Does Bitcoin have AIDS?

[Pecunia non olet]

The difference between gold and BTC is that when gold becomes unprofitable to mine, miners stop and supply stops. When BTC becomes unprofitable to mine.. some miners stop but supply keeps on coming.

the outlook for BTC is grim over the next 6-10 years as reward is so high. Once reward is negligible is when BTC has a chance to go up again.

Which will kill the industry entirely. A switch to a less inflationary coin is inevitable to not let cryptocurrency as a whole die. Bitcoin drags all coins down, it's unbearable.

[jsgayo]

If more people are willing to hold bitcoins, currency inconvertibility into law, perhaps this problem will be solved.

[altcoin hitler]

If more people are willing to hold bitcoins, currency inconvertibility into law, perhaps this problem will be solved.

lol. "Inconvertible currency". Nobody wants that or can even say what the value is. It's not even possible to make it inconvertible because it always will be.

That one stupid idea man. Incredible! Where did you get that from?

[Flashman]

How do you know how much a used dining table is worth on craigslist? You try a price, hmmm, it's not that nice, $50 say... and if you get a buyer, that's what it's worth, and also establishes that a dollar is worth 1/50 of that dining table...

Same thing if BTC got completely disconnected from dollar valuation, which could actually happen in the situation where BTC is hugely successful and the dollar goes into crash/hyperinflation.

As more transactions are done for more of the same thing, one can get an idea of what BTC is worth in goods, or goods in BTC. "needs TLC" dining table 0.001 BTC, "okay" dining table 0.007 BTC, "classy, like new, oak and hardwood veneer" dining table, 0.03

[mistercoin]

All I can think about when I seen this post title, is south park and the AIDS song "Everyone has AIDS! AIDSAIDSAIDSAIDS!"

[Flashman]

All I can think about when I seen this post title, is south park and the AIDS song "Everyone has AIDS! AIDSAIDSAIDSAIDS!"

Finally! I was waiting, and waiting...

I was getting into an internal rant about "Don't these dumb punk kids watch South Park any more? Kids today and their damn transistor radios, get off my lawn!"

[BADecker]

High hash needs to be paid for.
Bitcoin has good hash but keeps going down because that hash needs to be paid.
When you buy gold you do not pay a constant tax to the miners after initial purchase.
Bitcoin is different. Here you pay after purchase a tax to miners of 10% of its value this year.

Can it be cured with speeding up blocktimes or does it need to fork to faster rewarddecrease?
Obviously satoshi was afraid of attackers. He did not think of a whole army of altcoins which could jump in and back it up.
He did not think of the possibility to share hash with other coins.
What sense does a mega-high hashrate make when it is this expensive and makes the coin useless to store value?
Are the fears which would make such high and expensive hashrate necessary still justified in 2015?

Here is my question:
Does Bitcoin have aids? Can it be cured? How?

It can be cured just like it is being cured. Stop using Bitcoin until the miners learn to live off what they get. Supply and demand. If people stop using Bitcoin, miners will stop mining, small folk will get into mining the old way because the difficulty will fall, and things will be like they used to be. Then it will start all over again.

Does Bitcoin have AIDS? No. Only BANDAIDS, until it heals itself.

[Muuurrrrica!]

more like Haemophilia

[slaveforanunnak1]

FFS people... aids is not REAL!
The same people who sold you your banking system, are the same people who gave you aids.
google how much money is spend to "find a cure" for aids
it's sick

[jonald_fyookball]

FFS people... aids is not REAL!
The same people who sold you your banking system, are the same people who gave you aids.
google how much money is spend to "find a cure" for aids
it's sick

Eazy E died of aids though

[deine mudder]

It's ebola, god damn' people!

Where did all the permabulltards and nutty bitcoin-pumpers go?

Preaching world domination with their inflationary currency elsewhere?

[insidertradingeverywhere]

want to leave reference here to a moved thread of mine about the same topic taken one step further:
https://bitcointalk.org/index.php?topic=919497.0

OP calls it 'high mining costs' and 'inflation', i call it straight forward: 'decay'

[Pecunia non olet]

Got to drop off this link here about a hardfork in bitcoin. Hilarious.

https://bitcointalk.org/index.php?topic=919629.0

Stick in the fork already! We're sick of this coin and most of its bagholders and their attitude!

[Kamhur]

Got to drop off this link here about a hardfork in bitcoin. Hilarious.

https://bitcointalk.org/index.php?topic=919629.0

Stick in the fork already! We're sick of this coin and most of its bagholders and their attitude!

enkel tere salam almadra

[Pecunia non olet]

This bitcoin-fascism is some annoying shit, i can tell you that.

Flush it down the toilet. Start again!

[Flashman]

Chill, take a deep breath of radon..... oh don't tell me you're one of those air fascists.

[Pecunia non olet]

Chill, take a deep breath of radon..... oh don't tell me you're one of those air fascists.

air is ok, i need to get some. Coins is too much for me to take. I need to take a break, seriously.

[Realpra]

Well Satoshi had to make the first coins somehow.

I think he messed up and made the period too long, I think something like 80-90% should have been released by now and then the rest slowly over 10 years.

Still its not that bad. we are at ~10% inflation now then January 1 2018 its less than 4.5% then early 2022 less than 1.8%. So stable value in 3 years compared to fiat and deflation compared to fiat starting in 7 years.
In 20 years BTC inflation is pretty much flat and a yearly deflation of ~3% in value can be expected on top of whatever adoption gives. The 3% percent is based on the natural growth rate of human economic systems, with a stable currency all that growth increases total currency value.

Also we are rewarding technical people building data centers and Asic manufacturers. Sure its kinda wasted right now, but perhaps the technology and skills built in the process is not useless.
Compare to who fiat rewards inflation to:
Banker borrows newly printed money at 0.5-0% interest in national bank, lends it to government as bonds at 5-7% - sits back and enjoys his free cocaine and hookers.

[panju1]

Well Satoshi had to make the first coins somehow.

I think he messed up and made the period too long, I think something like 80-90% should have been released by now and then the rest slowly over 10 years.

A lot of newbies like me would have missed out, if most of bitcoins had been mined by now.

[ViciousPlayer]

High hash needs to be paid for.
Bitcoin has good hash but keeps going down because that hash needs to be paid.
When you buy gold you do not pay a constant tax to the miners after initial purchase.
Bitcoin is different. Here you pay after purchase a tax to miners of 10% of its value this year.

Can it be cured with speeding up blocktimes or does it need to fork to faster rewarddecrease?
Obviously satoshi was afraid of attackers. He did not think of a whole army of altcoins which could jump in and back it up.
He did not think of the possibility to share hash with other coins.
What sense does a mega-high hashrate make when it is this expensive and makes the coin useless to store value?
Are the fears which would make such high and expensive hashrate necessary still justified in 2015?

Here is my question:
Does Bitcoin have aids? Can it be cured? How?

Bitcoin doesn't have AIDS, probably not yet, but it could very well be carrying HIV, the virus that can result in AIDS. I don't really notice a hash reduction. Look back some years back and the hash was much lower. More and more are getting into mining and the hashrate will tend upwards. There are upswings and downswings, but major swings will go up.