Corporate mining, the downfall of BTC?

[xstr8guy]

Here's why I think BTC is doomed to failure as a widely accepted payment type.

No one buys BTC on an exchange just to use them to make purchases other than for mining hardware. They will most likely just use a credit card for online or retail purchases. So where is the demand for BTC going to come from and how does it get to the next level of adoption if home mining is dead?

I've mined a significant amount of BTC over the course of 18 months. But I've also actually exchanged many of them to purchase new mining gear, pay bills and make other online purchase. But when I'm done mining, why would I continue to buy BTC on an exchange to use to make purchase at NewEgg, TigerDirect, etc. when it's much more convenient to just use a credit card? Where does the increasing demand for bitcoin come from if not from common people?

Yes, many people speculate on BTC and buy them on exchanges. But I don't think it's likely that these people actually will ever do anything with them other than selling them back to exchanges when/if they reach their target price.

So where does this legitimate popular demand for BTC come from? I just don't see widespread adoption coming anytime soon if home mining isn't available to the masses. Am I missing something obvious?

[notlist3d]

Here's why I think BTC is doomed to failure as a widely accepted payment type.

No one buys BTC on an exchange just to use them to make purchases other than for mining hardware. They will most likely just use a credit card for online or retail purchases. So where is the demand for BTC going to come from and how does it get to the next level of adoption if home mining is dead?

I've mined a significant amount of BTC over the course of 18 months. But I've also actually exchanged many of them to purchase new mining gear, pay bills and make other online purchase. But when I'm done mining, why would I continue to buy BTC on an exchange to use to make purchase at NewEgg, TigerDirect, etc. when it's much more convenient to just use a credit card? Where does the increasing demand for bitcoin come from if not from common people?

Yes, many people speculate on BTC and buy them on exchanges. But I don't think it's likely that these people actually will ever do anything with them other than selling them back to exchanges when/if they reach their target price.

So where does this legitimate popular demand for BTC come from? I just don't see widespread adoption coming anytime soon if home mining isn't available to the masses. Am I missing something obvious?

I would agree to a point i agree corporate mining is hurtfull.  Yes it helps keep hash rate big, but they are guaranteed to sell enough to pay massive running costs.

We are still VERY early to see what will happen with BTC.   It has lots of potential.  In a perfect world image it being accepted everywhere.  Can go to any store, any country.  No conversion fees, or different currency problems.   Will we get there?  Who knows its still early

I think there are lots of exciting possibilities, but no one knows where it will lead.

[-ck]

No one buys BTC on an exchange just to use them to make purchases other than for mining hardware.

I think your first assumption there is your error. It's very easy to think the whole economy is only the part you've been part of till now. That couldn't be further from the truth.

[jimmothy]

Here's why I think BTC is doomed to failure as a widely accepted payment type.

No one buys BTC on an exchange just to use them to make purchases other than for mining hardware. They will most likely just use a credit card for online or retail purchases. So where is the demand for BTC going to come from and how does it get to the next level of adoption if home mining is dead?

I've mined a significant amount of BTC over the course of 18 months. But I've also actually exchanged many of them to purchase new mining gear, pay bills and make other online purchase. But when I'm done mining, why would I continue to buy BTC on an exchange to use to make purchase at NewEgg, TigerDirect, etc. when it's much more convenient to just use a credit card? Where does the increasing demand for bitcoin come from if not from common people?

Yes, many people speculate on BTC and buy them on exchanges. But I don't think it's likely that these people actually will ever do anything with them other than selling them back to exchanges when/if they reach their target price.

So where does this legitimate popular demand for BTC come from? I just don't see widespread adoption coming anytime soon if home mining isn't available to the masses. Am I missing something obvious?

There are a million things you can do with bitcoin other than purchasing goods.

Without consumer protection and exchange rate stability BTC will never be as useful as fiat for purchasing goods.

People need to stop pretending it's only a currency and see it as an asset like gold and a secure+decentralized ledger.

Did gold become worthless when it transitioned form average joes panning for gold to more efficient massive scale operations? Or when people stopped using it to purchase goods?

[seriouscoin]

OP is only looking from his point of view so he does not see anything else. In addition to the price trend currently, ofcourse we will get this kind of thread. Typical bitcoin noobs tho.


The OP got into bitcoin due to mining profit and only that. He then see bitcoin's transaction is mostly for buying miners. ....etc


Whats missing here is that noobs dont see the infrastructure being built. We will see how bitcoins can be useful where CC is completely not available. (tips, micropayment, smart contract, etc...)

The current down trend in price does not mean there is no demand for bitcoin. It simply mean bitcoin mining has gone industrial, and all the VC funded projects are not launched yet.

I've seen noobs like OP come and go. At $2, every noobs who only cares about mining profit left only later regret when bitcoin got alot more attention, merchant acceptance. At $70, noobs yelling ASIC will kill bitcoin because no one can afford mining, only to regret later that technology must to be evolved while bitcoin got more VC funding to build infrastructure. At $300,....well you will see the same trend ..... "bitcoin is doomed to fail.... because i cant profit from mining any more".

Yup, same old same old.

[philipma1957]

have to agree with
ckolivas
jimmothy
seriouscoin

BTC mining is but 1 slice of the world of BTC.

I live in a so called first world stable country the USA.  

I do read my history and in the period of time of 1857 to 1870 the USA was a mess.  Most countries have very unstable times sooner or later.  Having 50 or 100 BTC stashed in cyberspace is a good hedge for instability of many kinds.

Here is a very small list of countries having tough times today.

Egypt
Iraq
Ukraine

here is a wiki list

http://en.wikipedia.org/wiki/List_of_coups_d%27%C3%A9tat_and_coup_attempts  

33 in the 2000-2009 time period some happened some did not.

http://en.wikipedia.org/wiki/List_of_coups_d%27%C3%A9tat_and_coup_attempts_since_2010


and from 2010 to now

23 more were tried some worked some failed.    .  trust me having a stash  in cyberspace is not so bad of an idea.

