Bitcoin is 88% premine to kids born today 100% to kids born in 2142

[Pizzalover420]

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.


Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

[1714703200]

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[1714703200]

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[1714703200]

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[fiulpro]

-It is more acceptable by everyone, well known
- regulated by the government , protected by the laws at many places
- You can also buy stuff with Bitcoins, gamble , organize charities etc.
- more and more people are now getting engaged with Bitcoins and it's nothing related to mining, even though more than 80% are mined people can still buy and we can still see many buying opportunities when the price is low. In the future even if the price will be high due to limited supply, people would still be able to buy and sell in smaller fractions. It won't stop suddenly. Their importance doesn't just stop when they are all mined.
It's more about usage and practicality rather than mining.

[Pizzalover420]

even though more than 80% are mined people can still buy and we can still see many buying opportunities when the price is low. In the future even if the price will be high due to limited supply, people would still be able to buy and sell in smaller fractions.

So the Rothschild central bankers still win and enslave us at any price for free?

Cool.

Know, It will be a central banker with the biggest bitcoin farm in the end, and they will collect all the coins from network fee`s AKA enforced tax and still enslave us.

[ChiBitCTy]

Interesting very first post.  My gut feeling is you are a big supporter of a certain Alt cryptocurrency that you just haven't revealed yet ( or you're proposing to make one right here..not really sure). No I do not see why this is necessary.  The whole point of having a set amount of coins produced is to fight inflation just like fiat currency. Also will humanity accept it? We already have!


I had to look up the term "premine" to be honest, and for those unaware of what it means "Premine is a condition of some new cryptocurrencies, where the max supply has already been created before being made publicly available. This means, no new coins will be creating during the mining process. Mining is a computer process of recording and verifying information on the digital record known as the blockchain. Each computer that fulfills this process can earn a reward in digital money and with cryptocurrencyes that have not been premined, a reward of brand new coins". - https://decryptionary.com/dictionary/premine/

[Pizzalover420]

Interesting very first post.  My gut feeling is you are a big supporter of a certain Alt cryptocurrency that you just haven't revealed yet ( or you're proposing to make one right here..not really sure). No I do not see why this is necessary.  The whole point of having a set amount of coins produced is to fight inflation just like fiat currency. Also will humanity accept it? We already have!

Interesting first post for a interesting idea

I support the idea of a fair cash system, the coin is not made yet, it will be called "common sense for common cents or bittime or durationcoin", but it will be and it will replace fiat and bitcoin. I am not here to promote a ponzi scheme like the other alts or btc, just a idea of fair freedom.

"will humanity accept it?"
I was talking about kids born when mining is complete. Not stupid investors who only get into btc to make more fiat today.

I don`t get it, why would you not want a cash everyone generates at the same rate over slaving for another mans fiat that he creates out of thin air in unlimited amounts.  Bitcoin only benefits the already rich, the fiat creators if we had a coin everyone creates, everyone would benefit.

[Pizzalover420]

Enjoy being enslaved to Rothschild`s with your bitcoin and $hitty altcoins.

I hope you are not born with ALS and no family to support you. Let`s see you make it by
Spoiler: 50% of the world already lives on a BIP (basic income). It`s called welfare and disability
When AI and Robots take all of the jobs, you will see why we need one.
3% of the workforce is about to go extinct because of self driving cars
there will be a self flipping burger machine that replaces all the grill guys at mcdonalds, wendys, burgerking and other food joints.
My farm used to be a 100 man operation, now its a 5 man due to tech.

My goal is simple, replace fiat, not make some of it.
Free my people from the chains of central bankers.
Make everyone a central banker.

[cr1776]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.
4. While I think space exploration is important, who made you god to decide that everyone else should pay for your (or my) choices?  Other people may make different choices.

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.


Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

[Pizzalover420]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.
4. While I think space exploration is important, who made you god to decide that everyone else should pay for your (or my) choices?  Other people may make different choices.

1. It is 100% premine, it is not distributed to all participants of the nation upon creation.
2. So?
3. I would have 1 vote in the system, I will create it, math will be in charge.
4. The voters vote on where the pooled network fee`s are spent, I`m 1 vote.

[bitmover]

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.

