.

[noob2001]

.

[campycoin]

https://www.youtube.com/watch?v=_-TLA3j-ic4

Wow, yes.

[kokojie]

PoW mining is the problem, See this thread too:
https://bitcointalk.org/index.php?topic=770591.0

[Beliathon]

Success Council is a scam organization that wants nothing other than your money. They market themselves as a way to "protect your money", sound familiar? Yeah, it's the same service banks offered in the earliest days of banking. They are not even the first PoW trolls.

These clowns are implying Bitcoin's SHA256 security isn't already good enough. This guy says Bitcoin holders pay for mining through inflation, but that's not what's happening. Without the miners, the bitcoin network has ZERO security and we all lose our coins anyway.

Basically this clown thinks he is smarter than Satoshi, if he really is there's nothing stopping him from creating his own altcoin that will be superior. So why doesn't he do that? Because he's full of shit.

[gtraah]

In breif--Mining will become cheaper and cheaper, Asics will become more efficient, People will use solar, wind or whatever, you will see. If BTC needs to change it will, otherwise people will work around it. Money talks here.

You may like this discussion below, from someone similar to yourself advertising BitsharesX as they want people to throw money into it like they have.

https://bitcointalk.org/index.php?topic=770591.0


I remember earlier this year when there where around 300 coins and Infinitecoin was 7th not because it was anything special, simply because it had billions of coins and a very tiny amount worth.

My not so technical opinion ( By the way I do not believe the consensus algorithm alone is holding BTC back, as it is giving it another layer of security so its a trade off many people seem to prefer. $470USD per coin from something that bootstrapped itself from nothing is not something to laugh about, lets see what the next 5 yrs bring us)

Usually people tend to move towards the money and if they have enough invested into it there goal is to keep it working, Gavin is very well aware of POS and DPOS and I am betting they have already discussed it numerous times.


As you said -- If the amount of Miners and the amount of buyers are causing the price to halt where it is now because of the equal pressure either-way then what your saying is a shift in either way will send the coin up or down. Hmmm I don't think this is the only thing relating to the price, but it definitely is a factor. But I believe when the rewards drop in 1.5 years this will shift the balance and if what your saying is still true the price should keep rising from then on.

In regards to Decentralization, I do not believe there will be 1 warehouse full of mining equipment I believe there will be hundreds of independent data centers mining away with Solar, or wind generated power maybe even asics that VERY little power , they will also become cheaper bringing more people into the game. But I am also curious to see what the future holds, but money talks and so far BTC is the big brother with MANY shareholders ,very smart savy investors and very smart tech heads, if BTC needs to change it will, and if it doesn't it wont. Resources will just get cheaper, Solar, wind, as well as very efficient asics, i believe asic power may hit a plateau and the energy to run the asic will just become more and more efficient

[kokojie]

Success Council is a scam organization that wants nothing other than your money. They market themselves as a way to "protect your money", sound familiar? Yeah, it's the same service banks offered in the earliest days of banking. They are not even the first PoW trolls.

These clowns are implying Bitcoin's SHA256 security isn't already good enough. This guy says Bitcoin holders pay for mining through inflation, but that's not what's happening. Without the miners, the bitcoin network has ZERO security and we all lose our coins anyway.

Basically this clown thinks he is smarter than Satoshi, if he really is there's nothing stopping him from creating his own altcoin that will be superior. So why doesn't he do that? Because he's full of shit.

There are alternatives to PoW mining, I don't think he's saying stop mining, but PoW mining needs to go. There's several superior alternatives.

[RodeoX]

Speculation is the reason. IMO. Not many are coming into bitcoin as users right now. They are trying to get rich speculating. Growth comes from utility not from hope.

[kokojie]

Speculation is the reason. IMO. Not many are coming into bitcoin as users right now. They are trying to get rich speculating. Growth comes from utility not from hope.

It's pretty hard to grow when PoW transfers hundreds of millions of dollars from the Bitcoin eco-system, into the pockets of hardware vendors and electric company. Also, the worst thing is even if Bitcoin does manage to grow, the leeching effect of PoW will grow too.

[CoinDiver]

This PoW algorithm is not only for security, but also for distribution and adoption. While the time scale may be non-optimum, I believe the logic is sound. I don't think Satoshi anticipated it would catch on so quickly. The reward rate halves, but the time between halvings maybe should have halved as well.

[gtraah]

what I do not understand is why people(not sure you are one of them OP) who seem to LOVE other consensus algos and other coins which they happen to be invested in, come and even bother to post in BTCtalk and try to tell people to about this new coin and why that consensus is better, why would you even bother coming back here if you believe you have found a better solution or a superior algo coin why not just enjoy your idea and speak among other people who share your ideas.

[gtraah]

Speculation is the reason. IMO. Not many are coming into bitcoin as users right now. They are trying to get rich speculating. Growth comes from utility not from hope.

It's pretty hard to grow when PoW transfers hundreds of millions of dollars from the Bitcoin eco-system, into the pockets of hardware vendors and electric company. Also, the worst thing is even if Bitcoin does manage to grow, the leeching effect of PoW will grow too.

