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Author Topic: Miners are killing bitcoin  (Read 10058 times)
LordSonjai (OP)
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January 13, 2015, 01:55:24 AM
 #1

Greed.
a fool and his money ...
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January 13, 2015, 02:01:07 AM
 #2

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.

LordSonjai (OP)
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January 13, 2015, 02:06:43 AM
 #3

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.



You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

01BTC10
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January 13, 2015, 02:08:18 AM
 #4

No miners, no Bitcoin.
Flashman
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January 13, 2015, 02:21:34 AM
 #5

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

Just for our education and amusement, how much more bitcoin are they pumping out these days, than say in 2013?

TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6

Bitcoin Custodian: Keeping BTC away from weak heads since Feb '13, adopter of homeless bitcoins.
MrTeal
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January 13, 2015, 02:23:14 AM
 #6

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.

Just for our education and amusement, how much more bitcoin are they pumping out these days, than say in 2013?
So much more. Way more gigahashes worth of Bitcoin.
tins
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January 13, 2015, 02:26:35 AM
 #7

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.


Inflation is the biggest factor at the moment. It takes a ton of new money each day to keep prices at the current level.
Great thing about it, shows that we are still in the early stages of Bitcoin. Imagine where it will end up stabilizing in a decade after halving a couple times.... Smiley
a fool and his money ...
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January 13, 2015, 02:29:57 AM
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No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.



You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.



you  are the fool for not knowing more hashrate doesn't produce more coins. The inflation of 3600 coins every 24hours is a hard number and does only change every 4 years. Hashrate has nothing to do with the emission.

Bitcoins design is faulty from economic standpoint. Logical mistakes in it. Inflation kills it.
takagari
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January 13, 2015, 03:09:00 AM
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So much lolz.  Thx
coinits
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January 13, 2015, 03:10:06 AM
 #10

A bunch were kicked offline tonight. Fear not!

https://bitcointalk.org/index.php?topic=923056.msg10132602#msg10132602

Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
techgeeks
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January 13, 2015, 03:19:30 AM
 #11

Going to have to weigh in on this - without us miners, no bitcoin, and quite frankly with the sub 250USD price, it makes it not profitable to mine.

Traders mess with the price of a commodity that will either make it, or be ruined by the greed of people without skin in the game.

 Angry Huh
Amevalentine
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January 13, 2015, 03:39:16 AM
 #12

produce coins with miners not too much affected of price inflation
vm_mpn
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January 13, 2015, 03:58:36 AM
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Greed.


Oh, common, we are not that bad  Embarrassed
gog1
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January 13, 2015, 04:06:50 AM
 #14

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.



You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.



you  are the fool for not knowing more hashrate doesn't produce more coins. The inflation of 3600 coins every 24hours is a hard number and does only change every 4 years. Hashrate has nothing to do with the emission.

Bitcoins design is faulty from economic standpoint. Logical mistakes in it. Inflation kills it.

While the coin generation is slower than before because of halving.  I think he does have a point though - in the past, individual miners mine the coin - quite a lot of them keep the coins.  Now, corporation is mining the coin, but they are dumping it.
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January 13, 2015, 04:16:51 AM
 #15

and quite frankly with the sub 250USD price, it makes it not profitable to mine.



I think this is the biggest problem facing bitcoin right now.  Selling pressure + non profitable mining is not a good situation in this very pivotal time.  Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss if the price continues tanking.
a fool and his money ...
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January 13, 2015, 04:17:21 AM
 #16

No. False design. Inflation. Miners can't change the number of coins they mine, not their fault at all.



You are a god damn fool.

These corporations are setting up shop pumping out more bitcoin than they even have a demand for.



you  are the fool for not knowing more hashrate doesn't produce more coins. The inflation of 3600 coins every 24hours is a hard number and does only change every 4 years. Hashrate has nothing to do with the emission.

Bitcoins design is faulty from economic standpoint. Logical mistakes in it. Inflation kills it.

While the coin generation is slower than before because of halving.  I think he does have a point though - in the past, individual miners mine the coin - quite a lot of them keep the coins.  Now, corporation is mining the coin, but they are dumping it.

miners need to be able to sell their coins. Why mine otherwise?

Miners do wield too much power in the market this late in the game. But it's not their fault for selling what they produce. The fault is inherent to bitcoins' high emission of new coins.

Miners should not be such a great force in the market to not drag the price down but in bitcoin they are that's why it always will drop back down. Bitcoin isn't scarce at all so it has not much value. It's a totally overhyped coin.

Tongkar
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January 13, 2015, 04:21:31 AM
 #17

no miners killing bitcoin also
dunand
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January 13, 2015, 04:36:18 AM
 #18

Miners are just keeping the price down until next halving.
a fool and his money ...
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January 13, 2015, 04:56:04 AM
 #19

Miners are just keeping the price down until next halving.

brilliant design for a coins' economic fundamentals, isn't it?

The ball is at the altcoins court now.
tins
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January 13, 2015, 04:57:42 AM
 #20

Miners are just keeping the price down until next halving.

brilliant design for a coins' economic fundamentals, isn't it?

It is very early in the coin's history.
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