Premine is a concept created basically to accuse altcoins that falsely mined most of their coins before releasing it to the public. This is a dishonest attitude, and most coins that made that were scams.

There was no premine in bitcoin. Whoever want (or wanted) to mine just need to turn on a computer with a decent hash rate and contribute to the network.

All coins being already mined by 2142 makes basically no difference for regular users. Who wants bitcoin in 2142 will have to pay for it, or work for it to earn. Just like any currency.

The only difference is that there is no central authority, like the FED, creating new coins out of the thin air.

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

You will pay with your new created coins? I will tell you this: You cannot create money out of thin air, unless if you are a government (which you are not). so your coin will be worthless, probably.

[HabBear]

I`ll have a coin everyone mints fairly.

SO your coin benefits the people that are able to get in early and acquire, earn before others? That sounds like the free market we have today.

I will pay people to vote

Historically, this is referred to as bribery and bribes create corrupt decision-making and power grabs.

I will pay people to watch account signups on a livestream to the blockchain

So you own the market? The coin or the process is owned you?

Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

Sounds like a bread line...

----

Don't take my comments personally, if you're going to propose bold new ideas you need to get used to those ideas being criticisized. Hopefully my questions have you thinking more about your idea and/or furthering how you explain your vision.

The fact that bitcoin is 100% mined by some unknown person from the past is a beautiful thing It keeps the currency/asset pure and free from potential corruption. It allows demand to truly drive price. It's equitable because 100 years from now the only way for people to hoard it is to buy it up. Rather than today where people can mine large quantities if they have a big enough operation.

[pixie85]

It doesn't work like that OP. Premine is when a coin is mined by developers and this makes them wealthy in coin before the launch.

Bitcoin was distributed among users, so it was more like it became airdropped to investors along the way, but even this is a bad way to compare it to a premined coin. There's no common ground here.

[DooMAD]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.

1. It is 100% premine, it is not distributed to all participants of the nation upon creation.
2. So?
3. I would have 1 vote in the system, I will create it, math will be in charge.

1.  That's not what "premine" means.  That's just ordinary, regular mining.  Ironically, many of the altcoins that have tried to emulate your "equal distribution" ideals actually employed a developer premine so that they could allocate funds as they saw fit.

2.  So, your coin wouldn't be able to have a fixed supply if you want equal distribution.  You would have to create more coins forever to take into account every new person that is born.  The supply would expand forever, diminishing the value of every coin that existed before.  Many consider a limited supply advantageous.  Scarcity helps value, etc.

3.  Good luck with that.  I'd recommend learning about the alignment of incentives before you get started, though.  Mining isn't just the method by which emission occurs, it's also what secures the system.  If everyone is equal in your system, there will be no advantage to being a miner.  With no incentive to secure the chain, this will likely result in a weak and centralised system, prone to attack.

[20kevin20]

I wouldn't say Bitcoin is "premined". If that's the case, then imagine how much gold has been "premined" already. Premine means being mined before (pre) its public launch.

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses.

So if a million people used your coin, there would be an inflation of 1 million coins per second or do I not get it right?

For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

This would be more concerning imo than giving up my name/address. The address and name are information you can change if you ever really need to. Fingerprints, the IRIS and the DNA are completely unique and would pose a big risk from a privacy perspective.

I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.

Good luck creating complete fairness, because achieving it seems quite impossible tbh. If you can do that, props to you. But so far, it's all just fairy tales. Try bringing up a real project and see how that works out.

Your coin is backed by fiat, nothing.

I wouldn't say so. Bitcoin is not "backed" by fiat. If you launched your own coin, it'd be simply impossible for it not to have a value in fiat. You could officially make it so that one coin of yours is worth 1 carrot all the time - but a carrot has a USD price as well. Get it? Like, almost anything out there can be valued in USD at this point. It's inevitable. Bitcoin had no USD value back in 2008-2009. It's just that the community wanted to have it worth something because it does provide some amazing features never seen before.

[Pizzalover420]

Yes the gold that is already mined is premined to kids not born yet. I would say it is premined because it is owned by someone else and you have to buy it from them.

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

You can`t stop your heart from beating. You give it out already for free bud.

It`s not impossible, I`ll show you. It will be fair and legit to all.

