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Author Topic: BitCoin Stages before getting system dependant  (Read 2150 times)
sgdias
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May 09, 2011, 03:10:00 AM
 #1

1. All BitCoins have been generated

2. I'm not longer receiving BitCoins by processing blocks, therefore I'm not longer using my hardware for BitCoin processing.

3. The network becomes slow and infrastructure gets smaller.

4. The BitCoin starts to devaluate.

5. I want to keep the value of my BitCoins, then I again provide my hardware to keep the value.

6. Now, I'm hardware and energy dependant.

7. The system (Goverments and banks) controlls the BitCoin by increasing or decreasing the hardware and energy cost (in U$S).

This is just a summary of my quick thought about this. Please let me know what do you think.

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goatpig
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May 09, 2011, 03:34:57 AM
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1. All BitCoins have been generated

2. I'm not longer receiving BitCoins by processing blocks, therefore I'm not longer using my hardware for BitCoin processing.

Once all the Bitcoins are generated, miners will still be making a profit off of transaction fees, so technically, the balancing between miners profit and network hashrate will be maintained.

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sgdias
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May 09, 2011, 03:39:10 AM
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But then you will have new "Bankers" controlling the BitCoin. Current u$s bankers probably are interested in investing in hardware to take profit from future fees.
sgdias
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May 09, 2011, 03:40:46 AM
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And all this is asuming people will pay the fee which is optional...
goatpig
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May 09, 2011, 03:43:58 AM
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But then you will have new "Bankers" controlling the BitCoin. Current u$s bankers probably are interested in investing in hardware to take profit from future fees.

I guess you're free to speculate that way but I don't think it'll turn out quite like this. Also note that if Bitcoin spreads beyond the level of a store of value, and becomes a proper currency, supported by vendors all over the world, then there won't be much of nowadays kind of banking left on the market.

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And all this is asuming people will pay the fee which is optional...

Assuming miners will add those transaction to the block at their cost? I don't think so.

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sgdias
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May 09, 2011, 03:59:40 AM
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I don't like your actitude. If I was wrong is not the way to rreply the way tou did. Show some respect for the others...
Insuremeplz
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May 09, 2011, 09:05:31 PM
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And all this is asuming people will pay the fee which is optional...

Stupid noobs don't get opinions until they grow up and take their heads out of their asses ...
READ forum ... all questions answered already .. issues solved .. move on ..

Quit making comments that you don't know shit about ...
asking -> good .. telling stupid shit -> bad

Easy there turbo. This post is way worse than anything else in this thread.
BitLex
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May 09, 2011, 10:16:40 PM
 #8

1. All BitCoins have been generated
ok
Quote
2. I'm not longer receiving BitCoins by processing blocks, therefore I'm not longer using my hardware for BitCoin processing.
you're still receiving bitcoins by including fee-containing transactions into your blocks,
it won't be optional by then anymore, all miners will only include fee-containing transactions,
if you don't pay a fee, it's very likely your transaction will never ever confirm.

Quote
3. The network becomes slow and infrastructure gets smaller.
the network doesn't become slower when miners stop mining,
it'll only become weaker, block-generation will still take about 10min on average.

Quote
4. The BitCoin starts to devaluate.
why? did the supply increase magically? or the demand decrease somehow?

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5. I want to keep the value of my BitCoins, then I again provide my hardware to keep the value.
good choice, protect your value, don't let the network become weaker.
Quote
6. Now, I'm hardware and energy dependant.
aren't you already?

Quote
7. The system (Goverments and banks) controlls the BitCoin by increasing or decreasing the hardware and energy cost (in U$S).
why doesn't the system start trying now?



MoonShadow
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May 09, 2011, 10:27:00 PM
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And all this is asuming people will pay the fee which is optional...

Assuming miners will add those transaction to the block at their cost? I don't think so.

Most will not, but we can expect that there will always be the altruistic miner to catch a block every now and again.  There are other motivations for certain groups of miners besides the direct profit from mining fees.  For example, I posted at length in another thread, my "Wal-Mart" theory.  Wherein if Wal-MArt ever starts taking Bitcoin as a major currency, Wal-Mart itself has a strong economic encentive to make certain that their own transactions, which would be a huge ongoing volume, are processed quickly.  The cheapest way for Wal-Mart to do this would to either build a mining cluster of their own, or directly sponsor a professional mining company to act in their behalf.  In part, because their direct competitors could do so and intentionally exclude Wal-Mart's own transactions as a matter of course, whether they paid a fee or not.  At this point, adding in free transactions (that are not from a competitor) is trivial, and becomes a public relations bonus.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
sgdias
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May 10, 2011, 12:46:17 AM
 #10

Many Thanks Creighto and BitLex

BitLex, you turned 180 degress my vision, I believe now it's like you said.
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