This is obviously going to reduce significantly, in fact Half by 50% in 1.5 yrs and again in 4yrs and so on......... SO it will grow, it seems to be working pretty good, only 4 years ago it was a few cents. Lets wait and see

By the way the incentives is for protection and it is also what attracts thousands to this eco system.

[Beliathon]

This PoW algorithm is not only for security, but also for distribution and adoption. While the time scale may be non-optimum, I believe the logic is sound. I don't think Satoshi anticipated it would catch on so quickly.

I think Satoshi was/is betting that humanity would figure out the transition to crypto one way or another. Deception has overwhelmed truth for a long time in our society, but the dawn of the information age has been rapidly flipping that dynamic on its head.

The tide is coming in now, as it always does. This will be remembered as the decade in which the masters of deception* were buried beneath their crumbling Sandcastle of Lies.

*banksters and their polit puppet pals

[RodeoX]

Speculation is the reason. IMO. Not many are coming into bitcoin as users right now. They are trying to get rich speculating. Growth comes from utility not from hope.

It's pretty hard to grow when PoW transfers hundreds of millions of dollars from the Bitcoin eco-system, into the pockets of hardware vendors and electric company. Also, the worst thing is even if Bitcoin does manage to grow, the leeching effect of PoW will grow too.

This is obviously going to reduce significantly, in fact Half by 50% in 1.5 yrs and again in 4yrs and so on......... SO it will grow, it seems to be working pretty good, only 4 years ago it was a few cents. Lets wait and see

By the way the incentives is for protection and it is also what attracts thousands to this eco system.

I don't disagree with you guys at all. Bitcoin is disrupting payments world wide, and I don't know how this is going to play out. But I do think that people using bitcoin for payments is a more powerful idea than trading financial instruments that have little connection to any "real" economy.

[BallOOner]

PoW mining is the problem, See this thread too:
https://bitcointalk.org/index.php?topic=770591.0

PoW is one of Bitcoin's greatest strengths.

did you invest in asics bro?

[BallOOner]

PoW mining is the problem, See this thread too:
https://bitcointalk.org/index.php?topic=770591.0

PoW is one of Bitcoin's greatest strengths.

did you invest in asics bro?

No.

Hm... why do you think PoW is one of bitcoins greatest strengths? It feels stupid to pay miners 1.6 M bucks per day for burning electricity. It was a great invention back in 2009 but now  we can all see its a flaw that might kill bitcoin. Especially when the difficulty is high enough so only big players will be able to profit from mining thus recentralizing the network to a few mining data centers

[digitalindustry]

uh oh.

the DPoS bait and switch.


"would have got away with with it too if it wasn't for you meddling kids!"

what I'm saying if you don't understand is that this would, (DPoS would) work if it was literally, the year 1984.

not to be confused with the satirical police state that was aptly defined in the novel "1984" by George Orwell, which was really a "fleshed out"  version of "animal farm" by the same author, and may or may not hold significant parallels to a an alternate dimension of 2014 (or near enough) in which there was significantly impaired decentralized information dynamics (for this or that reason)

I'm actually saying ( to be very clear) if the calendar year date was 1984 (in this reality) , DPoS would be completely viable.

but what makes me personally sad is that it is not 1984 it is in fact 2014, on the upside the fax machine has made amazing technological strides..

[Beliathon]

Hm... why do you think PoW is one of bitcoins greatest strengths? It feels stupid to pay miners...

Great. Let us know when you invent a source of infinite free energy. Until then electricity - and therefore mining (= securing the network) - costs money.

[valiron]

The answer is NO.

In the past the creation of BTC was overcomed by the adoption rate. It will happen also now, even with a much higher price since the rate of adoption is much higher also. But the price of bitcoin has to wait that the adoption catches up.

Too many people are impatient. We don't need to have a multiplication x10 of the price every year. It would be insane.

[Dissonance]

The reason it preety simple.  The short term and mid term price of bitcoin has largely been driven by momentum, right now the momentum is going the wrong direction which is too be expected given the massive surge in btc price over the past couple of years.  Also which more merchants accepting bitcoin and coverting into fiat it has the effect of buyers selling their bitcoin which is creating downward pressure, as btc because mainstream more people will buy and we will see the price swing the other direction.

[valiron]

The reason it preety simple.  The short term and mid term price of bitcoin has largely been driven by momentum, right now the momentum is going the wrong direction which is too be expected given the massive surge in btc price over the past couple of years.  Also which more merchants accepting bitcoin and coverting into fiat it has the effect of buyers selling their bitcoin which is creating downward pressure, as btc because mainstream more people will buy and we will see the price swing the other direction.

That is correct. The new phenomenon that we have is the increase of adoption by merchants. As long as there is bitcoin spending it creates a downward pressure because the full economic cycles of the bitcoins economy don't exist already (most of the bitcoins used in purchases are converted into fiat and not used to buy new merchandise or pay employees). But as the price of bitcoin goes down, purchases slow down until some equilibrium is reached.