The only one detail in BTC that makes me thinking is a scam

[xTz]

Hi there,

As title say, the only one reason in my analyses that made me aware about how Bitcoin was created.

In the core of creation, bitcoin core was set to be mined in first 3-4 years about 70%.

So, those small groups who knew about it, they mined Bitcoin almost for free in large proportion. Between 2008 and 2012, at that time the Bitcoin didn't had even a price, only in 2011-2012 was used in DarkWeb, only in 2012-2013 first exchange was launched and price of bitcoin took in place.

By that time, more then 10 mil bitcoin were mined almost for free, only cost of mining, but difficulty was very low. If you remember, in 2011-2012 masses started to build mining rigs, remember this happen after more then 10mil bitcoin were already mined.

After 2011, many lost wallets, around 4mil bitcoins estimated.

Today we are at 17.3mil, if you exclude those 10mil+4mil lost, you realize that only few percentage reach masses.

I cannot say this is a scam 100%, because the way is secured network is amazing, the way how was establish reward for miners is for me a certain Signal of a scam.

Don't take me as a panic spreader, i just wan't to put people aware of what is going on here, especially for those traders who buy for speculation, they can lose alot of money, because they do not understand how bitcoin network was programmed in the core.

So, what i want to say,

YES, bitcoin network can last forever, also price can be manipulated even if mass adoption occurs. Because those who got bitcoin before 2012 can sell every time they want.

For sure bitcoin can go back to 20k, as it can go back to 2012 prices.

[1715458392]

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[mrcash02]

Maybe it was designed in way to give some incentive for the first miners, the early adopters? On that time Bitcoin wasn't so valuable and only few people knew it, if they were mining dust of BTC on that time, probably the only few people wouldn't had continued on this business... Compromising the future of Crypto Currency. I see it as an extra reward for those who first believed in Bitcoin.

[seoincorporation]

Hi there,

As title say, the only one reason in my analyses that made me aware about how Bitcoin was created.

In the core of creation, bitcoin core was set to be mined in first 3-4 years about 70%.

So, those small groups who knew about it, they mined Bitcoin almost for free in large proportion. Between 2008 and 2012, at that time the Bitcoin didn't had even a price, only in 2011-2012 was used in DarkWeb, only in 2012-2013 first exchange was launched and price of bitcoin took in place.

By that time, more then 10 mil bitcoin were mined almost for free, only cost of mining, but difficulty was very low. If you remember, in 2011-2012 masses started to build mining rigs, remember this happen after more then 10mil bitcoin were already mined.

After 2011, many lost wallets, around 4mil bitcoins estimated.

Today we are at 17.3mil, if you exclude those 10mil+4mil lost, you realize that only few percentage reach masses.

I cannot say this is a scam 100%, because the way is secured network is amazing, the way how was establish reward for miners is for me a certain Signal of a scam.

Don't take me as a panic spreader, i just wan't to put people aware of what is going on here, especially for those traders who buy for speculation, they can lose alot of money, because they do not understand how bitcoin network was programmed in the core.

So, what i want to say,

YES, bitcoin network can last forever, also price can be manipulated even if mass adoption occurs. Because those who got bitcoin before 2012 can sell every time they want.

For sure bitcoin can go back to 20k, as it can go back to 2012 prices.

Well, there was the earlier adopters, those who don't mine them almost for free, buy them for really low prices, is what you get when you believe in a new project who isn't popular yet. It was about luck, those who join to cryptos in 2009 or 2010 had good luck, and those who hold their coins for this 10 years was wise... but those who buy pizza for 10,000 btc doesn't have the right vision

[fankemon]

bitcoin is not a scam but Tether is , and Tether and Bitfinex together , they pump the bitcoin price up and then they bought back their bitcoin back from gdax after that .   and they are under investigation by US justice .

[FutureToken]

Hi there,

YES, bitcoin network can last forever, also price can be manipulated even if mass adoption occurs. Because those who got bitcoin before 2012 can sell every time they want.

