Four Strikes Against Bitcoin

[nikona]

Just a question more , why is bitcoin illegal

It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

[spartacusrex]

Easy boys..

OP wants his pound of flesh, and has at least brought an original idea to the table, always good. This 'Lottery' thing.

May I ask - If I try and find GOLD in my backyard.. Does that count as a lottery ?

I mean, we could all go out into our gardens, (if you have one), and dig a big hole and look for Gold. If you find some.. YOU WIN!

I had to buy a shovel to play.

[TellerOfTruth]

May I ask - If I try and find GOLD in my backyard.. Does that count as a lottery ?  I mean, we could all go out into our gardens, (if you have one), and dig a big hole and look for Gold. If you find some.. YOU WIN!  I had to buy a shovel to play.

Depends on where the gold comes from.  As long as the guy who sold you the shovel didn't put the gold in some shovel buyer's gardens and not others, it's not a lottery.

[Gleb Gamow]

The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.

[RodeoX]

The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.

Fortunately, BTC is a computer program and does not need any money at all. You are thinking of the desires of miners. Not a need of the system. It worked perfectly fine when BTC costs $0.06.

[Beymond]

Just a question more , why is bitcoin illegal

It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal?

[VoR0220]

The current Bitcoin system has at least $364 million in sunk infrastructure costs and burns at least $560 million a year in power.  The ONLY source of "income" to support this burden is (1) appreciation of the existing 13.8 million Bitcoins and (2) mining of 1.3 million new Bitcoins per year.  Do the math - these numbers just don't add up to a stable system that's gonna work.

Gulp! Isn't that cheaper than building all the banks in the world, not to mention their yearly energy consumption to do the same time that crypto does at a cheaper up-front cost?

When you're done here, OP, head on over to an eBay forum and inform that it's auction model is unsustainable because eventually the world will run out of things to auction on the second-hand marketplace.

Fortunately, BTC is a computer program and does not need any money at all. You are thinking of the desires of miners. Not a need of the system. It worked perfectly fine when BTC costs $0.06.

I am truly interested to see whether Gavin's prediction of falling rates for ASIC miners comes to fruition.

[mlferro]

Just a question more , why is bitcoin illegal

It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal?

also like to know, does anyone know?

I read a atraz time which in Russia would become illegal in 2015 (if I remember correctly). Please correct me if I'm wrong.

[Beymond]

Just a question more , why is bitcoin illegal

It is only illegal in some countries...n not even illegal exactly..I see the positives it brings...n not a lot of drawbacks.. I love it n Ill continue to use it

In which countries is it illegal?

also like to know, does anyone know?

I read a atraz time which in Russia would become illegal in 2015 (if I remember correctly). Please correct me if I'm wrong.

I heard they might ban it in china or japan