmetic gives us:

$0.1  / killowatt hour
$0.0001 / watt hour
$0.00001 / .1 watt hour

Assuming network hashrate of 70,000,000 Gh/s,

70,000,000  x .00001 = $700/hr

or... 700 x 24 = $16,800/day.

Even a measly 5 million dollars
per day in transactions gives
you $16,800 with a 0.3% transaction
fee.

But hold on...

We'll still have a block reward of
0.78125000 even by the year 2032,
which is 112 Bitcoins per day.

https://en.bitcoin.it/wiki/Controlled_supply

Even at TODAY's prices, that's
112 x $500 = $56,000.

All that being said, I'm still not
anti NXT (although some of the claims
it makes are unproven)

I have looked into it, and I think
it seems promising.  Bitcoin is
not guaranteed to be the king
of the ring forever, and if there
was a rising star, we would see it
coming.

We have seen NXT to be rising and
its the 5th biggest cryptocurrency.

So i'm not saying NXT doesn't have
a lot of potential.  It may. I'm also
saying Bitcoin does too

[bluemeanie1]

let's try and look in places outside of Bitcoin-land?

http://www.forbes.com/sites/timworstall/2013/12/03/fascinating-number-bitcoin-mining-uses-15-millions-worth-of-electricity-every-day/

Via Marginal Revolution we find the page of Bitcoin statistics. And there we are told that mining bitcoins currently consumes some $15 million’s worth of electricity each day. Which is, when you come to think about it, really a rather astonishing amount.

I appreciate the compliments.  I've enjoyed our discussions so far.

-bm

[bitsmichel]

Via Marginal Revolution we find the page of Bitcoin statistics. And there we are told that mining bitcoins currently consumes some $15 million’s worth of electricity each day. Which is, when you come to think about it, really a rather astonishing amount.

Bitcoin miners are not paying the same price everywhere, they will look for places with the cheapest electricity cost. The $15 million estimation is probably off, but I cannot say for sure by how much;

As for energy wasting, society wastes tons of energy: television shows, useless political trips and many other things. I think the solution is not to use less energy, but to change the way society deals with energy.

[BitSimple_Support]

let's try and look in places outside of Bitcoin-land?

http://www.forbes.com/sites/timworstall/2013/12/03/fascinating-number-bitcoin-mining-uses-15-millions-worth-of-electricity-every-day/

Via Marginal Revolution we find the page of Bitcoin statistics. And there we are told that mining bitcoins currently consumes some $15 million’s worth of electricity each day. Which is, when you come to think about it, really a rather astonishing amount.

Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour.

[bluemeanie1]

hi D&T!

ok so we've got on one hand

anon from Bitcointalk.org who contends that power consumptions is not a problem,

and

Forbes magazine who suggests that power consumption is heinously out of control.

another one from TechCrunch.  http://techcrunch.com/2013/04/13/the-cost-of-a-bitcoin/

-bm

[bluemeanie1]

an article on the world's largest Bitcoin mining operation: 

http://www.businessinsider.com/worlds-largest-bitcoin-mining-operation-2014-3

-bm

[serenitys]

Has it failed yet?

[bluemeanie1]

Has it failed yet?

-bm

[sevendj]

what you say is just a joke ,no mater how the future of btc ,it's already been knew for many people

[5od0miz3r]

to be clear  Im not a NXT shill.  I'm a cryptocurrency expert.

I'm sure you are a cryptocurrency expert,
and obviously you're smart as sh*t.

https://i.imgur.com/4LQ7LoS.png

[openyourmind]

Don't be so sure that we will never be able to walk into a shop and just pay for an item.