Bitcoin = Proof of Scam ?

[Skybuck]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

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[adaseb]

I haven’t read it in years but I am pretty sure it talks about it in the white paper. He says that every 210,000 the block reward will be cut in half. There is also some mathematical formula to prove all of this.

Why is the halving bad? Are you a miner? Most welcome the halving because it reduces the selling supply because less issuance and less sell pressure.

[AVE5]

I haven’t read it in years but I am pretty sure it talks about it in the white paper. He says that every 210,000 the block reward will be cut in half. There is also some mathematical formula to prove all of this.

Why is the halving bad? Are you a miner? Most welcome the halving because it reduces the selling supply because less issuance and less sell pressure.

If Op was a miner he wouldn't be in so much doubt or I would say grieve? Maybe yes or no. Op may just be an investor who's not feeling excited with the fluctuating manners of the bitcoin values. Haha.
He could just want the halving to come maybe so he could accumulate more to how holding or he wants the halving to just pass by so the price of bitcoin could skyrocket following the bull run so he could make some huge amount of profits with his holding.
I think I've heard of such aggressive bitcoin holders.

Op, we're all aware that halving comes in every 4 years but doesn't have a specification day for its kick rather we should understand that the trigger of the halving is usually based on the velocity dispatch of miners.

[Poker Player]

White paper does not mention halving !

So what if it doesn't mention it? It's bullshit for you to say it's a scam because it doesn't explicitly mention halvings in the white paper. What are you expecting? That we call you a genius for saying that nonsense?

[Learn Bitcoin]

Do you have any logic in your post?

Suppose Bitcoin is a scam just because Satoshi did not mention the word "halving" in the white paper. In that case, every other crypto project is a scam because they did not mention many other updates in their white paper, which they made after launching their token/coin. Take Ethereum, for example. Vitalink never said in the whitepaper that ETH would move from Proof of Work to Proof of Stake. I guess we can call him a scammer because many GPU miners lost their investment because of this. Nah? Why not weirdo?

[serjent05]

I haven’t read it in years but I am pretty sure it talks about it in the white paper. He says that every 210,000 the block reward will be cut in half. There is also some mathematical formula to prove all of this.

The halving is not discussed in the whitepaper nor mentioned or used but Bitcoin halving is openly discussed in public and even has the schedule announced.  I may missed something but I did not even read on the whitepaper that Bitcoin will half its supply every 210,000 block reward bu regardless, everything is not published on the whitepaper especially when the development is actively and continuously done on the system.  It is best to have the bitcoin github[1] as reference since all the updates and upgrades are mentioned on that repository.

I believe Whitepaper is only a means to introduce the project since it discusses the projects purpose and its abstract.  It does not states the actual development of the project nor the upgrades and development integrated into the system.

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

Information about Bitcoin halving is not hidden, it is openly discussed so it is not correct to say that the halving of Bitcoin is a dirty trick hidden in the source code. Let alone the source code its self is openly accessible to the public.

"The steady addition of a constant of amount of new coins..."

Well there   is at least a steady addition of Bitcoin which is constant in 4 years, and is constant to reduce into halve every 210,000 blocks rewards (estimated every 4 years) and is a constant that can be only claimed/gained through mining and solving the block difficulty.

White paper does not mention halving !

But it is openly discussed in public, it is not a hidden fact to be an issue, IMO.


[1] https://github.com/bitcoin/bitcoin

[pooya87]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

Dirty? trick? hiding?!!!
The block rewards and the distribution plan has always been one of the most obvious and well known features of Bitcoin. It is also part of the principles of Bitcoin through the way its capped supply is defined.

The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !

It is not misleading, you have to read the entire paragraph not just some words. If you do, you'll realize that it is talking about reducing the amount of supply being created. "...a way to initially distribute coins into circulation...Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free."

It is also not suppose to mention or explain every little detail of the Bitcoin protocol. White papers are not meant to do that, they are an abstract idea giving the reader the general idea behind the innovation (that's what documentation does). There are dozens of other major things about the protocol not mentioned in the white paper and a million different details that wasn't even pointed to.

[tabas]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

But, but, but.... it has happened even before so why complain? You just have to embrace it as it's a feature that has been mentioned by the creator himself. I get that maybe you're looking and pointing at it with the POS = proof of scam and maybe you're not literally pointing it out to Bitcoin but with some other projects that has that POS algo.  
Anyway, it's not a dirty trick and if the miners complains about it, they should have done it long time ago but no, maybe a few of you but not in general that most of the miners doesn't like it but they're already aware of it.

[Upgrade00]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

A little trick will be allocating thousands of Bitcoin to the creator or something else which Satoshi will somehow benefit from, the halving does not offer him any benefit at all, but benefits the entire network.

This is not the gotcha moment you thought it would be, just shows you need to do some more reading.

[kotajikikox]

Why is the halving bad? Are you a miner?

If OP was a miner, he would have understood that halving would cut their block rewards in half which would devastate him but would not make him doubt it.

Most welcome the halving because it reduces the selling supply because less issuance and less sell pressure.

Exactly. Satoshi made it purposefully and the limited supply causes more demand therefore the price reaches new all time highs in which investors are happy about.