I know bitcoin is backed by nothing, at least time, waiting, elapsed duration would back a universal time distributed coin. You know how it takes time to grow my crops, and time to harvest gold and time to mine bitcoin.

[mindrust]

Interesting take on bitcoin.

What you are trying to say is,

Just like how today's zoomers dislike any boomer assets (gold, FIAT, stocks etc) and buying crypto;

Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.

Makes sense.

But if nobody buys somebody else's bags and everybody tries to sell their bags to somebody else...

What then?

[gmaxwell]

You misunderstand what a premine is... hard to blame you because the choice of words is confusing.

In a premine coins are created in a way that doesn't give access to the public but instead reserves it to the exclusive benefit of the creator(s) of the system.

Bitcoin was public from the very first block (which was created hours after the software was released), the genesis block output is not spendable.  So *every* Bitcoin that exists was available for anyone interested to come get it-- bitcoin was announced long before the software and publicized in many applicable places.

Compare that to ethereum where 72 million coins were mined out of thin air and given to the creators of ethereum which they then kept or sold for their own personal profit, as they saw fit. No matter how informed or interested you were you could not obtain these coins except by shoving your valuable money into the private pockets of the ethereum creators (and in their initial sale they even forbid US residents from buying from them because they knew what they were doing was illegal and didn't want US authorities going after them, they even relocated to Switzerland). Moreover, after the fact they continued to mislead people or outright lie about the fact of their premine.

If you can't see the difference between someone keeping something for themselves to profit from it  vs  you not being around (or interested) personally to participate then I don't think anyone can help you.

[DooMAD]

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

You can`t stop your heart from beating. You give it out already for free bud.

It`s not impossible, I`ll show you. It will be fair and legit to all.

Then first show us how you're going to secure it without mining.  It all sounds very noble, but it's also a fantasy.  If it was as easy as you make it sound, someone smart would have done it already.  There are some extraordinary intellects in the crypto community, who after more than a decade still haven't found a way to make a rival cryptocurrency which people desire more than Bitcoin.  There are obstacles you haven't recognised yet that are barriers to your success.  Those of us who have been around a while have seen it all before.  Everyone wants to believe they can do better, but they don't understand how it even works yet.  I can't help but say what you're proposing sounds a little naive.

[Pizzalover420]

Then first show us how you're going to secure it without mining.  It all sounds very noble, but it's also a fantasy.  If it was as easy as you make it sound, someone smart would have done it already.  There are some extraordinary intellects in the crypto community, who after more than a decade still haven't found a way to make a rival cryptocurrency which people desire more than Bitcoin.  There are obstacles you haven't recognised yet that are barriers to your success.  Those of us who have been around a while have seen it all before.  Everyone wants to believe they can do better, but they don't understand how it even works yet.  I can't help but say what you're proposing sounds a little naive.

It is naive to accept a supply you don`t mine at the same rate as the one you are trading with.  Nah, it`s just plain stupid.

[bbc.reporter]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

[Pizzalover420]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

I been going on about this for 12 years, they always make up some bullshit of how it wont work, people are so used to this bull$hit we got going on they don`t know what freedom is.

This is bitcoin. https://www.youtube.com/watch?v=x7PAMgNEtSY
People are released from 1 cage to another and think they are free.

Wake up you stupid fucks. The central bankers are still wining, they all should of been hung in 1971. I have a way to beat them without bloodshed although they should be gutted. We should find the central banking gene sequence and launch that shit into the sun, all of their offspring need to go.

Also I see your point about using the word premine, the eth thing was a joke, but the truth is, it is a 100% premine to our great, great, great, great offspring, they are going to think we were not so great.

[Pizzalover420]

Interesting take on bitcoin.

What you are trying to say is,

Just like how today's zoomers dislike any boomer assets (gold, FIAT, stocks etc) and buying crypto;

Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.

Makes sense.

But if nobody buys somebody else's bags and everybody tries to sell their bags to somebody else...

What then?

This is bitcoins future to zoomers bud.
https://steamcommunity.com/market/listings/489940/STG-44%20%7C%20Shroud%20Signed

[Sithara007]

The calculation is wrong.

