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Author Topic: difficulty too high while bitcoin society too small  (Read 22681 times)
FooDSt4mP
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May 24, 2011, 02:15:08 PM
 #101

If Bitcoin succeeds, yes, that means that people who got in early will profit. This is true. The same principle applied with Microsoft and Google. It is not indicative of fraud or wrongdoing on anyone's part. 

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

As we slide down the banister of life, this is just another splinter in our ass.
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kjj
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May 24, 2011, 02:30:18 PM
 #102

And the reward, so far, is negligible.

Seriously guys, stop feeding the trolls.  5 pages of this nonsense is enough.  Everything has been said, and he's ignored it all.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
afterburner229
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May 24, 2011, 02:42:18 PM
 #103

If Bitcoin succeeds, yes, that means that people who got in early will profit. This is true. The same principle applied with Microsoft and Google. It is not indicative of fraud or wrongdoing on anyone's part. 

Of course, but I have prooven, it will not succeed, but will be frozen @ some 10 000 miners & acceptors, due to current difficulty algorithm.

Then you, premium members, admit your fault, that if Bitcoin succeeds, just pilferers of zero-cost electricity will remain in basis of bitcoin.

Whether my proof is completely correct, or not, there is STRONGLY NO WAY to trust in Bitcoin.

Bitcoin has been compromised. Sad
afterburner229
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May 24, 2011, 02:47:00 PM
 #104

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!
stic.man
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May 24, 2011, 02:48:42 PM
 #105

BitterTea
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May 24, 2011, 03:05:17 PM
 #106

afterburner is either a troll, or too hopelessly ignorant to ever understand economics.

This is just my humble opinion of course...
Garrett Burgwardt
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May 24, 2011, 03:07:06 PM
 #107

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!


To waste time and electricity. Additionally, not anywhere near everyone here is a gamer.
Insti
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May 24, 2011, 03:08:11 PM
 #108

Surely there are LESS than 10,000 people who can create new USD.
Does that make it not a secure currency?
Anders
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May 24, 2011, 03:48:50 PM
 #109

Too small? How many users did Facebook have in the beginning?

Check this out:



Whoa. That looks really interesting to me. Sure, the Bitcoin concept may pancake, but it may very well continue on the exponential growth we see in the Alexa graph.
Clipse
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May 24, 2011, 04:08:01 PM
 #110

Afterburner make it easy on yourself and understand one simple thing, bitcoin != mining, the mining aspect is just a extra way to make something out of bitcoins atm.

You can do the following:

Bitcoinmining = Clearly not for you, you find way to many "_PROVEN ALGORITHMIC_" problems with it.
bitcoin buy/sell trading = mtgox.com , figure out or speculate when to buy and when to sell, you save on miningrig costs.
bitcoin general trading = setup a store / figure out business plan / make money from trading services for Bitcoins, be creative.


Your way of thinking about bitcoins is exactly that of someone who thought hes going to win big walking into a casino and then suddenly realised there is a constant house edge and lost all his money then acting all bitter as if he deserved to become rich over night.

if anything youve proven that bitcoin is not a get rich overnight scheme and like any business requires hardwork(in most cases) to come out ahead a winner.

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
FooDSt4mP
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May 24, 2011, 07:54:54 PM
 #111

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!


I got in too late for CPU mining to be effective, and my GPU was crap for mining, so I invested USD.  It was very risky, but happened to turn out well.  I know a lot about risks and risk management, in real life.  I barely game, and haven't played anything in several months.  I prefer outdoor leisure activities.  You have a lot of preconceptions that are just plain wrong, and it's obvious you are too hardheaded to accept you just might not know everything.  As far as I'm concerned, you're just a cocky kid who's jealous he didn't get involved sooner.  I was pretty cocky too when I was younger (and I still am sometimes), so trust me when I say you're just embarrassing yourself, but you won't realize it until your arrogance gets knocked down a notch.

As we slide down the banister of life, this is just another splinter in our ass.
afterburner229
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May 24, 2011, 08:03:12 PM
 #112

afterburner is either a troll, or too hopelessly ignorant to ever understand economics.

This is just my humble opinion of course...

If I am a troll why do you, Hero Member, still feed me?!
I am newbie, NOBODY.

You does 'feed' me because you know about this problem.
And you are interested to fail me, because you are the gamer on the bitcoin field. I am not.

You are interested in good reputation of bitcoin in eyes of newbies to attract them to pyramid.
You do attract newbies to BYE & SELL, i.e. to PLAY on exchange, NOT to mine.

Because you, 10 000 people, want to be PEERS when mining will be unprofitable.
So you want to control the whole bitcoin system - no matter you are NOT single person, but like
a parliament consists of 10 000 people.

