The Mining Incentive

[bitzcointalk]

Hi Guys 
But, what about the idea.

[1713578370]

1713578370

[1713578370]

1713578370

[1713578370]

1713578370

[1713578370]

1713578370

[1713578370]

1713578370

[1713578370]

1713578370

[Luke-Jr]

Hi Guys 
But, what about the idea.

Just shut up already

[bitzcointalk]

I'll just re-post this so that others do not have to scroll to the beginning.
Perhaps someone can contribute something. Some have expressed concern that the coin would not
survive without the mining incentive. I think, if the world wants bitcoin, then it will survive by means that do
not cause companies like BFL or KNCMiner to rip off its customers. I'm sure it will survive.

Please proceed:

The mining incentive is a scam.
Everyone who supports a coin with a mining incentive is a criminal.
Mining incentive needs to be removed from all coins.
The mining incentive is a scam.

http://www.vnbitcoin.org/litecoincalculator
No incentive, no war, probably only exchanges would ever buy hardware.
I will re-post this recommendation, you can be sure of that. In the mean time.
Join the class-action.

[goozman96]

Manufactures selling pre-orders and not delivering as promised are scams. Mining reward is not a scam.

[bitzcointalk]

Sure it is. They could get a loan then?
10k for something that only 5 months ago looked worth it.
Yea, they twist it and use is, its a scam.
The mining incentive allows companies to do this...
So: The mining incentive needs to be removed. 

[goozman96]

Obesity is bad. We should ban spoons.
^your logic.

[bitzcointalk]

  

[bitzcointalk]

mining is/should be voluntary, no mining reward means no corporate scams (bfl, knc).  
full pre-mine and sell off the main web-site (based on the price at an exchange or an average).

[goozman96]

mining is/should be voluntary, no mining reward means no corporate scams (bfl, knc). 
full pre-mine and sell off the main web-site (based on the price at an exchange or an average).

Then with that you can expect the network hashrate to plummet, affecting the robustness of the network, longer confirmation times, and the crippling of the coin in the end. How about you create your own coin with your own philosophy and see how it does?
Good luck!

[cbeast]

Well, if you don't want folks to fall for this 'bad' investment and sully the coin and possibly ruin their lives and time and frustrations.
Then you agree the mining reward should be abolished. Fix the problem.  

Then lets get rid of those pesky transaction fees too.  That's stealing.

Nobody should need to actually work for what they receive.  All means of earning should be abolished for the good of mankind.

Edit: on a more serious note, if you abolish the reward you abolish coin generation and abolish the coin altogether.

So what you really want is to abolish Bitcoin.

This

[bitzcointalk]

Well, if you don't want folks to fall for this 'bad' investment and sully the coin and possibly ruin their lives and time and frustrations.
Then you agree the mining reward should be abolished. Fix the problem.  

Then lets get rid of those pesky transaction fees too.  That's stealing.

Nobody should need to actually work for what they receive.  All means of earning should be abolished for the good of mankind.

Edit: on a more serious note, if you abolish the reward you abolish coin generation and abolish the coin altogether.

So what you really want is to abolish Bitcoin.

This

I am sure it will survive.
And if a fork is needed to fix the difficulty due to so many farms shutting down, then that is all that might need to happen.
If people want this to survive, they will mine, just, it wont be for the mining incentive. And nobody will get scammed by these companies either.
So, it is better for everyone.

[bitzcointalk]

Ripple (XRP) is not mine-able. Hmm, NXT to. Nobody getting burned over there 

[GigaBit]

Ok, I'll say it again...

The more new miners come in, the more my position in mining is secure because new miners have a life expectancy of 3 months before they're entirely broke.   Then they bitch about everything but their own management skills.  Now only that, they are inredibly stupid, they know 1% ofa 100% segment and think it's enough to get by.

I been mining Gold for years and I spent a lot of money before I made any... See where I'm going?

Plus if you knew history, you'd understand the term: Miner Extortion... and you'd also know it's only temporary.

To those saying mining's a scam, I look at my wallet and thank the $2,500 investment I made last year and now pays for itself.

That same investment pays for solar power, whatever power bill, re-investment cost (1th/s per mo.) and can save some coin.

In the end, I'll have a solar powered farm if I get out of mining.

All from a $2,500 investment a year ago. 

To me, that's a pretty good fucking investment but I know wtf I'm doing and crunch numbers daily.

I will do that deal any day and twice on Sunday.

[odin1985]

ok ill bite into this, lets say that you take the mining incentive and premine the rest of the coins and give it to all active wallets, so everyone gets a cut.

so no mining reward, so no more mining needed, then what happends with bitcoin, the blockchain needs mining to keep moving, so no mining no blockchain, no blockchain no transactions, no transactions and poof goes the bitcoin, yeah sounds like a scam to me.

[bitzcointalk]

All the other 100% pre-mined coins do it. Ask them. 
I'm sure it'll work out, it has to, because it can't continue the way it is.

Cant continue to allow companies to scam us with over priced preorders.

[sillywhim]

Cant continue to allow companies to scam us with over priced preorders.

Newton said that for every action, there is an equal and opposite reaction. Therefore to restate:

"We can't allow GREEDY WANNA BE MINERS to get into this marketplace that creates in equal proportion these COMPANIES WITH OVERPRICED PRE-ORDERS."

One can not exist without the other. The demand for mining equipment creates the supply of mining equipment. No Demand, no Supply, very simple actually.

This is the nature of cryptocoins, the nature of economics and the nature of the Universe.

[Totscha]

All the other 100% pre-mined coins do it. Ask them. 
I'm sure it'll work out, it has to, because it can't continue the way it is.

Cant continue to allow companies to scam us with over priced preorders.

I'm not even going to waste time discussing pre-mined coins. The're just not my cup of tea...

Buying mining equipment is a high risk investment. What you saw in the beginning was a chance to make a ton of coins much cheaper than buying them would cost you. But a high profit investment always comes with high risk. Otherwise we could all be extremely rich, which would sort of make being rich meaningless...

And high risk means things can go very bad, and you end up losing a lot...

I'm terribly sorry you got burned by KnC, really you have my full sympathy. And I fully understand you are angry and want nothing to do with mining anymore. But I don't think it's alright to throw out mining just because you don't like anymore. I like it, I like it a lot

[djm34]

The mining incentive is a scam.
Everyone who supports a coin with a mining incentive is a criminal.
Mining incentive needs to be removed from all coins.
The mining incentive is a scam.

http://www.vnbitcoin.org/litecoincalculator
No incentive, no war, probably only exchanges would ever buy hardware.
I will re-post this recommendation, you can be sure of that. In the mean time.
Join the class-action.

Ok I sign you up for the moron of the decade contest so I can bet on you.
Don't deceive me, I will bet all my mining incentive on you... (I am such a criminal   )
So don't say anything intelligent up now... (I think I still need to look back in your post history
just to make sure you don't happen to say stuff which make sense from time to time)

[bitzcointalk]

scam!

[bitzcointalk]

Scam! Great, yea, so I can apply for the Darwin Awards. I trusted the system, I trusted kncminer. They must know how many make it to their site without the full picture. A lack of full disclosure that does not completely clarify to absolutely everyone that this is not an investment, is a scam! Everything was miss-represented before anyone went to their site so, its a trap! A trap they were happy to allow happen of course. If they have not shipped to you yet, demand a refund. If they deny: http://kncclassaction.com/
And as for the rest of you shmucks running bitcoin / developers. You've all won the Darwin Awards because you let this happen!
Remove the mining incentive! Its a scam! 
Feel free to discuss among yourselves. (and don't move this article).