The OP assumes that mining reward includes only the block reward (i.e BTC6.25 per block). But that is not the case, as it includes the fee reward as well. In short:

Mining reward = Block reward (BTC6.25) + fee reward (BTC0.20-BTC2.00)

So the "premine" amount is definitely not 88% and it is much lower. It is impossible to accurately measure this metric, as we can't predict the future fee levels. But as more and more people use Bitcoin, the fee reward will go up and eventually it will constitute for the majority of the mining reward.

[Pizzalover420]

The calculation is wrong.

The OP assumes that mining reward includes only the block reward (i.e BTC6.25 per block). But that is not the case, as it includes the fee reward as well. In short:

Mining reward = Block reward (BTC6.25) + fee reward (BTC0.20-BTC2.00)

So the "premine" amount is definitely not 88% and it is much lower. It is impossible to accurately measure this metric, as we can't predict the future fee levels. But as more and more people use Bitcoin, the fee reward will go up and eventually it will constitute for the majority of the mining reward.

The calculation is simple
You can have some creating the supply or you can have all creating the supply
So what do you want? be a slave to a central banker, or create the supply yourself?

Fee reward could be used to fund space exploration, roads, healthcare, public pools, parks and other things not just pay miners to do retarded hashes.

No, it`s 100% premined in 2142 to kids born that year and what if there is no transactions for a fee reward? seems most transactions happen off chain anyways.

[mindrust]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

Grin doesn't solve that at all.

The problem isn't the monetary policy or the financial system.

The problem is the people.

Every new generation wants a fresh start and free money and want to ignore anything that happened before them.

In this case, by the year 2050, there would be shitton of Grin floating around.

They would rather create another and be the early investors instead of joining the GRIN ecosystem.  

It is a different story if you are implying that there will be so many GRIN's and it will be near worthless just like FIAT so everybody will be using it without second thoughts. (doge does it already btw) Even then what really counts is how much share you own from the total money supply and having enormous inflation would still bring the same end result as FIAT did > you'll be poor and will have greater chances of becoming rich with starting your own new thing.

[davis196]

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

1.A cryptocurrency which is easy to be mined by lots of people will be pretty much worthless.
Mining costs are an important part of the overall value of Bitcoin.If it was really easy to mine Bitcoins,then would you even care about buying BTC?I don't think so.
2.All the "biorecognition" technology is still at a very early stage.Maybe in the future,people will use their iris,DNA or fingerprints to pay for goods,instead of wallets and addresses,but not today.
I don't get your point about Bitcoin being "88% premined to kids born today".Can you explain more?

[DooMAD]

I been going on about this for 12 years

And this topic is the best you could do?  If this is what 12 years of knowledge and understanding looks like, we're all going to be long dead before you get your coin off the drawing board.  Be honest, you clearly haven't been following Bitcoin for that long.  You'd be better informed than this.

Then first show us how you're going to secure it without mining.  It all sounds very noble, but it's also a fantasy.  If it was as easy as you make it sound, someone smart would have done it already.  There are some extraordinary intellects in the crypto community, who after more than a decade still haven't found a way to make a rival cryptocurrency which people desire more than Bitcoin.  There are obstacles you haven't recognised yet that are barriers to your success.  Those of us who have been around a while have seen it all before.  Everyone wants to believe they can do better, but they don't understand how it even works yet.  I can't help but say what you're proposing sounds a little naive.

It is naive to accept a supply you don`t mine at the same rate as the one you are trading with.  Nah, it`s just plain stupid.

I'm just injecting a healthy dose of realism into the discussion.  The conversation may have gone better if you had come to us with an actual solution rather than just vague, idealistic wishful thinking.  You've made it clear what you think is wrong, but you have absolutely no idea how to do it right.  Everything you want to change has consequences. You appear to be completely oblivious to that fact.

It's definitely possible to have a coin with a fair distribution, but if you focus on that one aspect to the exclusion of all else, it's going to be a shitcoin.  I've witnessed a thousand of them and I don't see anything different about you that convinces me you can do any better.

Sorry.  You're just not that persuasive.

[20kevin20]

Yes the gold that is already mined is premined to kids not born yet. I would say it is premined because it is owned by someone else and you have to buy it from them.

