Why bitcoin or any other mined coins won't work...

[Xiaoxiao]

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard.  The love of money (or power, prestige, etc) is the root of all evil.

One day, one entity will control all the pools, it's that simple.  All they need to do is make an offer that the pools cannot refuse.

I'm not sure if other mined cryptos are the same way since I don't have time to explore them.  But in the end, someone or entity is just going to take over bitcoin in a fascist way.

[bizzel]

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard.  The love of money (or power, prestige, etc) is the root of all evil.

One day, one entity will control all the pools, it's that simple.  All they need to do is make an offer that the pools cannot refuse.

I'm not sure if other mined cryptos are the same way since I don't have time to explore them.  But in the end, someone or entity is just going to take over bitcoin in a fascist way.

Well, your logic is absolutely flawless. I guess there's nothing left then.

Time to pack up guys, lets go home..

[cuddaloreappu]

will this logic apply to dollar too?

[Xiaoxiao]

will this logic apply to dollar too?

It's already happening to the dollar, but let's not get into that.

[0xAli]

Lets enjoy it while it last then. 

[Kprawn]

Well it makes sense, but if they do, they might just create a problem for themselves.

People would shift their coins to a currency, where mining pools might be rendered void. Currently there are coins, that is ASIC proof.

There are also hardcore people here, who wants to see, crypto currency, being a decentralized currency, and work towards, creating a protocol, doing just that.

We have very innovative developers working on this currency and they can change things, to stop that from happening.

You cannot buy massive mining pools, and then have to re-invest in buying, millions of individual mining rigs, at a point, you will see no return on investment.  

So bring on the greedy people, we will waste their money.

[Elwar]

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard.  The love of money (or power, prestige, etc) is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

[Elwar]

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

[Xiaoxiao]

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

[Elwar]

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

[Cranky4u]

Like all forms of power throughout history, including money, it will evolve into something else. Gold > Promissory notes > Fiat > Derivatives > Cryptocurrency >

[zetaray]

All pools can collude now, we don't need to wait for that "day". When they start to do something that would hurt bitcoin, there will be other pools setup and miners can move their hash power.

[bizzel]

You seem to not realise the huge gaping ass flaw in your deduction.

If someone wants MORE, meaning more wealth / power. I understand the evil in this. Money is only worth what others value it for. So if someone wants power over the money, or wants to control all the pools, people will see this and the value of the money (or btc) will plummit.

Because pretty much 99% of people understand this (no offence), the one wanting power over the pools will understand it too (if they don't, they won't have the smarts to get it anyway), and thus realise that he/she will only hurt their wealth, not increase it..

Also, don't underestimate the 'power of the people'. BTC is decentralised, the masses have a huge influence.

Tadaa.

[cr1776]

Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

It is the love of money that is the root of all evil.

To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

I think s/he missed the reference. :-)

Perhaps it would be better stated that the lack of money is the root of all evil. 

Lol

[rext]

It doesn't say money is bad dude, just the love of money is .

[Stery]

There are several who would consider bitcoins over currency

[DooMAD]

So is this a way of using subtlety to suggest that instead of Proof of Work, Proof of Stake would be better because it cuts out the miners?  Because it's normally the people with the greatest love for money that the Proof of Stake concept appeals to most, heh.

[sumantso]

1 Timothy 6:10 The love of money is the root of all evil....

This is perhaps the most true saying I've heard.  The love of money (or power, prestige, etc) is the root of all evil.

One day, one entity will control all the pools, it's that simple.  All they need to do is make an offer that the pools cannot refuse.

I'm not sure if other mined cryptos are the same way since I don't have time to explore them.  But in the end, someone or entity is just going to take over bitcoin in a fascist way.

Bitcoin is a technology demonstarator. In 10 years you will find it totally different in ways which we can't imagine now.

Already something like DPoS looks promising, I am sure it will keep evolving and there will be much better options in future.

[Elwar]

Or is it the love of bitcoin that’s the root of all evil? To love a thing is to know and love its nature. To love Bitcoin is to know and love the fact that Bitcoin is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a millibit, who is loudest in proclaiming his hatred of Bitcoin and he has good reason to hate it. The lovers of Bitcoin are willing to work for it. They know they are able to deserve it.

Let me give you a tip on a clue to men’s characters: the man who damns Bitcoin has obtained it dishonorably; the man who respects it has earned it.

Run for your life from any man who tells you that Bitcoin is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon Bitcoin, is the muzzle of a gun.

But Bitcoin demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their Bitcoin and are not willing to defend it as they defend their life, men who apologize for being rich–will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt–and of his life, as he deserves.

Then you will see the rise of the men of the double standard–the men who live by force, yet count on those who live by trade to create the value of their looted Bitcoin–the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law–men who use force to seize the wealth of disarmed victims–then Bitcoin becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the hacker. And then that society vanishes, in a spread of ruins and slaughter.

Do you wish to know whether that day is coming? Watch Bitcoin. Bitcoin is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that Bitcoin is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. Bitcoin is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

Whenever destroyers appear among men, they start by destroying Bitcoin, for Bitcoin is men’s protection and the base of a moral existence. Destroyers deny Bitcoin and only allow a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Bitcoin has an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.'

When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world?' You are.

You stand in the midst of the greatest achievements of the greatest productive civilization and you wonder why it’s crumbling around you, while you’re damning its life-blood–Bitcoin. You look upon Bitcoin as the savages did with gold before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the love of money being evil, which you repeat with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves–slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer, Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers–as industrialists.

To the glory of mankind, there was, for a brief time in history, a country of money–and I have no higher, more reverent tribute to pay to early America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man’s mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being–the self-made man–the American industrialist.

If you ask me to name the proudest distinction of Americans, I would choose–because it contains all the others–the fact that they were the people who created the phrase ‘to make money.’ No other language or nation had ever used these words before; men had always thought of wealth as a static quantity–to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words ‘to make money’ hold the essence of human morality.

Yet these were the words for which Americans were denounced by the rotted cultures of the looters’ continents. Now the looters’ credo has brought you to regard your proudest achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the industrialists, as blackguards, and your magnificent factories as the product and property of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter who simpers that he sees no difference between the power of the bitcoin and the power of the whip, ought to learn the difference on his own hide– as, I think, he will.

Until and unless you discover that Bitcoin is the root of all good, you ask for your own destruction. When Bitcoin ceases to be the tool by which men deal with one another, then men become the tools of men.

Blood, whips and guns....or bitcoins. Take your choice–there is no other–and your time is running out.

[Beliathon]

The love of money is the root of all evil....

I'll see your bible quote and raise you this:

“The strategic adversary is fascism... the fascism in us all, in our heads and in our everyday behavior, the fascism that causes us to love power, to desire the very thing that dominates and exploits us.”
-Michel Foucault

Until and unless you discover that Bitcoin is the root of all good, you ask for your own destruction. When Bitcoin ceases to be the tool by which men deal with one another, then men become the tools of men.

Wise, poetic, and prescient. Thank you for sharing these words.