For sure bitcoin can go back to 20k, as it can go back to 2012 prices.

Yes, but the number of people that got the coin at that time is limited and also the number of coins. So, it means that at one point, the whales will not have the coins to manipulate with if they sell them all. And why would they? At some point, there will be no more coins to be minded, and then what? The market will be forming the price, as any market does. At at any market, buy and sell of the asset influence the price.

[coinwizard_]

The ones that mined 10 years ago are unlikely to still be in possession of those coins, they will be spent or lost in a landfill. Only satoshi still has his old coins but they aren't moving

[xTz]

Well, there was the earlier adopters, those who don't mine them almost for free, buy them for really low prices, is what you get when you believe in a new project who isn't popular yet. It was about luck, those who join to cryptos in 2009 or 2010 had good luck, and those who hold their coins for this 10 years was wise... but those who buy pizza for 10,000 btc doesn't have the right vision

If the creators had good intention and wise, they could written bitcoin core to establish an equal amount of satoshi's for every 10 mins of block reward during entire 130 years, till bitcoin fully released its bitcoin.
 This is what i want to point at. Is a fact what i say. Imagine how can they manipulate prices, if small groups own more then 70%  of bitcoins.

[Marcel666]

Nothing in your write-up suggests or remotely relates Bitcoin to being a scam.
Early adopters got in when there was no competition and no immediate profit valuation, others joined the bandwagon when the value became apparent and obvious.

As for the lost wallets that is no fault of the technology.

[Velkro]

So, those small groups who knew about it, they mined Bitcoin almost for free in large proportion.

Your forgot small detail here. Noone could expect Bitcoin will gain so huge price in so short time.
Because of that even pioneers who mined 10 000 bitcoins on their single home CPU spend their 10 000 bitcoin on pizza and were very happy about it that it worked. That their coins actually was worth ANYTHING.
You could develop it like this, to have most bitcoin first, but it could be easily worth nothing in time. Bitcoin turns out true technological revolution.

[DooMAD]

The answer to this is literally in the FAQs.  I'm starting to think no one reads those anymore.  Why should the people arriving late to the party get to complain about the people who got there earlier?

If the creators had good intention and wise, they could written bitcoin core to establish an equal amount of satoshi's for every 10 mins of block reward during entire 130 years, till bitcoin fully released its bitcoin.
 This is what i want to point at. Is a fact what i say. Imagine how can they manipulate prices, if small groups own more then 70%  of bitcoins.

Who's to say Bitcoin would have made it this far if there hadn't been sufficient incentive to be part of that fledgling economy?  All we know for sure is that what we have has brought us this far.  Things may not have turned out that way if the design had been different.

[xTz]

So, those small groups who knew about it, they mined Bitcoin almost for free in large proportion.

Your forgot small detail here. Noone could expect Bitcoin will gain so huge price in so short time.
Because of that even pioneers who mined 10 000 bitcoins on their single home CPU spend their 10 000 bitcoin on pizza and were very happy about it that it worked. That their coins actually was worth ANYTHING.
You could develop it like this, to have most bitcoin first, but it could be easily worth nothing in time. Bitcoin turns out true technological revolution.

Actually those 2 pizza's was bought way later, if i am not wrong was in 2012, btc was 60 cents if i remember. by that time 12mil btc was mined, and frankly price can go even lower then that, if they sell. Maybe in future you won't buy even 2 pizza's with 15k bitcoins, believe me, the way was created bitcoin is a hard work from different expertise, they knew where the bitcoin will go, that's why i ask myself why they didn't make reward equal. There's no other justification other then, they wanted to get first 10 mil quick.

[Marbelli]

I, just like you, the author, believe that there are a lot of frauds in the cryptocurrency market and it is necessary to take measures

[Cryptoshops]

I was one of the ones who got Bitcoins early I had over 9 Bitcoins in 2011.  These were the days when u could mine them pretty easily and even without your own rig you could join a mining pool  and still get good return on it . There were also a lot of decent faucets around who would actully pay out so there were many free ways to get free Bitcoin. I eventually lost interest in Bitcoin until of course it hit the news about its price increase.