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

Here's what would happen if everything in your plan went as you imagined: I'd get a coin every heartbeat (or second) and at one point, I'll be giving it to someone else for something in exchange (food? money?). Someone, will wake up one day and say "hey, I want to do business with this coin!" and start selling goods to a bunch of people for your coins. In the end, you and a few dozen/hundred/thousand others will pay that guy and wealth inequality will still exist.

To have a fairly distributed supply means not allowing businesses or individuals to try hoarding coins. That means either everyone will have to reject the existence of exchanges as well or your coin will be centralized and never allow hoarding and exchanges to exist. And the latter means censorship or, if each of us should keep their own coins without ever selling/moving them, the coins would have zero value because they'd be useless. If a coin of yours is worth $1 and a multi-millionaires believe there's insane potential for investment, they may purchase a million coins from multiple people. Inequality. We'd only get back to your previous "crypto - fiat" link.

No matter how you take it, the human greed will never let fairness exist. Otherwise, today we'd be living in an utopian world. We could, but at one point there will still be someone who'll want to be in advantage against others and there goes the fairness you've been trying to form.

[KIZILAGA]

 it is mined 15 million coins in 2 years, makes the total supply %70 mined with early ones. So few mined makes it premine,instamine..Whatever you call it. it is not FAİR.

 Satoshi Nakamto didnt invent Bitcoin for those early nazi-maxis to be the new rich elite,block and badmouth every developer and project than bitcoin.

  i am sure Satoshi has a surprise for them.

[Vishnu.Reang]

Why should that matter to the vast majority of the Bitcoin users? Less than 1% may have tried their luck with mining Bitcoins. So at least for people like me, it doesn't matter whether the premine is 88%, 98% or even 100%. We are fine with such high premine levels. The miners can whine as much as they want, but the algorithm is not going to change. They needs to be satisfied with whatever reward they are getting right now.

[cr1776]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.
4. While I think space exploration is important, who made you god to decide that everyone else should pay for your (or my) choices?  Other people may make different choices.

1. It is 100% premine, it is not distributed to all participants of the nation upon creation.
2. So?
3. I would have 1 vote in the system, I will create it, math will be in charge.
4. The voters vote on where the pooled network fee`s are spent, I`m 1 vote.

You don't know what "premine" means.  It is as if I said "I want to rob X" and I defined "rob" as give some cookies to X when everyone else understands it is taking them.  It helps to understand the terms.

1.  It is distributed to favored groups every year by inflating the value away to pay for things.  Somewhere between 3% and 1,000,000% depending on the nation.  
2. So fiat is therefore not a premise since they print more every year and distribute it.
3. Good luck with that.
4. So you change what you said, okay.

Sounds like someone is butt hurt they were too busy doing something else and only found bitcoin.

[cr1776]

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

1.A cryptocurrency which is easy to be mined by lots of people will be pretty much worthless.
Mining costs are an important part of the overall value of Bitcoin.If it was really easy to mine Bitcoins,then would you even care about buying BTC?I don't think so.
2.All the "biorecognition" technology is still at a very early stage.Maybe in the future,people will use their iris,DNA or fingerprints to pay for goods,instead of wallets and addresses,but not today.
I don't get your point about Bitcoin being "88% premined to kids born today".Can you explain more?

And as soon as this "bio recognition" stuff gets going, someone will use CRISPR or something to slightly alter some genes and get a double or 1000 x helping.

[cr1776]

 it is mined 15 million coins in 2 years, makes the total supply %70 mined with early ones. So few mined makes it premine,instamine..Whatever you call it. it is not FAİR.

 Satoshi Nakamto didnt invent Bitcoin for those early nazi-maxis to be the new rich elite,block and badmouth every developer and project than bitcoin.

  i am sure Satoshi has a surprise for them.

What coin are you talking about that mined 15 millions coins in 2 years?  It certainly wasn't bitcoin, the 15 millionth coin was mined in 2015-2016 so 6-7 years after the genesis block.  If you want to have an intelligent discussion, you need to at least be informed.

Please define "fair".  Fair that the people who spent their time on bitcoin mined early?  Fair that people mined it because it was an interesting project that is still in beta and had no guarantee of success?  Fair that the people who paid attention and were able to understand the white paper did so?  

"It is not fair" sounds like a 3 year old complaining.  

[Pizzalover420]

It`s not a hard concept guys.

FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)

Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.