----

Read all the branch again pedantically - some premium members have been accepted that the difficulty problem does exist.
afterburner229
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May 24, 2011, 08:08:31 PM
 #113

Surely there are LESS than 10,000 people who can create new USD.
Does that make it not a secure currency?


No it does not. I think SHA-256 & 100 miners are sufficient for security.
I say if number of miners will be frozen @ 10 000, number of bitcoin acceptors will be frozen at roughly the same boundary world-wide.

So I can do bitcoin-to-bitcoin transactions absolutely secure, but I can not BYE & SELL for bitcoin, in practical life.
afterburner229
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May 24, 2011, 08:14:10 PM
 #114

Afterburner make it easy on yourself and understand one simple thing, bitcoin != mining, the mining aspect is just a extra way to make something out of bitcoins atm.

Anders, Clipse, you are newbies, but premium members did confirm that problem I mentioned does exist.
They simply have their own interests in pyramid game.

Of course, I can exactly TODAY bye bitcoins and, EXACTLY a WEEK later, to sell.
And I will have almost 100% guarantie of profit.

BUT THIS IS THE PYRAMID GAME.
 
barbarousrelic
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May 24, 2011, 08:17:49 PM
 #115

Of course, I can exactly TODAY bye bitcoins and, EXACTLY a WEEK later, to sell.
And I will have almost 100% guarantie of profit.

BUT THIS IS THE PYRAMID GAME.
 
The fact that something increases in value does not make it fraudulent, and it does not make it a pyramid scheme or a Ponzi scheme.

Also, you do not have 100% guarantee of profit buying this week and selling next week.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
afterburner229
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May 24, 2011, 08:37:59 PM
 #116

I got in too late for CPU mining to be effective, and my GPU was crap for mining, so I invested USD.  It was very risky, but happened to turn out well.  I know a lot about risks and risk management, in real life.  I barely game, and haven't played anything in several months.  I prefer outdoor leisure activities.  You have a lot of preconceptions that are just plain wrong, and it's obvious you are too hardheaded to accept you just might not know everything.  As far as I'm concerned, you're just a cocky kid who's jealous he didn't get involved sooner.  I was pretty cocky too when I was younger (and I still am sometimes), so trust me when I say you're just embarrassing yourself, but you won't realize it until your arrogance gets knocked down a notch.

Oh I see you decide to troll out me, being a fat troll myself? Very nice.)))
Let us both LOL))
---------------------------------
No, switch to business. And read thread again - I recognized PUBLICALLY I do ENVY to first 10 000 miners.

My emothions is one thing. But the difficulty problem is another.

WOW! Difficulty prognosis updated:
---------------------------------
Estimated   405913 in 597 blks
----------------------------------
http://bitcoincharts.com/markets/

YESTERDAY it was some 360000 in some 1100 blks.
YESTERDAY.

I CAN NOT buy the ATI 5850x2 pair and start to mine SO QUICKLY. PHYSICALLY.
afterburner229
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May 24, 2011, 08:51:31 PM
 #117

The fact that something increases in value does not make it fraudulent, and it does not make it a pyramid scheme or a Ponzi scheme.

Also, you do not have 100% guarantee of profit buying this week and selling next week.

Let us stop. Second circle?

something increases exponetially, and EVEN on the constant field, this is the HUGE problem.

what about pyramid, it is just criterium of your honestness: are you also GAMER interested, with opinion biased.

If you read me pedantically you see, my schema with attraction of 1 000 000 mining people is pyramid itself till 90% of bitcoins will be mined.

If you still do not understand why my pyramid is honest, and your one is wrong, you did not simply read my posts pedantically.

hint: I introduced TWO functions - linear increase till 90% BTC mined & exponential decrease after 90% BTC mined.

 
error
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May 24, 2011, 09:04:57 PM
 #118

This idiot is still at it?

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
BitterTea
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May 24, 2011, 09:05:48 PM
 #119

afterburner, it comes down the fact that if you don't like Bitcoin you are free to start your own version of the block chain with your own rules. You're not going to change the existing Bitcoin, so just accept it.
FooDSt4mP
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May 24, 2011, 09:06:14 PM
 #120

Oh I see you decide to troll out me, being a fat troll myself? Very nice.)))
Let us both LOL))

I have no idea what you are trying to say here.

Regarding difficulty, I see no problem... The economy is growing at a reasonable pace.  Higher difficulty results in a more secure network.  Higher difficulty is bad for miners, but good for the overall economy.

As we slide down the banister of life, this is just another splinter in our ass.
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