Guess whta happened ?

I  lost all of my Bitcoins, They are stuck  with no way of getting them back because at the time nobody really talked about Private Keys and just how important they are. When Bitcoin hit 20k I searched all of my old hardrives for the data files from my old wallet to try and access my bitcoins. I couldent find it and just gave up in the end so I lost out on around $180k and im not the only one to loose out either many other people have done the same so the bitcoins are just stuck in limbo.

Bitcoin is a pain in the backside and when you cant access them it does make u think that its a scam,  but at the end of the day Its my fault that I did not read up more about Private keys. I did the exact same thing with my litecoins and have lost them too lol.

[Wingleness]

Everyone certainly needs to be very weary and trade or participate in cryptocurrency with serious caution let it not be that one will loss all his hard earned cash suddenly.

[Troysen]

I do not understand your question very well, are you saying that it is a scam because before it was easier to mine? if so, that happens with any resource, for example, gold could be easily removed from the rivers, now you need a whole company and miners to mine the material, while a resource is discovered only some take advantage of their early stage while establishing its position in the market.

[PeRo]

Even tough anything could be possible and we could all be a part of a big scam, but I doubt that and your statements aren't very accurate.
First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.

[xTz]

I do not understand your question very well, are you saying that it is a scam because before it was easier to mine? if so, that happens with any resource, for example, gold could be easily removed from the rivers, now you need a whole company and miners to mine the material, while a resource is discovered only some take advantage of their early stage while establishing its position in the market.

Gold was spread over the world in the ground, it couldn't be mined by small groups . Bitcoin wasn't equally distributed. Only small groups got them in first 3 years. If they wanted to be a fair currency, they could write bitcoin core to release reward in equal amount proportion. Not 50 btc at every 10 minutes at beginning when nobody knew about it.

[xTz]

Even tough anything could be possible and we could all be a part of a big scam, but I doubt that and your statements aren't very accurate.
First of all, the difficulty of mining the early Bitcoin was very low and since Bitcoin had pretty much no value for some time, mining was rewarded with bigger rewards and that's when the most of the Bitcoins were mined. Nobody could have knew that they would make huge money if they holded their mined Bitcoins, so most of those Bitcoins aren't in their miners wallets for a long time now.

Ahahaha you just put concrete to my statement, difficulty is another argument how easy was in first 2-3 years to mine 10mil bitcoins by small groups of people, when nobody knew about mining, only in 2012 people waked up and starting to mine. By that time, half of bitcoins where already mined, imagine what will happen if they decide today to sell 3mil bitcoin, where the price will go? And still they have another 7-8 milions of bitcoin mined for free almost.

[fugohugo]

Let say bitcoin price will reach 2000$, what will happen with miners? Will they afford to still pay electricity to mine it? And yes, is very strange the way bitcoin is mined now, with a lot of equipments who cost large amount to mine bitcoin. The difficulty will always increase and never goes down?

And what will happen when all bitcoin will be mined? How will confirmation work then?

[hadveach]

yes, your simple explanation gives me the assumption that BTC was created to have difficult volatility and manipulation.

a very far comparison if we look at BTC prices in 2012, to this day, BTC has created a large market volume, and BTC will not return to 2012 prices.

manipulation always be the most influential factor in the market. we will not be able to avoid manipulation.

[Coyster]

The difficulty will always increase and never goes down?

The bitcoin/technology behind it, has somewhat gone mainstream thus an increase in the difficulty of mining,this is to ensure that transactions are effectively confirmed,and also eliminate a breach..
Miners will continue to spend money to mine,as they are rewarded handsomely for it

And what will happen when all bitcoin will be mined? How will confirmation work then?

It's not going to change anything,as miners would still be the ones to confirm transactions,only that they then wouldn't be rewarded with bitcoins,but solely transaction fees..