1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.

[Pizzalover420]

Do you think bitcoin will live that long? I very much doubt it.

No I don`t either, it will look like this market https://steamcommunity.com/market/listings/489940/STG-44%20%7C%20Shroud%20Signed
People selling for $1800-250 and 2 bids at $20
That is what a dead market looks like.

It will become outdated, people will opt to a supply they create, a fairly generated one over slaving for rothschild`s or satoshi`s.

My coin will replace fiat, not be a measure of it, it will replace bitcoin to.

You can all doubt me, but I will be the one that actually unenslaves you and your family, your fiat bitcoin gains only mask your slavery.

You think bitcoin is good because it makes you more fiat but in reality fiat is worth nothing, backed by nothing and enslaves you to another man, to give up your limited goods, time and services for a unlimited supply of $hit.

They say bitcoin is like digital gold, and tron is like digital oil, what`s next digital food? what good is digital gold and oil? it`s not.

[Pizzalover420]

And as soon as this "bio recognition" stuff gets going, someone will use CRISPR or something to slightly alter some genes and get a double or 1000 x helping.

Then they would have a new address and not be able to use the old one. Like if someone got a heart transplant, they won`t be able to use their old heart beat sound.

Heck if we used heartbeats in the voting it would stop all the dead and fake voters that have been rigging the elections for years.
We would be able to stop all murder, or find out who did it instantly.

[Pizzalover420]

Yes the gold that is already mined is premined to kids not born yet. I would say it is premined because it is owned by someone else and you have to buy it from them.

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

Here's what would happen if everything in your plan went as you imagined: I'd get a coin every heartbeat (or second) and at one point, I'll be giving it to someone else for something in exchange (food? money?). Someone, will wake up one day and say "hey, I want to do business with this coin!" and start selling goods to a bunch of people for your coins. In the end, you and a few dozen/hundred/thousand others will pay that guy and wealth inequality will still exist.

To have a fairly distributed supply means not allowing businesses or individuals to try hoarding coins. That means either everyone will have to reject the existence of exchanges as well or your coin will be centralized and never allow hoarding and exchanges to exist. And the latter means censorship or, if each of us should keep their own coins without ever selling/moving them, the coins would have zero value because they'd be useless. If a coin of yours is worth $1 and a multi-millionaires believe there's insane potential for investment, they may purchase a million coins from multiple people. Inequality. We'd only get back to your previous "crypto - fiat" link.

No matter how you take it, the human greed will never let fairness exist. Otherwise, today we'd be living in an utopian world. We could, but at one point there will still be someone who'll want to be in advantage against others and there goes the fairness you've been trying to form.

It is fine for people to earn more coins than others by working. I encourage it.
It is not fine for people to generate supply more than others.

[Pizzalover420]

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

1.A cryptocurrency which is easy to be mined by lots of people will be pretty much worthless.
Mining costs are an important part of the overall value of Bitcoin.If it was really easy to mine Bitcoins,then would you even care about buying BTC?I don't think so.
2.All the "biorecognition" technology is still at a very early stage.Maybe in the future,people will use their iris,DNA or fingerprints to pay for goods,instead of wallets and addresses,but not today.
I don't get your point about Bitcoin being "88% premined to kids born today".Can you explain more?

1. Actually I got a farm and the coin will always have a worth. I will accept it for my fruits and veggies any day of the week.
You are still stuck in fiat land with your fiat mining cost. No need to be a fiat slave anymore.

2. It will happen within the next 10 years.
Supply is 88% mined today, If I am born today I am born into a 88% premine, soon to be 100%.

[BitcoinFX]

It`s not a hard concept guys.

FIAT - Private family's create all the cash aka Rothschild.
BITCOIN - People with fiat create all the cash (still slaves to fiat creators)
NEW COIN - Everyone creates the cash. (if the bankers buy it, everyone wins)

Why the fuck would you want bitcoin when the guys that make fiat will still enslave you.

1 bitcoin could be worth 1 million USD, the central bankers can still buy all of it for free.
In the end it will be a central banker probably a rothschild that owns the biggest mining farm, he we collect all the coins through network fee`s and you will still be a slave to him.

How do you propose to value New Coin if it is not already the de facto unit of account ?

If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?

Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.  

