I no longer consider bitcoin as a decentralized currency...

[dogechode]

I think some of you guys are missing the point here. The bottom line is that pretty soon a lot of miners are liable to just give up and sell their equipment off and we will be left with a handful of massive datacenters doing all of the mining. So instead of hundreds of thousands or even millions of individuals all around the globe mining, you will have consolidation occurring until perhaps a few hundred companies with massive datacenters/farms are doing all of the mining. How will that be any different from banks, visa/MC, etc?

[Lauda]

I think some of you guys are missing the point here. The bottom line is that pretty soon a lot of miners are liable to just give up and sell their equipment off and we will be left with a handful of massive datacenters doing all of the mining. So instead of hundreds of thousands or even millions of individuals all around the globe mining, you will have consolidation occurring until perhaps a few hundred companies with massive datacenters/farms are doing all of the mining. How will that be any different from banks, visa/MC, etc?

I will never stop mining, even if I'm at a small loss. I'm doing this to support the network, not to gain profit.

[Beliathon]

Nothing is "killing" Bitcoin, OP is either misinformed or trolling.



Look at Bitcoin fiat's exchange value on a logarithmic scale spanning 3+ years, and you will see it's doing remarkably well.

[RodeoX]

I think some of you guys are missing the point here. The bottom line is that pretty soon a lot of miners are liable to just give up and sell their equipment off and we will be left with a handful of massive datacenters doing all of the mining. So instead of hundreds of thousands or even millions of individuals all around the globe mining, you will have consolidation occurring until perhaps a few hundred companies with massive datacenters/farms are doing all of the mining. How will that be any different from banks, visa/MC, etc?

I see a huge difference. It's your choice not to mine. You do not have the option of offering banking services. Consolidation can only happen in bitcoin if we choose not to compete. Consolidation in the banking industry is something we can't do a damn thing about.

Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.

[dogechode]

Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.

Really, no barrier to entry? Last I checked it was basically impossible to even clear ROI on any kind of bitcoin mining equipment unless you start talking about spending 5-6 figures and even then it's doubtful.

[Timo Y]

it is decentralized not in the sense that every node is equal but that every node has equal opportunity. A bit like the internet itself. The free market leads to a power-law type distribution of  node importance.

[durrrr]

i think we need to realise that bitcoin is now more tan just people mining them and selling them or trading them for goods. alot of people actually do use bitcoin as a currency

[cypherdoc]

Nothing is "killing" Bitcoin, OP is either misinformed or trolling.



Look at Bitcoin fiat's exchange value on a logarithmic scale spanning 3+ years, and you will see it's doing remarkably well.

couldn't have said it better.

[Meuh6879]

What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining

and difficulty raise ...
and business plan on professional data center crash ...

and people that mining with little system stay ...


i love bitcoin. 

https://bitcoinwisdom.com/bitcoin/difficulty

[RodeoX]

Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.

Really, no barrier to entry? Last I checked it was basically impossible to even clear ROI on any kind of bitcoin mining equipment unless you start talking about spending 5-6 figures and even then it's doubtful.

Well, yes money is a barrier. But it is open to anyone willing and able to spend. That has always existed. When CPU mining was still going on it took a decent computer. That precluded entry to many/most? people on the planet.
But try starting a bank or even buying an ATM. Then you will see the product of decades of unholy laws and regulation that do nothing except secure the entrenched powers of big banks.

[btcxyzzz]

Everyone talks about centralization, but I say the rules of the game are the same for big players too, and I don't see anyone prevailing. The only difference is that regular user of Bitcoin will have to buy it, not mine it, but it's irellevant to me actually.

[igorr]

I'm not saying I have lost any faith but it is lost its touch since I was introduced in 09 if anything it has become monopolized.

What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.

Tell me otherwise?

you understand, but too late.

[igorr]

View Screen Capture

[Lauda]

Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.

Really, no barrier to entry? Last I checked it was basically impossible to even clear ROI on any kind of bitcoin mining equipment unless you start talking about spending 5-6 figures and even then it's doubtful.

What if there was no way to get into mining or only a limited number of people were allowed to mine?
Mining bitcoin is an investment. Investments usually aren't under 4-5 figures.

[dogechode]

View Screen Capture

Thank you lol, I'm so sick of everyone posting the same picture of Bitcoin's growth from the last few years as though it is somehow evidence that it will go up forever. We have been losing ground for a solid 5 months or so now.

[Littleshop]

Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.

Really, no barrier to entry? Last I checked it was basically impossible to even clear ROI on any kind of bitcoin mining equipment unless you start talking about spending 5-6 figures and even then it's doubtful.

I do not know of too many businesses where you can buy hardware for $500 and have a payback within six months.  There is hardware out there that is profitable now if you know where to look.  The barrier to entry is quite low. 

I don't like ASICs yet I own them.  For a while in December things looked bad as huge farms gobbled everything up and small miners could not really buy anything good.  But now there are two players out there selling ASICs freely and honestly and their customers (many just little guys) are now more then 20% of the hashrate.  That combined with the fact that the BIG FARMS are not one but really several totally unconnected businesses so the hashrate is actually MORE decentralized than it was in December.

No one is giving you super easy profits anymore, sorry.  Mining is now hard but that does not make it centralized. 

[LiteCoinGuy]

time was never better for it.

[keithers]

I'm not saying I have lost any faith but it is lost its touch since I was introduced in 09 if anything it has become monopolized.

What is killing the bitcoin are the multi-million dollar data-centers dedicated to mining, little to no acceptance as an alternative payment method, nearly impossible to keep up with difficulty increases, and limited peer to peer exchanges.

Tell me otherwise?

I definitely hear what you are saying...it feels like we are stepping into a completely different era for bitcoin.  It has moved from its libertarian type crowd, to a much more corporate era.   It is a double edged sword, because if we all want prices to rise, then we need corporate America (and rest of world) getting involved.  While that happens, it steers away from what a good amount of people want bitcoin to stand for.

[counter]

Mining is being attacked and the OP makes some good points.  But Mining has been hard for the average person to get into for a good while.  I think it is a bit of an overstatement to say Bitcoin is now decentralized but I like seeing the topic being discussed.

[Lauda]

Mining is being attacked and the OP makes some good points.  But Mining has been hard for the average person to get into for a good while.  I think it is a bit of an overstatement to say Bitcoin is now decentralized but I like seeing the topic being discussed.

So you're saying that it is now centralized?