[PeRo]

-snip-

Ahahaha you just put concrete to my statement, difficulty is another argument how easy was in first 2-3 years to mine 10mil bitcoins by small groups of people, when nobody knew about mining, only in 2012 people waked up and starting to mine. By that time, half of bitcoins where already mined, imagine what will happen if they decide today to sell 3mil bitcoin, where the price will go? And still they have another 7-8 milions of bitcoin mined for free almost.

Bitcoin wasn't mined by a few individuals as you think, many people mined them and they have spent them eventually, so those 3 million were spreaded upon a lot of users. Nobody could have known that Bitcoin would get anywhere, and if it were a scam, the holders of those millions would have sold everything long ago.

[xTz]

Let say bitcoin price will reach 2000$, what will happen with miners? Will they afford to still pay electricity to mine it? And yes, is very strange the way bitcoin is mined now, with a lot of equipments who cost large amount to mine bitcoin. The difficulty will always increase and never goes down?

And what will happen when all bitcoin will be mined? How will confirmation work then?

Miners are a dynamic entity, they can shutdown anytime they want their rigs, difficulty also will react dynamically , so, price can go to 10 dollars, miners will react acordingly, they shutoff they rigs if is not profitable for them. But will never shut down all in the same time, it's a dynamic entitity. Me, i can use  bitcoin same way at any price whatsoever, problem is that e-commerce industry cannot join this electronic cash system because of volatility. As the guy says earlier, manipulation can last forever, as long as 10mil bitcoins are owned by some small groups of people. If bitcoin goes to 100k, they still have 10mil bitcoins and they manipulate prices at any point in future.

[darkangel11]

OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?

[xTz]

OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?

Too bad i deleted my list with 2 mil bitcoins that was mined from 2008 to 2010, that was not moved from wallets, why you are so sure they sold ? Maybe they just split wallets. Hard to believe they can sell for fiat so many bitcoins.

[ololajulo]

Mining has more function in the space than just producing bitcoin. So mining will be demanded however it has not been as profitable. Mining volume and quantity per time had also reduced with the high percentage available. The percentage of bitcoin in the past year involved more of the team than in the recent

[aoluain]

The ones that mined 10 years ago are unlikely to still be in possession of those coins, they will be spent or lost in a landfill. Only satoshi still has his old coins but they aren't moving

Maybe Satoshi's coins are in landfill also! Just because we can see them
doesnt mean they are accessible, the private keys could be long lost.

@OP just because there were early adopters and they were rewarded or
bought very very cheap coins doesnt mean bitcoin is a scam. Buying
bitcoin today could also qualify you as an early adopter when you look
back in 20 years time, its all relative

[darkangel11]

OP is forgetting that the 10 million mined that he's talking about was sold and redistributed among other people. People who mined 1000 bitcoins each very rarely are still holding. Their coins could already have thousands of users if not more. Also, we don't know the number of lost coins, we can only estimate based on the coins that aren't moving. My coins didn't move for 3 years, are they lost?

Too bad i deleted my list with 2 mil bitcoins that was mined from 2008 to 2010, that was not moved from wallets, why you are so sure they sold ? Maybe they just split wallets. Hard to believe they can sell for fiat so many bitcoins.

Really? During big moves there's 5000 Bitcoins being traded on Bitstamp every hour. Do you believe that it's difficult to sell large amounts? Think again. There are bigger exchanges than Bitstamp with more trading volume. Traded coins have to come from somewhere. It's not the same 1 million coins being traded over and over.

[XLadyX]

Well they were the first to believe in Blockchain. They're entitled to it. I'm sure in some years to come, those holding Bitcoin now especially if the price rises a lot will be deemed to be among the scam?

[Belec]

Every detail of bitcoin can be thought to be a scam, I mean all this game with so much money. But bitcoin all this time is there and never went out or it did not exist anymore, but when the snake bites and the beetle is afraid, so with people if somebody is deceiving them, that is why it comes to fear