...

In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw

[HabBear]

They say bitcoin is like digital gold, and tron is like digital oil, what`s next digital food? what good is digital gold and oil? it`s not.

This is a great point. We need to stop using these analogies. They make sense to explain how cryptocurrencies can be consider an investable asset like a commodity, such as gold, silver, oil. But that's where they analogy ends. These commodities have a practical use in market consumption activities - i.e., gold is used for jewelry and electronics, oil is used to generate power, etc. Cryptocurrencies provide much different purposes in the market place and we should just start talking about them in these terms.

Bitcoin's tangible function (beyond being an investible asset) is to be currency.

Ethereum's tangible function (beyond being an investible asset) is to be a coding language and structure to create blockchain tokens.

Lumen's tangible function (beyond being an investible asset) is to facilitate financial transactions among fiat-based banks and entities around the globe.

-------

To the OP's original question - do you think all cryptocurrencies will become "dead" in 40 years? Or is it just bitcoin that you believe will become obsolete?

[Pizzalover420]

How do you propose to value New Coin if it is not already the de facto unit of account ?

If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?

Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.  

...

In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw

Ahh some good questions finally.

I would give the new coin value with my farm, kind of like the first bitcoin pizza deal. A universal base wage of 1 hour coin an hour. If 1 hour in Canada min wage is $15, I would sell a basket of cherries for 1 hour coin.

At least it would be a fair ladder to climb. It is fine for people to work and make more.

No, you simply walk into the account sign up place that is being livestreamed to the blockchain, it scans your heartbeat  and gives you like a credit card that you pick a pin for. If your metric has already been used, it won`t give you a card. If you are trying to use  a fake heartbeat, the machine will scan two in the room and not make a account either.

[chip1994]

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?

I don't think humanity will accept Bitcoin as currency. Although it is an inflation-reducing asset, it should only be a rare asset, not a currency for the world to use.
You know, fiat money works not only on the economic side, it works on the political side. Value for money will speak the strength of that country and it is a measure of value to rank among countries in the world.
Also, if Bitcoin is a public currency then it cannot be inflationary. And a country without inflation is considered to be underdeveloped, so you guys want everyone in the world to relax? Will technology and other things stay in a place where it can't evolve?

[BitcoinFX]

How do you propose to value New Coin if it is not already the de facto unit of account ?

If everyone creates a New Coin everyday, whilst the mode and means of production are still being controlled by the wealthiest in society, the New Coin majority supply will surely still end up with said "elite" over time ?

Do I require one of those RFID thingies to get my daily New Coin, because if that's the case, it's just going to have to be "everyone" except me.  

...

In Time (2011) Official HD Movie Trailer
- https://youtu.be/YRSBiTF3wNw

...snip...

No, you simply walk into the account sign up place that is being livestreamed to the blockchain, it scans your heartbeat  and gives you like a credit card that you pick a pin for. If your metric has already been used, it won`t give you a card. If you are trying to use  a fake heartbeat, the machine will scan to in the room and not make a account either.

Am I also required to give the system my inside leg measurement if I want to spend a New Coin ?  

...

Seriously though, most folks (and the speculative markets) have lost sight of what actually gives Bitcoin value in the first place ...
- https://bitcointalk.org/index.php?topic=5285158.msg55494083#msg55494083

The most interesting thing about Bitcoins supply being finite by design, is that when it can no longer be mined it will eventually and at some point in time, of course, cease to exist (fact) ...

"You cannot trade in diminishing intangibility" - BitcoinFX

...

P.S. Is this your patent ? ...

Cryptocurrency system using body activity data
- https://patents.google.com/patent/WO2020060606A1/en

"Don't be evil"

[Twentyonepaylots]

I think it is pointless to talk about the premine bitcoins for people who haven't born yet coz they can still buy it after many years. A currency should be back by tangible asset, with bitcoin it is backed by fiat/cash and your coin that will be backed by time isn't going to cost a penny, why? coz basically the world isn't running that way. Will humanity accept it? Of course, change happens for a reason, with it the progress of humanity keeps going, I don't know any reason why would people neglect financial freedom in the future.

[cr1776]

I think the correct answer here is:
1. Put out an actual proposal/whitepaper with real terms.
2. Write some code.
3. Launch and see what happens. 