I will mine a bit but I am buying coins more then anything else.

[pumawolf]

i have a bad feeling about  manufacters of hardware mining against there customers.  when btc gets bigtime, i see some type of regulation on  these company's, i hate regulation but these companys are out of control. greedy people that never gave a fuk about btc will destroy btc  ,thats if we dont counterattack these fukers. i am not smart enough to take this conversation any further, anyone else?

[seriouscoin]

have to agree with
ckolivas
jimmothy
seriouscoin

BTC mining is but 1 slice of the world of BTC.

I live in a so called first world stable country the USA.  

I do read my history and in the period of time of 1857 to 1870 the USA was a mess.  Most countries have very unstable times sooner or later.  Having 50 or 100 BTC stashed in cyberspace is a good hedge for instability of many kinds.

Here is a very small list of countries having tough times today.

Egypt
Iraq
Ukraine

here is a wiki list

http://en.wikipedia.org/wiki/List_of_coups_d%27%C3%A9tat_and_coup_attempts  

33 in the 2000-2009 time period some happened some did not.

http://en.wikipedia.org/wiki/List_of_coups_d%27%C3%A9tat_and_coup_attempts_since_2010


and from 2010 to now

23 more were tried some worked some failed.    .  trust me having a stash  in cyberspace is not so bad of an idea.

I will mine a bit but I am buying coins more then anything else.

You forgot Argentina, most corrupted and unstable modern country. Every Argentinian i knows refuse to believe in fiat currency. To them, wealth or asset is land and health. I understand from their's POV  so many messes they've been thro, they just value food and settle the most.

[seriouscoin]

i have a bad feeling about  manufacters of hardware mining against there customers.  when btc gets bigtime, i see some type of regulation on  these company's, i hate regulation but these companys are out of control. greedy people that never gave a fuk about btc will destroy btc  ,thats if we dont counterattack these fukers. i am not smart enough to take this conversation any further, anyone else?

Its a free market, i'm sick of ppl asking for regulation while completely miss the root of the cause.

You will never can regulate this effectively even you have the law written up.

ppl will buy miner because they think there is money to be made. Simple as that.

I would say, smart ppl would take the risk more carefully.

[philipma1957]

i have a bad feeling about  manufacters of hardware mining against there customers.  when btc gets bigtime, i see some type of regulation on  these company's, i hate regulation but these companys are out of control. greedy people that never gave a fuk about btc will destroy btc  ,thats if we dont counterattack these fukers. i am not smart enough to take this conversation any further, anyone else?

Its a free market, i'm sick of ppl asking for regulation while completely miss the root of the cause.

You will never can regulate this effectively even you have the law written up.

ppl will buy miner because they think there is money to be made. Simple as that.

I would say, smart ppl would take the risk more carefully.

  The key is multiple strategies.
 I can't beat a 3 or 4 cent a kwatt miner with 5ph purchased at 200 bucks a th.  So I stopped trying to do that.   Still money to be made legally .  I found a second house with full electric no heat pump style heat in the senior housing area of the villages.  located here in NJ.    They use baseboard electric heat   which means well tuned s-3's are a godsend for them.  He is an ex programer of cobol and is still tech savvy enough that I trust him to run the gear.  So basically if this works out I may end up having him running these in 10 to 20 homes. 

  Key is to have seniors with brains that will go with the idea. I will use him as a test.

[pumawolf]

i have a bad feeling about  manufacters of hardware mining against there customers.  when btc gets bigtime, i see some type of regulation on  these company's, i hate regulation but these companys are out of control. greedy people that never gave a fuk about btc will destroy btc  ,thats if we dont counterattack these fukers. i am not smart enough to take this conversation any further, anyone else?

Its a free market, i'm sick of ppl asking for regulation while completely miss the root of the cause.

You will never can regulate this effectively even you have the law written up.

ppl will buy miner because they think there is money to be made. Simple as that.

I would say, smart ppl would take the risk more carefully.

i too hate regulation, i perfer anarchy, but  corparations get pretty dam corrupt, look at who runs the world today, elite-bankers- then they control the corporations. were eventully  going to have to face the corruption. regulation might have to be a last resort by default.which will suk , it goes against everything btc stands for. hopefully  the btc community has some tricks up there sleeves.

[notlist3d]

i have a bad feeling about  manufacters of hardware mining against there customers.  when btc gets bigtime, i see some type of regulation on  these company's, i hate regulation but these companys are out of control. greedy people that never gave a fuk about btc will destroy btc  ,thats if we dont counterattack these fukers. i am not smart enough to take this conversation any further, anyone else?

Its a free market, i'm sick of ppl asking for regulation while completely miss the root of the cause.

You will never can regulate this effectively even you have the law written up.

ppl will buy miner because they think there is money to be made. Simple as that.

I would say, smart ppl would take the risk more carefully.

i too hate regulation, i perfer anarchy, but  corparations get pretty dam corrupt, look at who runs the world today, elite-bankers- then they control the corporations. were eventully  going to have to face the corruption. regulation might have to be a last resort by default.which will suk , it goes against everything btc stands for. hopefully  the btc community has some tricks up there sleeves.

I don't think you can generalize all corporations as one.  Yes there are some that are corrupt and never will ship anything this is why you should avoid most pre-orders. 

Some companies will be fine.  Each person really needs to look into a company before sending them BTC. 

[xstr8guy]

I had a long, thoughtful response typed out and deleted it. Seriouscoin tainted another thread with his immature, insulting and boorish behavior. He ruins every thread he posts in. Fuck off asshole.