[Plaguedeath]

I think whitepaper is just a summary, so it's not very detail. While the source code is everything that make Bitcoin run, probably there's other thing that didn't mentioned in whitepaper besides halving.

POS = Proof of Scam, stay away from POS coins/tokens.

It is best to have the bitcoin github[1] as reference since all the updates and upgrades are mentioned on that repository.

To be more accurate, on lines 1752-1763.

Code: (https://github.com/bitcoin/bitcoin/blob/master/src/validation.cpp#L1752)

CAmount GetBlockSubsidy(int nHeight, const Consensus::Params& consensusParams)
{
    int halvings = nHeight / consensusParams.nSubsidyHalvingInterval;
    // Force block reward to zero when right shift is undefined.
    if (halvings >= 64)
        return 0;


    CAmount nSubsidy = 50 * COIN;
    // Subsidy is cut in half every 210,000 blocks which will occur approximately every 4 years.
    nSubsidy >>= halvings;
    return nSubsidy;

[Frankolala]

The bitcoin white paper only contains the basic knowledge of bitcoin and the problem it solves. It never talked about bitcoin circle, because bitcoin was still new and nobody will be able to know what will happen to bitcoin in future. It is as time passes by that people started studying bitcoin movement, also with miners, that they came to realize that the miners reward is always divided into two in particular period of time. So as time passes by, the value of bitcoin increases and people will want to know why is it like that.

Satoshi never also mentioned anything about the bear market and the bull market. Bitcoin is very complex to understand it in just 2 years. So I don't see why you sound this way, when nobody knows what will happen tomorrow. It is people that studied bitcoin, together with miners that noticed the halving and saw the bitcoin price movement repeats history due to past records. I don't see anything like scam.

[mk4]

Well shit dude the white paper doesn't mention things like store of value and inflation hedge as well. What now? Bitcoin is a scam? Lmao. The halving terminology wasn't coined by Satoshi but the point is that the concept of it has already been baked into the code since forever.

[FinePoine0]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

Not that the Bitcoin White Paper will dictate everything, as Bitcoin halvings have been organized since 2012. In no way will e-Bitcoin become Islam because there are thousands of big institutional investors in Bitcoin, if Bitcoin had such a weakness investors would never have invested. We are seeing every halving bitcoin price reaches its maximum target.

[legendbtc]

Simply, if you think bitcoin is a scam, just sell all your bitcoins if you are holding them and leave this market. You are the one who needs bitcoin because you want to make money from it, but bitcoin has never needed you. In addition, what is bitcoin, scam or not, has been evaluated by billions of people around the world because it is open source and public to everyone. And you, who are you? You are nothing.
Also, don't you feel pretty stupid saying bitcoin is a scam on a pure bitcoin forum?

[bettercrypto]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

I don't know if there was a traumatic experience when you invested here in Bitcoin or what, but I am pretty sure that all the complete details about Bitcoin were in the whitepaper
from the beginning. I respect your opinion; if that's what you think, there's no problem.

But you must also show concrete evidence that this Bitcoin is indeed a scam. Because if that's all you say, surely no one will believe you because you haven't shown any strong evidence.

[ABCbits]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:

White paper does not mention halving !

Whitepaper isn't full or accurate detail of Bitcoin technical details. It's not like the whitepaper ever talk about address type, scripting or block size either. Besides, majority of Bitcoiner also aware what is halving, so obviously it's not "dirty little trick".

[o48o]

The halving of bitcoin is indeed a dirty little trick hiding in the source code.

The bitcoin white paper misleads:

"The steady addition of a constant of amount of new coins..."

Point being:
White paper does not mention halving !

I think OP is just baiting us.

Whitepaper doesn't mention difficulty adjustment, or 21M BTC limit either, but who is the victim of scam in this and who is the scammer? How is that scammer benefiting from this?

Code is literally open source that you can review and that's changed from time to time and everyone can participate to development and all the changes need to be approved by majority of the miners. So did you lose money because you just found out that there's limited amount of bitcoins and you bought a miner, or what? Because if you did, maybe it's your fault that you didn't look at the development that happened in last 15 years. I mean would you invest to microsoft now, based on press release from 2008, without looking at any delvelopment after that? And then if anything had changed, you would call it a scam. Even constitutions get modified for christ sake.

[SamReomo]

White paper does not mention halving !

White paper of Bitcoin was written to introduce this p2p payment system and that's why the halving was not mentioned in it. OP, if you're part of Bitcoin community then you might know that Bitcoin has gone through some changes overtime like introduction of Segwit addresses in 2017 to the source code. Satoshi Nakamoto hasn't introduced that address but it was introduced by other developers and Bitcoin community supported it.

Similarly the halving event was not mentioned in Bitcoin whitepaper but it was already part of Bitcoin source coin from the start and overtime people learnt about it and community supported it. It's the halving event that has allowed Bitcoin to gain value overtime and I don't think anything is wrong in not mentioning it in the white paper. I think it wasn't even needed to mention it in white paper and that's why Satoshi avoided mentioning it.

[JeromeTash]

The whitepaper does not talk about Segwit, Taproot, RBF, CPFP, trading bitcoin and so many other things, and therefore it should be a scam! What a stupid kind of logic you have there, OP 🙌
You surely don't deserve bitcoin. Go back to the cave you crawled out from.