I'd love to see an actual specification and code.

If it is a great idea, it will do well, if not not.  Talking here does nothing.  I won't hold my breath.

[Vishnu.Reang]

I think it is pointless to talk about the premine bitcoins for people who haven't born yet coz they can still buy it after many years. A currency should be back by tangible asset, with bitcoin it is backed by fiat/cash and your coin that will be backed by time isn't going to cost a penny, why? coz basically the world isn't running that way. Will humanity accept it? Of course, change happens for a reason, with it the progress of humanity keeps going, I don't know any reason why would people neglect financial freedom in the future.

I don't agree with the argument that currencies should be backed up by a tangible asset. How many of the fiat currencies can claim this? Gone are the days when the fiat currencies used to be backed up by gold. It resulted in massive deflation and that was the reason the governments around the world decided to remove it. So currencies which are not backed up should be OK. 

[CryptopreneurBrainboss]

Just like how today's zoomers dislike any boomer assets (gold, FIAT, stocks etc) and buying crypto;

Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.

OP speak as if bitcoin is to last forever, nothing actually does. With time bitcoin will become a thing of the past and new, innovative and attractive investment opportunity will come up. Better we enjoy bitcoin whike it last and beside no bitcoin was premined before the launch that happened 11years back (in 2009) so I'm yet to understand the OP's point of view.

And even if bitcoin was to survive longer, probably there'll be debate on an increase in supply to aid miners to continue been active bringing in new coins to existence to keep the Blockchain active.

Bitcoin will keep on been improved on until a perfect alternative to the fiat system has a achieved irrespective you f how long it takes. Nobody is saying bitcoin is perfect.

[bbc.reporter]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

Grin doesn't solve that at all.

The problem isn't the monetary policy or the financial system.

The problem is the people.

Every new generation wants a fresh start and free money and want to ignore anything that happened before them.

In this case, by the year 2050, there would be shitton of Grin floating around.

They would rather create another and be the early investors instead of joining the GRIN ecosystem.  

It is a different story if you are implying that there will be so many GRIN's and it will be near worthless just like FIAT so everybody will be using it without second thoughts. (doge does it already btw) Even then what really counts is how much share you own from the total money supply and having enormous inflation would still bring the same end result as FIAT did > you'll be poor and will have greater chances of becoming rich with starting your own new thing.

I disagree. The argument is about a group of early adopters taking advantage of bitcoin's monetary supply by hoarding much of the coins to get rich quick and have the power to influence the bitcoin economy. Grin's monetary policy might not be the best fix, however, it should be tested.

Good luck fixing people.

[Ucy]

I think it's better to print coins out of thin air to pay people for actually solving important problems that involve hardwork, and the problems could be solved by either computers or humans or both. There are loads of important problems that will need to be solved on decentralized systems/networks by every network participant. The solvers could be rewarded with Coins printed out of thin air. And the amount of coins to be rewarded to the solvers should be based on the merit or quality of the solutions... Good quality works get good rewards,fair quality get fair reward etc. That's is one of the ways everyone in the network get paid accordingly, without compromising on quality.
There are numerous problems in diverse fields of endeavor that should be solved by all decentralized network participants and they could get paid in coins printed out of thin air for solving them.
People should be free to join/leave (and earn rewards for their hard work) without too much permission/trust.

[Pizzalover420]

Am I also required to give the system my inside leg measurement if I want to spend a New Coin ?  

No you spend it with a credit card the machine provides to you when you make a address.

[Wombat69]

Hi all, I know this is off subject but I just received one of those blackmail emails from Russia threatening that if I don't immediately send him 1,350 USD in Bitcoin he will send all my email contacts naked pictures he has supposedly been taking using my laptop camera! (I'm not concerned, my laptop doesn't have a camera and I don't sit naked in front of it anyway!) His instructions are to send the bitcoins to this wallet address: (BTC): 1CPaFS9dwYxxrdv3dQR1RZ8dbWwm4eetCQ Anyone out there know how to hack it and keep it empty when his other victims send in payments? Or better yet, send the coins back to the senders? It would also be really very nice if someone knew how to hack him and burn his ass! (Grin) I seriously hoping someone knows what to do with him. Thanks, Wombat69.