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Bitcoin-hotep (OP)
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July 05, 2014, 06:04:18 PM |
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I have been watching Andreas Antanopolis and Gavin Andresen talking, as well as the MIT Expo and... One things that I REALLY got from it was that there are TOO MANY PEOPLE mining Bitcoin. Gavin said it in like 2 or 3 videos. Then they said "This year is the year of the multi sig wallet" which shows me that they believe we are done getting new people... Which makes sense, since they are saying that TOO MANY PEOPLE are mining... We need to kick the community in to high gear. We need people HELPING EACH OTHER, telling each other what altcoins to mine. What exchanges to use. What coins they can get for FREE without mining. The community is getting "Too Big" to mine regularly and needs to start using that hashing power to get something done. MORE PEOPLE ARE COMING. I promise this is not the end of the growth, and it is hardly even the beginning of the growth. If you have never used an altcoin, PICK ONE. If you don't want to use altcoins, share Bitcointalk.org with other people. Post on other forums, post in Facebook groups, post in Google groups. Let's get the WHOLE world using Crypto!!! https://bitcointalk.org/index.php?topic=678472.0 |
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pedrog
Legendary
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Activity: 2786
Merit: 1031
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July 05, 2014, 06:12:56 PM |
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He said that because mining isn't profitable anymore, we need people actually using bitcoin so its value increase and mining becomes profitable again, we don't need less people mining we need more people using bitcoin.
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gadman2
Legendary
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Activity: 978
Merit: 1001
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July 05, 2014, 06:14:06 PM |
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I think everyone should stop mining and let me claim the current 15k prize every 10 minutes, sound fair?
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Bitcoin-hotep (OP)
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July 05, 2014, 06:16:26 PM |
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He said that because mining isn't profitable anymore, we need people actually using bitcoin so its value increase and mining becomes profitable again, we don't need less people mining we need more people using bitcoin.
No, he said the way it would correct itself is "The blocks will halve and halve and halve and less people will want to mine because it will be harder" so he is thinking along the lines that I said. |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:17:26 PM |
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He even made it sound as if he is waiting for mining to end so that we can just trade the coins and have Devcoiners mine or something like that. That was after someone asked about the energy consumption of mining.
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Bitcoin-hotep (OP)
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July 05, 2014, 06:18:03 PM |
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I think everyone should stop mining and let me claim the current 15k prize every 10 minutes, sound fair?
Lol |
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enhu
Legendary
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Activity: 2492
Merit: 1018
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July 05, 2014, 06:18:49 PM |
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impossible to happen. people are even buying monstrous hardware just to mine.
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gadman2
Legendary
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Activity: 978
Merit: 1001
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July 05, 2014, 06:19:50 PM |
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Some people don't mine to profit, they mine to make the network stronger.
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Ron~Popeil
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July 05, 2014, 06:21:06 PM |
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Mining is a free market. It will regulate itself. I do agree that the era of profitable mining is coming to a close but if people want to spend their time and money on it that's okay too.
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Bitcoin-hotep (OP)
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July 05, 2014, 06:23:35 PM |
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impossible to happen. people are even buying monstrous hardware just to mine.
They could use that hardware to mine other coins. And if they have "monstrous hardware" they could give like 25% of the coins they get away for free, which will jump start whatever coin they mine (like what happened with DOGE, everyone got some free so they all wanted to see it do well) |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:24:03 PM |
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Some people don't mine to profit, they mine to make the network stronger.
Then why not mine to make an Alt network stronger? |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:25:18 PM |
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Mining is a free market. It will regulate itself. I do agree that the era of profitable mining is coming to a close but if people want to spend their time and money on it that's okay too.
Maybe the era of profitable bitcoin mining, but the era of making your own coin is on its way in. And no one's friends care if they premine, as long as they get some coins and maybe a mining rig. |
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Ron~Popeil
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July 05, 2014, 06:26:52 PM |
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Mining is a free market. It will regulate itself. I do agree that the era of profitable mining is coming to a close but if people want to spend their time and money on it that's okay too.
Maybe the era of profitable bitcoin mining, but the era of making your own coin is on its way in. And no one's friends care if they premine, as long as they get some coins and maybe a mining rig. There are very few truly innovative alt coins out there. 99% of them are cut and paste pump and dumps designed by the creators to make money. |
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EcuaMobi
Legendary
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Activity: 1876
Merit: 1475
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July 05, 2014, 06:27:08 PM |
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It's arguable there's enough people mining.
But of course we're not "done getting new people" regarding people using, spending and receiving payments in Bitcoin.
