Bitcoin Forum
December 09, 2016, 11:53:46 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 [5]  All
  Print  
Author Topic: The early-adoptor unfairness  (Read 9384 times)
ribuck
Donator
Legendary
*
Offline Offline

Activity: 826


View Profile
March 13, 2012, 10:59:58 AM
 #81

... you can only get that decent new car and the vacation because the early schmuck was willing to take the risk at 1 cent to help bootstrap the currency.
What risk? Getting into a huge bubble, getting scammed by MyBitcoin, getting MtGox hacked? Grin

No, I think the biggest risk here was the one the later fools took because the infrastructure sucked while the valuation of Bitcoins rose too quickly.
The risk for the early adopters was that all the time they spent writing and testing code, all the money they spent on electricity for CPU-mining, all they time they spent disseminating information, all of that might come to nothing.

I've read the early forum threads from way before I discovered Bitcoin, and I recommend reading them to everyone. It's fascinating! Satoshi and a few others were quietly confident, although they were obviously aware that Bitcoin was a long way from reaching critical mass. But the majority of early forum posters, although highly enthusiastic about the idea, weren't at all sure that calculations performed on one's computer could ever actually become usable as money for real purchases.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481284426
Hero Member
*
Offline Offline

Posts: 1481284426

View Profile Personal Message (Offline)

Ignore
1481284426
Reply with quote  #2

1481284426
Report to moderator
Kilmyos
Newbie
*
Offline Offline

Activity: 28

Free Market Anarchist


View Profile
March 15, 2012, 04:30:30 PM
 #82

Can this discussion just stop? This horse has been beat to death already -.-
Blitz­
Donator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
March 15, 2012, 04:35:00 PM
 #83

The risk for the early adopters was that all the time they spent writing and testing code, all the money they spent on electricity for CPU-mining, all they time they spent disseminating information, all of that might come to nothing.
You didn’t have to do any of that except spend a bit on electricity to qualify.

I’m sorry for these early miners, they really took a huge risk just like the people who do folding@home. Can’t imagine what it must be like to be afraid that the CPU electricity you invested might all be for nothing. Grin

As I said, I firmly believe the bigger risk was taken by the later adopters when Bitcoin valuation rose quickly and the infrastructure began to collapse.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
molecular
Donator
Legendary
*
Offline Offline

Activity: 2142



View Profile
March 15, 2012, 05:34:49 PM
 #84

Can this discussion just stop? This horse has been beat to death already -.-

You revived the thread, way to stop a discussion Wink

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
Kilmyos
Newbie
*
Offline Offline

Activity: 28

Free Market Anarchist


View Profile
March 15, 2012, 09:37:38 PM
 #85

It was going to happen sooner or later anyways Wink
Pages: « 1 2 3 4 [5]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!