Regarding mining, an even less centralized system (such as p2pools) would be ideal.
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Beliathon
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July 05, 2014, 06:27:23 PM |
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I think everyone should stop mining and let me claim the current 15k prize every 10 minutes, sound fair?
You drive a hard bargain, mister. Well, alright, you got yourself a deal. I don't see what choice we have, now that OP has sounded the alarm on this Extremely Serious Dangerous issue. |
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Nerazzura
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July 05, 2014, 06:27:53 PM |
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I have been watching Andreas Antanopolis and Gavin Andresen talking, as well as the MIT Expo and... One things that I REALLY got from it was that there are TOO MANY PEOPLE mining Bitcoin. Gavin said it in like 2 or 3 videos. Then they said "This year is the year of the multi sig wallet" which shows me that they believe we are done getting new people... Which makes sense, since they are saying that TOO MANY PEOPLE are mining... We need to kick the community in to high gear. We need people HELPING EACH OTHER, telling each other what altcoins to mine. What exchanges to use. What coins they can get for FREE without mining. The community is getting "Too Big" to mine regularly and needs to start using that hashing power to get something done. MORE PEOPLE ARE COMING. I promise this is not the end of the growth, and it is hardly even the beginning of the growth. If you have never used an altcoin, PICK ONE. If you don't want to use altcoins, share Bitcointalk.org with other people. Post on other forums, post in Facebook groups, post in Google groups. Let's get the WHOLE world using Crypto!!! https://bitcointalk.org/index.php?topic=678472.0Yes. it is exactly right, and I've done it. although only about altcoin spread this information in social media, or share with my close friends. and when reading this post, I am quite proud that I have done. so we are not only focused with bitcoin. This indirectly will make bitcoin balance and profitable too  |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:29:21 PM |
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Mining is a free market. It will regulate itself. I do agree that the era of profitable mining is coming to a close but if people want to spend their time and money on it that's okay too.
Maybe the era of profitable bitcoin mining, but the era of making your own coin is on its way in. And no one's friends care if they premine, as long as they get some coins and maybe a mining rig. There are very few truly innovative alt coins out there. 99% of them are cut and paste pump and dumps designed by the creators to make money. That is another thing I noticed listening to Gavin, "Truly Innovative" as if the only way to innovate is to alter code... That is not what regular people care about. Regular people do not care if Worldcoin does instant transactions, if they can't figure out how to get World coins. The next "True Innovation" is the coin that pays you to like and share on facebook, or pays you to post on a forum. THAT is what people will think is innovative. |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:30:10 PM |
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It's arguable there's enough people mining.
But of course we're not "done getting new people" regarding people using, spending and receiving payments in Bitcoin.
Regarding mining, an even less centralized system (such as p2pools) would be ideal.
Ok... So we now only accept people with money to buy our coins... We aren't an elitist community at all. |
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Bitcoin-hotep (OP)
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July 05, 2014, 06:31:03 PM |
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I have been watching Andreas Antanopolis and Gavin Andresen talking, as well as the MIT Expo and... One things that I REALLY got from it was that there are TOO MANY PEOPLE mining Bitcoin. Gavin said it in like 2 or 3 videos. Then they said "This year is the year of the multi sig wallet" which shows me that they believe we are done getting new people... Which makes sense, since they are saying that TOO MANY PEOPLE are mining... We need to kick the community in to high gear. We need people HELPING EACH OTHER, telling each other what altcoins to mine. What exchanges to use. What coins they can get for FREE without mining. The community is getting "Too Big" to mine regularly and needs to start using that hashing power to get something done. MORE PEOPLE ARE COMING. I promise this is not the end of the growth, and it is hardly even the beginning of the growth. If you have never used an altcoin, PICK ONE. If you don't want to use altcoins, share Bitcointalk.org with other people. Post on other forums, post in Facebook groups, post in Google groups. Let's get the WHOLE world using Crypto!!! https://bitcointalk.org/index.php?topic=678472.0Yes. it is exactly right, and I've done it. although only about altcoin spread this information in social media, or share with my close friends. and when reading this post, I am quite proud that I have done. so we are not only focused with bitcoin. This indirectly will make bitcoin balance and profitable too Yes, the more people that use altcoins the better off Bitcoin will be. |
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Malin Keshar
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July 05, 2014, 06:32:21 PM |
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yes, we really need more people wanting bitcoin, otherwise we might see a bitcoin collapse if the next halving makes bitcoin mining unprofitable. Problem is that no one I know would be willing to give bitcoin a try, and would confuse me with some Herbalife pyramid scammer type or pays you to post on a forum Like the signature campaign do? |
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